Bill Summary – FastDemocracy

FILED SENATE
                                                                                        Feb 8, 2021
                         GENERAL ASSEMBLY OF NORTH CAROLINA
                                                                 S.B. 72
                                     SESSION 2021           PRINCIPAL CLERK
     S                                                                   D
                             SENATE BILL DRS45040-MGfp-46
     Short Title:   Advanced Cert. Service Purchase Option/LEOs.                               (Public)
     Sponsors:      Senator Steinburg (Primary Sponsor).
     Referred to:
                                    A BILL TO BE ENTITLED
 AN ACT TO ALLOW FOR THE PURCHASE OF UP TO FOUR YEARS' CREDITABLE
     SERVICE IN THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM
     OR THE LOCAL GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM AT FULL
     COST BY LAW ENFORCEMENT OFFICERS HOLDING AN ADVANCED LAW
     ENFORCEMENT CERTIFICATE ISSUED BY THE NORTH CAROLINA CRIMINAL
     JUSTICE EDUCATION AND TRAINING STANDARDS COMMISSION OR THE
     NORTH CAROLINA SHERIFFS' EDUCATION AND TRAINING STANDARDS
     COMMISSION.
 The General Assembly of North Carolina enacts:
             SECTION 1.(a) G.S. 135-4 is amended by adding a new subsection to read:
     "(k2) Credit at Full Cost for Law Enforcement Officers Holding an Advanced Law
 Enforcement Certificate. – Notwithstanding any other provisions of this Chapter, a member who
 has completed at least five years of membership service and who has been awarded the Advanced
 Law Enforcement Certificate issued by the North Carolina Criminal Justice Education and
 Training Standards Commission under the authority granted in Chapter 17C of the General
 Statutes or the North Carolina Sheriffs' Education and Training Standards Commission under the
 authority granted in Chapter 17E of the General Statutes may purchase up to a total of four years'
 creditable service at any time on or after receipt of the Advanced Law Enforcement Certificate.
 Purchases of service under this subsection shall not be subject to subsection (b) of this section.
 Purchases of service under this subsection shall not be associated with any specific compensation
 or period of time. The member shall purchase this service by making a lump sum amount payable
 to the Annuity Savings Fund equal to the full liability of the service credits calculated on the
 basis of the assumptions used for purposes of the actuarial valuation of the liabilities of the
 Retirement System. The calculation of the amount payable shall take into account the retirement
 allowance arising on account of the additional service credit commencing at the earliest age at
 which the member could retire on an unreduced retirement allowance, as determined by the
 Board of Trustees upon the advice of the consulting actuary, plus an administrative fee to be set
 by the Board of Trustees. Notwithstanding the foregoing provisions of this subsection that
 provide for the purchase of service credits, the terms "full cost" and "full liability" include
 assumed annual postretirement allowance increases, as determined by the Board of Trustees,
 from the earliest age at which a member could retire on an unreduced service allowance."
             SECTION 1.(b) G.S. 128-26 is amended by adding a new subsection to read:
     "(z) Credit at Full Cost for Law Enforcement Officers Holding an Advanced Law
 Enforcement Certificate. – Notwithstanding any other provisions of this Chapter, a member who
 has completed at least five years of membership service and who has been awarded the Advanced
                                 *DRS45040-MGfp-46*
     General Assembly Of North Carolina                                                  Session 2021
 Law Enforcement Certificate issued by the North Carolina Criminal Justice Education and
 Training Standards Commission under the authority granted in Chapter 17C of the General
 Statutes or the North Carolina Sheriffs' Education and Training Standards Commission under the
 authority granted in Chapter 17E of the General Statutes may purchase up to a total of four years'
 creditable service at any time on or after receipt of the Advanced Law Enforcement Certificate.
 Purchases of service under this subsection shall not be subject to subsection (b) of this section.
 The purchased service shall not be associated with any specific compensation or period of time.
 The member shall purchase this service by making a lump sum amount payable to the Annuity
 Savings Fund equal to the full liability of the service credits calculated on the basis of the
 assumptions used for purposes of the actuarial valuation of the liabilities of the Retirement
 System. The calculation of the amount payable shall take into account the retirement allowance
 arising on account of the additional service credit commencing at the earliest age at which the
 member could retire on an unreduced retirement allowance, as determined by the Board of
 Trustees upon the advice of the consulting actuary, plus an administrative fee to be set by the
 Board of Trustees. Notwithstanding the foregoing provisions of this subsection that provide for
 the purchase of service credits, the terms "full cost" and "full liability" include assumed annual
 postretirement allowance increases, as determined by the Board of Trustees, from the earliest age
 at which a member could retire on an unreduced service allowance."
             SECTION 2. This act is effective when it becomes law.
     Page 2                                                                      DRS45040-MGfp-46
Statutes affected: 
Filed: 135-4, 128-26
Edition 1: 135-4, 128-26