Bill Summary for S 816 (2021)

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Summary date: 

May 26 2022

Bill Information:

View NCGA Bill Details2021
Senate Bill 816 (Public) Filed Thursday, May 26, 2022
AN ACT ALLOWING FOR THE PURCHASE AT FULL COST OF UP TO FIVE YEARS' CREDITABLE SERVICE IN THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM OR THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM FOR SERVICE AS A COMPANY POLICE OFFICER.
Intro. by Alexander.

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Bill summary

Amends GS 135-4 (Teachers and State Employees Retirement System – creditable service) by adding subsection (k2) permitting members of the North Carolina Teachers and State Employees Retirement System who have served at least five years as a teacher or state employee to purchase up to five years’ creditable service as a company police officer commissioned by the Attorney General by making a lump sum payment to the Annuity Savings Fund.

Amends GS 128-26 (Retirement system for counties, cities, and towns – allowance for service) by adding subsection (z) permitting members of the North Carolina Local Government Employees Retirement System who have served at least five years as a local government employee to purchase up to five years’ creditable service as a company police officer commissioned by the Attorney General by making a lump sum payment to the Annuity Savings Fund.

Effective July 1, 2022.