Senate committee substitute replaces the content of the 1st edition with the following.

Amends Section 3.2, SL 2021-72, extending the moratorium period within which local governments are prohibited from filing legal actions against the State regarding the anti-pension-spiking contribution-based benefit cap under GS 135-5(a3) and applicable statute of limitations are tolled, to now end the period on June 30, 2023, rather than June 30, 2022. Adds a new provision to prohibit the Teachers and State Employees' Retirement System (TSERS) from requesting, prior to September 1, 2023, an interception of State appropriations under GS 135-8(f)(3) for unpaid contributions attributable to retirements that occurred between July 1, 2021, and June 30, 2022.

Amends Section 4, SL 2021-72, extending the deadline by which the Department of State Treasurer and the School Boards Association's working group charged with reviewing the anti-pension-spiking contribution-based benefit cap can report its findings and recommendations to the specified NCGA committee, now providing for a report by December 15, 2022 (was, April 1, 2022).

Enacts GS 128-23(i), providing that an eligible employer that is not a taxing authority and is not a participating employer in the Local Governmental Employees' Retirement System (LGERS) on September 1, 2023, is not eligible to commence participation in LGERS without obtaining a surety as defined in rules adopted by the LGERS Board of Trustees (Board). Requires the Board's rules to address how such an employer will cover a withdrawal liability incurred for ceasing participation in the System. 

Directs the Board to adopt necessary implementing rules by August 1, 2023.

Effective June 30, 2022. 

Changes the act's titles.