NC H284

Law enforcement officers in the Teachers' and State Employees' Retirement System or Local Government Employees' Retirement System can now retire after 25 years of creditable service with at least 15 years in a law enforcement capacity, in addition to existing age-based retirement options.

State departments, agencies, institutions, and local government employers may offer lump sum separation buyouts to law enforcement officers leaving employment before becoming eligible for separation allowances, not to exceed the total separation allowance amount.

Special retirement allowance transfers under both retirement systems can now be paid in whole or in part with employer contributions paid directly to the retirement system at the time of transfer.

New benefit calculation formulas for law enforcement officers retiring on or after July 1, 2018, provide a 4% age adjustment factor for officers retiring before age 50 with 25+ years of service, plus reduced penalties for early retirement.

Effective July 1, 2019, with remainder effective upon enactment; retirement systems may use retirement assets to cover administrative costs of implementing these changes.