NC S381

Allows law enforcement, probation/parole, and correctional officers holding 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 Advanced Certificate from the North Carolina Criminal Justice Education and Training Standards Commission or North Carolina Sheriffs' Education and Training Standards Commission.

Officers must purchase service credits by making a lump sum payment to the Annuity Savings Fund equal to the full liability calculated using actuarial assumptions, including an administrative fee set by the Board of Trustees.

Purchased service credits are not subject to normal compensation or time period restrictions and include assumed annual postretirement allowance increases in the cost calculation.

Becomes effective July 1, 2021.