Bill Text: NC H960 | 2015-2016 | Regular Session | Introduced
Bill Title: Retirement Creditable Service Charter Schools
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2016-06-30 - Ch. SL 2016-82 [H960 Detail]
Download: North_Carolina-2015-H960-Introduced.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2015
H D
HOUSE BILL DRH10464-MR-15 (03/23)
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Short Title: Retirement Creditable Service Charter Schools. |
(Public) |
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Sponsors: |
Representative R. Turner. |
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Referred to: |
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A BILL TO BE ENTITLED
AN ACT to modify the ability of a member of the teachers' and state employees' retirement system to purchase credit for employment in a charter school operated by A private nonprofit corporation.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 135‑4(cc) reads as rewritten:
"(cc) Credit for
Employment in Charter School Operated by a Private Nonprofit Corporation. – Any
member may purchase creditable service for any employment as an employee of a
charter school operated by a private nonprofit corporation whose board of
directors did not elect to participate in the Retirement System under G.S. 135‑5.3
upon completion of five years of membership service after that charter
school employment by making a lump‑sum payment into the Annuity
Savings Fund. The payment by the member shall be 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 Retirement System's liabilities,
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 actuary plus an administrative
expense fee to be determined by the Board of Trustees. Creditable service
purchased under this subsection shall not exceed a total of five years. Notwithstanding
the foregoing provisions of this subsection that provide for the purchase of
service credits, the terms "full cost", "full liability",
and "full actuarial cost" 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. G.S. 135‑8(b)(5)d. is repealed.
SECTION 3. This act is effective when it becomes law.
