Reenacts GS 115C-302.4 (high-need retired teachers), as it existed immediately prior to its expiration. Amends GS 135-3, concerning membership in the Retirement System for Teachers and State Employees (TSERS), to provide that the computation of postretirement earnings of a beneficiary who is a high-need retired teacher does not include earnings while the beneficiary is employed as a high-need retired teacher, and the beneficiary must not be restored to service as a teacher or employee. Requires a local board of education to annually inform the Retirement System, by September 15, if it will not employ high-need retired teachers for that school year. Specifies that the retirement allowance of a beneficiary who retired on an early or service retirement does not cease due to reemployment as a high-need retired teacher. Provides that a beneficiary reemployed as a high-need retired teacher is not entitled to any benefits otherwise provided under GS Chapter 135 as a result of this period of employment. Makes conforming changes. Extends employer reporting requirements under GS 135-3(a)(8)c1 to high-need retired teachers.

Includes high-need retired teachers in definition of employee in GS 135-1. Amends GS 135-48.40 to include high-need retired teachers in those who are eligible for coverage under the State Health Plan for Teachers and State Employees on a partially contributory basis. 

Provides that if the IRS determines that any provision of the act jeopardizes TSERS, then the section is repealed on the last day of the month following the month of receipt of that determination by the State Treasurer. Provides for notice by the Treasurer to the Revisor of Statutes, local school administrative units, and on its website. Requires all local school administrative units to notify all high-need retired teachers employed by its local board of education of any repeal.

Provides that any beneficiary employed by a local board of education as a high-need retired teacher is not eligible to elect into a position that would lead the beneficiary to be eligible to accrue any additional benefits. Requires any failure of a local board of education or a beneficiary to comply with the foregoing to be corrected by the Executive Director of the Retirement System as he or she determines may be appropriate; costs of the correction are the sole responsibility of the local board of education and must be transferred to the Pension Accumulation Fund.

Effective when the act becomes law and expires June 30, 2027.