NC S355

Creates special separation allowance for state firefighters retiring on basic service retirement, equal to 0.85% of annual base compensation per year of creditable service, paid monthly until age 62 or reemployment.

Creates identical special separation allowance for local firefighters employed by governments participating in the Local Governmental Employees' Retirement System with certified fire departments.

Requires firefighters to have completed either 30+ years of creditable service or 25+ years with age 60+, plus 5 continuous years of service after July 1, 2017, and not yet attained age 62.

Allows breaks in continuous service for disability retirement if firefighter returns within 45 days and remains otherwise qualified.

Payments cease upon death, reaching age 62, or reemployment (with exception allowing local governments to employ retired firefighters in non-retirement-plan public safety positions).