House committee substitute to the 2nd edition makes the following changes. 

Amend GS 115C-302.4 by changing the definition of high-need retired teacher to refer to those who retired on or before May 1, 2025 (was, at least two months before the date on which the beneficiary is scheduled to be reemployed under the previous edition, and on or before February 1, 2019, in current law). 

Amends the provisions concerning the private letter rule to now require the State Treasurer to seek a favorable private letter ruling from the IRS to determine that this act does not jeopardize the status of the Teachers' and State Employees' Retirement System (Retirement System) by the later of January 1st of the calendar year or within 120 days from this act becoming law. Repeals the act if the IRS declines to make a private letter ruling or does not issue a response by January 1, 2027. Also repeals the act if the IRS does not make a favorable determination that this act does not jeopardize the status of the Retirement System; the repeal would be on the last day of the month following the month of receipt of that determination by the State Treasurer.