NC S729

Allows law enforcement officers with an Advanced Law Enforcement Certificate (issued by the Criminal Justice Education and Training Standards Commission) to purchase up to 2 years of creditable service in the Teachers' and State Employees' Retirement System or Local Government Employees' Retirement System.

Eligible officers must have completed at least 5 years of membership service and can make the purchase at any time after receiving the Advanced Law Enforcement Certificate.

Purchase price equals the full liability cost of the service credits based on actuarial valuation assumptions, including assumed postretirement allowance increases and an administrative fee set by the Board of Trustees.

Purchased service credits are not subject to other compensation-based purchase restrictions and are not tied to any specific compensation or time period.

Effective upon passage of the bill.