Amends GS 135-5.3(b3) to allow a charter school seeking to become a participating employer in the Retirement System for Teachers and State Employees prior to the end of the second year of operation (was, initial year of operation) to be granted provisional entry into the Retirement System for one year. Amends subsection (b4) to provide that a charter school seeking to become a participating employer in the Retirement System after the end of the initial year of operation but before the end of the second year of operation can undergo an actuarial and financial review as required by the Board of Trustees of the Retirement System prior to entry into the Retirement System (previously, was not permissive). Adds new provision to mandate that a charter school seeking to become a participating employer in the Retirement System after the end of the second year of operation undergo an actuarial and financial review as required by the Board of Trustees prior to entry into the Retirement System.

Effective August 1, 2017.