Amends GS 135-5.3 concerning optional participation of charter school operated by private nonprofits in the Retirement System for Teachers and State Employees (System) deleting language which only allowed charter school to elect to participate within 30 days after GS 135-5.3 became law. Deletes other language that  provided for only 30 days after parties signed the written charter pursuant to GS 115C-218.15 to elect to become a participating employer in the System. Adds new language providing that the board of directors of a charter school must elect whether to seek to become a participating employer in the System, pursuant to the provisions of GS Chapter 135, Article 1. Adds language that requires a charter school to undergo actuarial, financial, and legal review before being accepted as a participating employer. Requires the Board of Trustees of the System to accept the application from the charter school and the charter school to accept the withdrawal liability before the charter school can be considered a participating employer. Makes clarifying changes and deletes language that provided that the election to become a participating employer is irrevocable. Adds new language which allows the board of directors to elect to revoke its decisions to be a participating employer in the System. Sets out the process for electing such revocation, including making a lump sum payment of the withdrawal liability required in GS 135-8(i). 

Amends GS 120-114 to require the Fiscal Research Division to obtain an advisory letter from the Attorney General regarding eligibility for participation or an estimate of cost of the withdrawal liability owed if there is a bill or resolution contemplating the addition or removal of a public agency as a participating employer in the System or the Local Government Employees' Retirement System. Makes conforming changes to the catchline. 

Enacts new GS 135-8(i) and GS 128-30(i) requiring any employing unit that is allowed to cease participation in the System or the retirement system for counties, cities, and towns by the General Assembly, or as otherwise provided, to make a lump sum payment to the System equal to the actuarial present value of the additional liabilities imposed on the System as determined by the System's consulting actuary, plus an administrative fee determined by the Board of Trustees. 

Effective July 1, 2015.