§ 120-4.14. Purchase of prior service. - North Carolina Statutes

§120‑4.14.  Purchase of prior service.

Purchase of prior servicerendered by a member of the General Assembly before becoming a member of theRetirement System that is not service that may be transferred pursuant to G.S.120‑4.12 shall be at the rate of one month of service for each month forwhich a legislator received compensation, computed as follows:

(1)        For finallegislative terms beginning with the 1975 General Assembly, seven percent (7%)of the highest legislative compensation at the time of purchase plus anadministrative fee to be paid in lump sum.

(2)        For finallegislative terms beginning prior to the 1975 General Assembly, five percent(5%) of the highest legislative compensation at the time of purchase plus anadministrative fee to be paid in lump sum. (1983, c. 761, s. 238; c.923, s. 217; 1983 (Reg. Sess., 1984), c. 1034, s. 191; 1985, c. 400, s. 2.)