NC S887

Establishes special benefits for firefighters and rescue squad workers killed in the line of duty, including monthly payments of $170 to beneficiaries for up to 300 months, effective July 1, 2018.

Creates new retirement eligibility requirements for members joining on or after January 1, 2017, including "normal retirement age" of 65 years with 30 years of service (or 50 years with 30 years for law enforcement), replacing prior age 60 requirements.

Expands the Retirement Systems Division's authority to conduct compliance investigations in addition to fraud investigations, with access to employer records and ability to recoup overpaid benefits across all retirement systems.

Clarifies that member retirement files are confidential except for specific public information such as name, age, employment dates, position, compensation history, and benefit payment records.

Modifies compensation definitions for new members after January 1, 2017 to exclude certain benefits conversions and adjusts contribution-based benefit cap installment payment options to allow up to 27 months with interest charges.