Senate committee substitute makes the following changes to the 3rd edition.

Amends GS 135-5.3 to clarify that the Board of Trustees must notify a charter school in writing no less than 90 days before revoking the school's provisional entry in the Teachers' and State Employees' Retirement System.

Adds a new section amending GS 135-4(jj) (applicable to the Retirement System for Teachers and State Employees) and GS 128-26(y) (applicable to the Retirement System for Counties, Cities and Towns), concerning the contribution-based benefit cap purchase provision, to allow an employer of a member who became a member before January 1, 2015, or who has not earned at least five years of membership service in the retirement system after that date to pay the lump sum amount on an installment payment plan. Sets out additional requirements for the payments.

Makes additional clarifying changes.

Changes the act's effective date to make Sections 5 (amending GS 128-21), 6 (amending GS 128-26(a)), and 7 (amending GS 135-4(jj) and GS 128-26(y)) of the act effective when the act becomes law (was, January 1, 2016).