Bill Summary for H 862 (2019-2020)
Apr 17 2019
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AN ACT TO ALLOW FOR THE PURCHASE OF UP TO FOUR YEARS' CREDITABLE SERVICE IN THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM OR THE LOCAL GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM AT FULL COST BY LAW ENFORCEMENT OFFICERS HOLDING AN ADVANCED LAW ENFORCEMENT CERTIFICATE ISSUED BY THE NORTH CAROLINA CRIMINAL JUSTICE EDUCATION AND TRAINING STANDARDS COMMISSION OR THE NORTH CAROLINA SHERIFFS' EDUCATION AND TRAINING STANDARDS COMMISSION.Intro. by Lambeth, K. Hall, Wray.
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Amends GS 135-4 (concerning the Teachers' and State Employees' Retirement System) and GS 128-26 (concerning the Local Government Employees' Retirement System) by allowing a a member who has completed at least five years of membership service and who has been awarded the Advanced Law Enforcement Certificate by the NC Criminal Justice Education and Training Standards Commission or the NC Sheriffs' Education and Training Standards Commission to purchase up to four years' creditable service in one of those retirement systems. Sets out additional requirements for the purchase of service, including that it not be associated with any specific compensation or period of time. Sets out provisions for the calculation of the amount payable.