SB 273 - Charlotte Firefighters' Retirement System Act

• Increases City of Charlotte employer contribution rate from 12.65% to 14% effective July 1, 2020, with annual increases of 2% over eight years up to a maximum of 30%, or the Actuarially Determined Employer Contribution (ADEC) rate if lower, with a floor of 14%

• Allows flexible contribution rates for new periods of leave (workers' compensation, Family Medical Leave Act, long-term disability) beginning after July 1, 2021, determined by the City upon Board of Trustees recommendation instead of the fixed 12.65% rate

• Changes required contributions for military service credit purchases to full actuarial cost for members beginning membership on or after July 1, 2021, replacing the previous compounded percentage calculation method

• Establishes that members purchasing service credit for prior government or military service, or withdrawn service, must pay the full actuarial cost as determined by the System's actuary, with such credit limited to early or service retirement eligibility only

• Applies only to the City of Charlotte and becomes effective July 1, 2021