NC H188

Makes clarifying and administrative changes to the Teachers' and State Employees' Retirement System and Local Governmental Employees' Retirement System, including modifications to creditable service rules and sick leave calculations.

Establishes new deadlines (on or before December 31, 2019, and on or after January 1, 2020) for service purchases with different cost calculation methods, transitioning from fixed interest rates to full actuarial liability methods.

Allows members to purchase creditable service for various types of employment (federal, out-of-state, part-time, temporary, probationary) with five or more years of membership service, subject to specified conditions and maximum limits.

Modifies provisions related to withdrawn contributions and allows members to restore forfeited service through lump sum payments under specified timelines and cost structures.

Updates actuarial procedures by making retirement system boards' adoption of actuarial tables, assumptions, and contribution-based benefit cap factors exempt from standard administrative rulemaking requirements under Article 2A of Chapter 150B.