NC S199

Allows law enforcement officers in the Teachers' and State Employees' Retirement System (TSERS) or Local Government Employees' Retirement System (LGERS) to retire with unreduced benefits after completing 25 years of creditable service, regardless of age.

Creates new retirement benefit formulas (G.S. 135-5(b21) and G.S. 128-27(b22)) effective January 1, 2018, that reduce the required service threshold from 30 years to 25 years for law enforcement officers to receive full retirement allowances.

Reduces the service requirement for special separation allowances from 30 years to 25 years of creditable service for law enforcement officers retiring on or after January 1, 2018, while maintaining the existing 1.82% and 1.85% benefit accrual rates.

Applies conforming changes to survivor's alternate benefit provisions for both state and local law enforcement officers killed in the line of duty.

Effective date is January 1, 2018.