NC S303

Reorganizes and consolidates creditable service purchase provisions for the Teachers' and State Employees' Retirement System, Local Governmental Employees' Retirement System, and Consolidated Judicial Retirement System into streamlined subsections effective January 1, 2022.

Allows members with 5+ years of membership service to purchase creditable service for prior federal, state, or local government employment (up to 5 years maximum) and part-time employment at full actuarial cost.

Permits purchases of service credit for General Assembly membership (before January 1, 2023), temporary state employment, charter school employment, and University of North Carolina Optional Retirement Program participation, with varying eligibility and timing requirements.

Establishes uniform calculation methodology for service purchase costs based on full liability increase with specific assumptions: allowance commencing at earliest unreduced retirement age and annual postretirement allowance increases set by Board of Trustees.

Allows employers to pay all or part of service purchase costs; employer payments credited to pension accumulation fund and member payments credited to annuity savings account.