Amends GS 135-3(8) to provide that any member who became a member before August 1, 2011, and who separates from service before age 60 for any reason, as specified, and after 15 years of service, will have the right to retire on a deferred retirement allowance at age 60, provided the member retires not less than one day nor more than 120 days (rather than 90 days) after the member executes and files application with the Board of Trustees. Makes conforming changes throughout the statute to specify membership before August 1, 2011, and to replace 90 days with 120 days.
Enacts new subdivision (1a) to GS 135-5(a), allowing any member who became a member on or after August 1, 2011, who attains age 60 and has completed 30 years of service or attains age 70 with 10 years of membership service, to retire on an unreduced retirement benefit not less than one day nor more than 120 days after application to the Board of Trustees. Allows the member to retire at reduced benefit at age 60 with 20 years of service or age 65 with 10 years of service. Enacts new subdivision (4a), allowing any member who became a member on or after August 1, 2011, who is a law enforcement officer and attains 55 years of age with 30 years of service or attains 60 with 10 or more years of service, to retire at unreduced benefit not less than one day nor more than 120 days after application to the Board of Trustees. Amends GS 135-5(a)(1), specifying that any member who became a member before August 1, 2011, may retire not less than one day nor more than 120 days after application to the Board of Trustees, if the member is at least 60 years old with at least five years of membership service or 30 years of service.
Enacts new GS 135-5(a2), specifying the requirements for members who joined the Retirement System on or after August 1, 2011, to receive early service retirement benefits. Amends GS 135-5(a1), distinguishing early service retirement benefits provided to any member who became a member before August 1, 2011.
Enacts new GS 135-5(b20), detailing the service retirement allowance for members who became members on or after August 1, 2011. Amends GS 135-5(b19), distinguishing members who joined the Retirement System before August 1, 2011.
Enacts GS 135-5(m3), detailing the survivor’s alternate benefit provided upon the death of a member in service who joined the Retirement System on or after August 1, 2011. Amends GS 135-5(m), distinguishing the survivor’s alternate benefit for members who became members before August 1, 2011.
Enacts new subsection (a7) to GS 135-58, specifying the retirement allowance for members of the Consolidated Judicial Retirement System who became members on or after August 1, 2011. Amends GS 135-58(a6), distinguishing the retirement allowance for members who joined before August 1, 2011. Amends GS 135-57, allowing any member who became a member before August 1, 2011, who has attained 50 years of age with five years of membership service, to retire not less than one day nor more than 120 days after submitting application to the board of trustees.
Amends GS 135-4(e) to provide determination of creditable service at retirement on which the retirement allowance of a member be based as the membership service rendered by the member, and if the member has sick leave remaining upon retirement on or after August 1, 2011, then one month of credit for each 20 days or portion of a day not less than one hour, but not more than 12 days of sick leave for each year of membership service or fraction thereof. Makes similar change to GS 128-26(e).
Enacts new GS 135-1(7a)d. providing that compensation for any member who becomes a member on or after August 1, 2011, for any calendar year after 2011 in which employee or employer contributions are made and for which annual compensation is used to calculate a benefit, must not exceed the salary of the Governor as set in GS 147-11(a) for the beginning of the applicable calendar year. Adds similar language to GS 135-53(5).
Amends GS 135-1(5), clarifying the definition for average final compensation for members joining the Retirement System on or after August 1, 2011. Makes a similar change to GS 135-53(2a), which defines average final compensation under the Consolidated Judicial Retirement Act. Makes a similar change to GS 128-21(5), which defines average final compensation for Retirement Systems for Counties, Cities and Towns.
Enacts new GS 143-166.41(a1) detailing special separation allowance for law-enforcement officers, as defined, employed by a state department, agency, or institution, on or after August 1, 2011. Amends GS 143-166.41(a) to distinguish special separation allowance for law-enforcement officers, as defined, employed by a state department, agency, or institution, before August 1, 2011.
Enacts new GS 135-18.11 to detail a new Class 1 misdemeanor which prohibits a person from improperly receiving a decedent’s retirement benefit, as specified, and makes conforming changes to the following: (1) Article 1 of Chapter 135 (135-18.11); Article 3 of Chapter 128 (128-38.5); Article 4 of Chapter 135 (135-75.2); Article 1A of Chapter 120 (120-4.34).
Effective August 1, 2011.