NC S275

Reorganizes and clarifies technical requirements for purchasing creditable service under North Carolina's three public retirement systems (Teachers' and State Employees', Local Governmental Employees', and Consolidated Judicial).

Establishes January 1, 2023 as a transition date for General Assembly service purchases, with members in service having five or more years of membership able to purchase up to five years of such service on or after that date.

Implements new payment calculation methods using full liability increases based on actuarial valuations, with specific assumptions for retirement allowance commencement and postretirement increases, plus administrative fees set by the Board of Trustees.

Allows employers to pay all or part of service purchase costs for members in service, with employer payments credited to pension accumulation funds and member payments credited to annuity savings accounts.

Becomes effective January 1, 2022 and applies to all creditable service purchases occurring on or after that date.