NC H392

Allows members of the Teachers' and State Employees' Retirement System and Local Governmental Employees' Retirement System to purchase creditable service for prior years when they were erroneously classified as part-time but actually worked full-time.

Establishes three payment options based on timing: within 90 days (employee and employer contributions only), 90 days to 3 years (contributions plus interest), or after 3 years (full actuarial cost plus administrative fee).

Requires employers to provide written notification to employees in part-time positions showing total hours worked in the preceding 12 months and provide a copy to the Retirement Systems Division upon request.

Requires employers to pay applicable employer contributions under the 90-day to 3-year option if an employee was misclassified as part-time and paid their portion within one year of the omission.

Effective January 1, 2022, and applies to service purchased for work performed on or after January 1, 2021.