AN ACT TO MODIFY THE ABILITY OF A MEMBER OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM TO PURCHASE CREDIT FOR EMPLOYMENT IN A CHARTER SCHOOL OPERATED BY A PRIVATE NONPROFIT CORPORATION AND TO REQUIRE COST ESTIMATES FOR STATUTORY CHANGES TO SERVICE PURCHASE PROVISIONS.
Senate committee substitute makes the following changes to the 1st edition.
Adds a section amending GS 120-114 (concerning actuarial notes and Retirement System cost estimates) by adding that if a bill or resolution adds or changes service purchase provisions, the Fiscal Research Division must also get an estimate of the cost impact of those provisions using the 30-year US Treasury constant maturity and cost-of-living adjustment and salary increase assumptions consistent with that rate as of December of the year of the most recent actuarial valuation in addition to the cost of the provision using the valuation assumptions.
Changes the act's long title.
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