NC S816

Members who have completed at least five years of service may purchase up to five years of creditable service for work as a company police officer commissioned by the Attorney General under Chapter 74E of the General Statutes.

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 from the additional service credit beginning at the earliest age the member could retire with an unreduced allowance, plus an administrative fee set by the Board of Trustees.

Full cost includes assumed annual postretirement allowance increases as determined by the Board of Trustees from the earliest unreduced retirement age.

The act applies to both the Teachers' and State Employees' Retirement System and the Local Governmental Employees' Retirement System, effective July 1, 2022.