NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

 

 

CHAPTER 868

HOUSE BILL 948

 

 

AN ACT TO ALLOW MEMBERS TO REPAY OR PURCHASE SERVICE CREDITS WITH THE NORTH CAROLINA LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM AT AN AMOUNT EQUAL TO FULL COST.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 128-26(i), as the same appears in the 1977 Cumulative Supplement to the 1974 Replacement Volume 3B of the General Statutes, is hereby amended by deleting the bracketed paragraph at the end thereof.

Sec. 2.  G.S. 128-26, as the same appears in the 1977 Cumulative Supplement to the 1974 Replacement Volume 3B of the General Statutes, is hereby amended by the addition of a new subsection (k) to read as follows:

"(k)      All repayments and purchases of service credits, allowed under the provisions of this section, must be made within three years after the member first becomes eligible to make such repayments and purchases. Any member who does not repay or purchase service credits within said three years after first eligibility to make such repayments and purchases may, under the same conditions as are otherwise required, repay or purchase service credits provided that the repayment or purchase equals the full cost of the service credits calculated on the basis of the assumptions used for purchases of the actuarial valuation of the system's liabilities and shall take into account the additional retirement allowance arising on account of such additional service credit commencing at the earliest age at which such member could retire on an unreduced retirement allowance as determined by the board of trustees upon the advice of the consulting actuary."

Sec. 3.  This act shall become effective July 1, 1979.

In the General Assembly read three times and ratified, this the 8th day of June, 1979.