GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

H	2 

HOUSE BILL 1273
Committee Substitute Favorable 5/29/91

Short Title:  Gen. Assembly Retire. Credit.	(Public)
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Sponsors:
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Referred to:  
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May 10, 1991

A BILL TO BE ENTITLED
AN ACT TO ALLOW EMPLOYEES OF THE GENERAL ASSEMBLY TO RECEIVE RETIREMENT CREDIT FOR FULL-TIME TEMPORARY SERVICE WITH OTHER STATE AGENCIES.
The General Assembly of North Carolina enacts:
Section 1. G.S. 135-4 is amended by adding a new subsection to read:
"( aa)	Purchase of Temporary State Employment by Employees of the General Assembly. – In addition to the provisions of subsections (p) and (s) above, any employee of the General Assembly may at any time while rendering membership service, purchase creditable service for State employment when classified as a temporary teacher or employee, regardless of when the temporary service was rendered, subject to the conditions that the:
(1)	Member was employed by an employer as defined in G.S. 135-1(11);
(2)	Member's temporary employment met all other requirements of G.S. 135-1(10) or (25);
(3)	Member has two years or more of membership service as an employee of the General Assembly;
(4)	Member acquires from the employer such certifications of temporary employment as are required by the Board of Trustees; and
(5)	Member makes a lump sum payment into the Annuity Savings Fund 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 and shall take into account the retirement allowance arising on account of the additional service credit commencing at the earliest age at which the member could retire on 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.  Notwithstanding the foregoing provisions of the subdivision that provide for the purchase of service credits, the terms 'full cost', 'full liability', and 'full actuarial cost' include assumed annual post-retirement allowance increases, as determined by the Board of Trustees, from the earliest age at which a member could retire on an unreduced service allowance."
Sec. 2.  This act becomes effective July 1, 1991.