NC H845

Members with at least five years of service in the Teachers' and State Employees' Retirement System or Local Governmental Employees' Retirement System may purchase up to five years of creditable service for prior work as a company police officer commissioned by the Attorney General.

Service purchase requires a lump sum payment to the Annuity Savings Fund equal to the full actuarial liability of the service credits, calculated using retirement system valuation assumptions.

The payment calculation includes the retirement allowance beginning at the member's earliest unreduced retirement age, an administrative fee set by the Board of Trustees, and assumed annual postretirement allowance increases.

Total creditable service purchased under this provision cannot exceed five years.

The act becomes effective July 1, 2021.