NC S610

Members with at least five years of service in the Teachers' and State Employees' Retirement System or Local Governmental Employees' Retirement System may purchase up to five years of creditable service as a company police officer commissioned by the Attorney General.

Service purchase requires a lump sum payment to the Annuity Savings Fund equal to the full actuarial liability calculated using retirement system valuation assumptions.

Payment calculation includes the retirement allowance from additional service credits beginning at the earliest unreduced retirement age, plus an administrative fee set by the Board of Trustees.

Full cost and full liability terms include assumed annual postretirement allowance increases from the earliest unreduced retirement age, as determined by the Board of Trustees.

The act becomes effective July 1, 2023.