A BILL TO BE ENTITLED
AN ACT to AUTHORIZE THE housing authority of the city of charlotte TO PARTICIPATE IN THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM WITHOUT PROVIDING PRIOR SERVICE CREDITS TO ITS EMPLOYEES.
The General Assembly of North Carolina enacts:
SECTION 1.  Notwithstanding any other provision of law, if the Housing Authority of the City of Charlotte becomes a member of the Local Governmental Employees' Retirement System, the authority board may elect to provide no prior service credit in the Retirement System for employees employed prior to the date that the authority becomes a participating employer in the Retirement System, and no prior service credit will be given for employees of the authority for service provided to the town prior to its participation in the Retirement System, nor shall the town be required to pay for any prior service credits for its employees.
SECTION 2.  This act applies only to the Housing Authority of the City of Charlotte.
SECTION 3.  This act is effective when it becomes law.