§ 135-56.2. Creditable service for other employment. - North Carolina Statutes

§135‑56.2.  Creditable service for other employment.

Any member may purchasecreditable service for service as a State teacher or employee, as defined underG.S. 135‑1(10) and (25), and for service as an employee of localgovernment, as defined under G.S. 128‑21(10). A member, upon thecompletion of 10 years of membership service, may also purchase creditableservice for periods of federal employment, provided that the member is notreceiving any retirement benefits resulting from this federal employment, andprovided that the member is not vested in the particular federal retirementsystem to which the member may have belonged while a federal employee. Themember, after the transfer of any accumulated contributions from the Teachers'and State Employees' Retirement System or Local Governmental Employees'Retirement System, shall pay an amount equal to the full cost of the servicecredits calculated on the basis of the assumptions used for purposes of theactuarial valuation of the Retirement System's liabilities, taking into accountthe additional retirement allowance arising on account of the additionalservice credits commencing at the earliest age at which the member could retirewith an unreduced retirement allowance as determined by the Board of Trusteesupon the advice of the consulting actuary, plus an administrative fee as set bythe Board of Trustees. As an alternative to transferring any accumulatedcontributions from the Teachers' and State Employees' Retirement System or theLocal Governmental Employees' Retirement System to the Consolidated JudicialRetirement System, a member may irrevocably elect to transfer thesecontributions to the Supplemental Retirement Income Plan of North Carolina asdetermined by the Plan's Board of Trustees and the Department of StateTreasurer in accordance with the provisions of G.S. 135‑94(a)(4). Notwithstanding the foregoing provisions of this section that provide for thepurchase of service credits, the terms "full cost", "fullliability", and "full actuarial cost" include assumed annualpost‑retirement allowance increases, as determined by the Board ofTrustees, from the earliest age at which a member could retire on an unreducedservice allowance. (1983 (Reg. Sess., 1984), c. 1041; 1985, c. 348, s. 1;c. 749, s. 2; 1989, c. 255, s. 21(b).)