Permits a person who served as a company police officer under GS Chapter 74E to purchase up to five years of creditable service from either the Teachers and State Employees Retirement System (TSERS) or Local Government Employees Retirement System (LGERS) if they are a current member and have completed at least five years of service in the system. Amends GS 135-4 to add new subsection (k2), outlining eligibility, the requirement for a lump sum payment, and the calculation to be performed by the TSERS Board of Trustees when calculating the appropriate amount to charge for purchase of the creditable service. Amends GS 128-26 to establish the same eligibility, lump sum, and calculation requirements for purchase of LGERS creditable service.
Effective July 1, 2023.
RET. SVC. PURCHASE/COMPANY OFFICERS.
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| View NCGA Bill Details | 2023-2024 Session |
AN ACT ALLOWING FOR THE PURCHASE AT FULL COST OF UP TO FIVE YEARS' CREDITABLE SERVICE IN THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM OR THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM FOR SERVICE AS A COMPANY POLICE OFFICER.Intro. by Alexander.
Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Apr 6 2023)
Bill History:
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Wed, 5 Apr 2023 Senate: Filed
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Thu, 6 Apr 2023 Senate: Passed 1st Reading
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Thu, 6 Apr 2023 Senate: Ref To Com On Rules and Operations of the Senate
S 610
Bill Summaries:
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Bill S 610 (2023-2024)Summary date: Apr 5 2023 - View Summary
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