Bill Summary for H 1135 (2015-2016)
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| View NCGA Bill Details | 2015-2016 Session |
AN ACT TO ALLOW FOR THE PURCHASE OF CREDITABLE SERVICE IN THE STATE RETIREMENT SYSTEMS AT FULL COST FOR PEACE CORPS VOLUNTEER SERVICE.Intro. by Meyer, Horn, G. Martin, Hardister.
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Bill summary
Amends GS 135-4 by adding a new subsection (k1) to authorize members of the Teachers' and State Employees' Retirement System (TSERS) who have been members of the system for at least five years to purchase creditable service (time in the system) for periods of service as a Peace Corps volunteer or volunteer leader. To purchase the creditable service, a member must make a lump sum payment in an amount determined by the TSERS Board of Trustees based on actuarial calculations, plus an administrative fee. The amount of creditable service which may be purchased is limited to five years.
Amends GS 128-26 by adding a new subsection (z) providing an identical Peace Corps creditable service purchase opportunity for members of the North Carolina Local Governmental Employees' Retirement System.
Effective July 1, 2016.