NC H417

Allows law enforcement, probation/parole, and correctional officers with an Advanced Law Enforcement or Advanced Corrections Certificate to purchase up to four years of creditable service in the Teachers' and State Employees' Retirement System or Local Governmental Employees' Retirement System.

Requires officers to have completed at least five years of membership service and received the certificate from the North Carolina Criminal Justice Education and Training Standards Commission or North Carolina Sheriffs' Education and Training Standards Commission to be eligible.

Officers must purchase service credits by making a lump sum payment to the Annuity Savings Fund equal to the full actuarial liability, calculated to include postretirement allowance increases and an administrative fee set by the Board of Trustees.

Purchased service credits are not subject to existing restrictions and are not associated with any specific compensation or period of time.

Becomes effective July 1, 2021.