AN ACT MAKING TECHNICAL, CLARIFYING, AND ADMINISTRATIVE CHANGES TO LAWS RELATING TO SERVICE PURCHASES UNDER THE TEACHERS' AND STATE
EMPLOYEES' RETIREMENT SYSTEM, THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM, AND THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM.
House committee substitute makes the following changes to the 2nd edition.
Revises the proposed changes to GS 135-4.5, concerning creditable service purchases by members of the Teachers' and State Employees' Retirement System (TSERS). Modifies the proposed conforming changes to existing subsection (cc), which allows for purchase of creditable service by members for any employment as an employee of a charter school operated by a private nonprofit corporation or a charter school operated by a municipality whose board of directors did not elect to participate in TSERS upon completion of five years of service with variance in calculation and payment, limiting the provision to purchases made prior to January 1, 2023 (was, purchases made on or before January 1, 2023).
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