Bill Summaries: S610 (2023-2024 Session)

Tracking:
  • Bill S 610 (2023-2024)
    Summary date: Apr 5 2023 - View summary

    Permits a person who served as a company police officer under GS Chapter 74E to purchase up to five years of creditable service from either the Teachers and State Employees Retirement System (TSERS) or Local Government Employees Retirement System (LGERS) if they are a current member and have completed at least five years of service in the system. Amends GS 135-4 to add new subsection (k2), outlining eligibility, the requirement for a lump sum payment, and the calculation to be performed by the TSERS Board of Trustees when calculating the appropriate amount to charge for purchase of the creditable service. Amends GS 128-26 to establish the same eligibility, lump sum, and calculation requirements for purchase of LGERS creditable service. 

    Effective July 1, 2023. 
    Employment and Retirement, Government, State Government, State Personnel, Local Government
    GS 128, GS 135

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