NC H960

Limits teachers' and state employees' retirement system members to purchasing a maximum of five years of creditable service for employment at private nonprofit charter schools, down from an unlimited amount.

Removes the requirement that members complete five years of membership service after charter school employment before being eligible to purchase credit for that employment.

Requires the Fiscal Research Division to obtain cost estimates for any bills or resolutions that add or modify service purchase provisions using 30-year United States Treasury constant maturity assumptions in addition to standard valuation assumptions.

Repeals G.S. 135-8(b)(5)d., which provided additional provisions related to service purchase calculations.

Effective upon ratification on June 30, 2016.