GENERAL ASSEMBLY OF NORTH CAROLINA

1983 SESSION

 

 

CHAPTER 1041

HOUSE BILL 687

 

AN ACT TO ALLOW THE PURCHASE OF CREDITABLE SERVICE FOR STATE AND LOCAL GOVERNMENT EMPLOYMENT BY MEMBERS OF THE UNIFORM JUDICIAL, SOLICITORIAL AND CLERKS OF SUPERIOR COURT RETIREMENT SYSTEMS AT A COST EQUAL TO THE FULL ACTUARIAL LIABILITY.

 

The General Assembly of North Carolina enacts:

 

Section 1.  Article 4 of Chapter 135 is amended by adding a new section designated as 56.2 to read:

"§ 135-56.2. Creditable Service for Other Employment.-Any member may purchase creditable service for service as a State teacher or employee, as defined under G.S. 135-1(10) and (25), and for service as an employee of local government, as defined under G.S. 128-21(10). The member, after the transfer of any accumulated contributions from the Teachers' and State Employees' Retirement System or Local Governmental Employees' Retirement System, shall pay an amount equal to the full cost of the service credits calculated on the basis of the assumptions used for purposes of the actuarial valuation of the Retirement System's liabilites, taking into account the additional retirement allowance arising on account of the additional service credits commencing at the earliest age at which the member could retire with an unreduced retirement allowance as determined by the Board of Trustees upon the advice of the consulting actuary, plus an administrative fee as set by the Board of Trustees."

Sec. 2.  This act shall become effective July 1, 1984.

In the General Assembly read three times and ratified, this the 29th day of June, 1984.