NC H810

Allows state and local sworn law enforcement officers with 30-35 years of creditable service to elect an alternative annual separation allowance equal to 0.85% of base compensation at the 30-year mark times 30, paid in equal installments.

Requires officers to have completed at least 5 years of continuous service as a law enforcement officer immediately preceding retirement, with disability benefits not interrupting eligibility if the officer returns to service within 45 days.

Payment ceases upon officer death, upon reaching the last day of the month after a period equivalent to 62 years minus the age when the officer first completed 30 years of service, or upon reemployment (with limited exceptions for state and local officers).

State officers can be reemployed in exempt positions without losing benefits; local officers can work in public safety positions exempt from the Local Governmental Employees' Retirement System or on election boards without losing benefits.

Becomes effective July 1, 2023.