GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 1991
CHAPTER 1017
The General Assembly of North Carolina enacts:
Section 1. G.S. 128-26(k) reads as rewritten:
"(k) All Notwithstanding any language to
the contrary of any provision of this section, or of any repealed provision of
this section that was repealed with the inchoate and accrued rights preserved,
all repayments and purchases of service credits, allowed under the
provisions of this section, section or of any repealed provision of
this section that was repealed with inchoate and accrued rights preserved, must
be made within three years after the member first becomes eligible to make such
repayments and purchases. Any member who does not repay or purchase service
credits within said three years after first eligibility to make such repayments
and purchases may, under the same conditions as are otherwise required, repay
or purchase service credits provided that the repayment or purchase equals the
full cost of the service credits calculated on the basis of the assumptions
used for purchases of the actuarial valuation of the System's liabilities and
shall take into account the additional retirement allowance arising on account
of such additional service credit commencing at the earliest age at which such
member could retire on an unreduced retirement allowance as determined by the
Board of Trustees upon the advice of the consulting actuary. Notwithstanding
the foregoing provisions of this subsection 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. G.S. 135-4(m) reads as rewritten:
"(m) All Notwithstanding any language to
the contrary of any provision of this section, or of any repealed provision of
this section that was repealed with the inchoate and accrued rights preserved,
all repayments and purchases of service credits, allowed under the
provisions of this section, section or of any repealed provision of
this section that was repealed with inchoate and accrued rights preserved, must
be made within three years after the member first becomes eligible to make such
repayments and purchases. Any member who does not repay or purchase service
credits within said three years after first eligibility to make such repayments
and purchases may, under the same conditions as are otherwise required, repay
or purchase service credits provided that the repayment or purchase equals the
full cost of the service credits calculated on the basis of the assumptions
used for purposes of the actuarial valuation of the system's liabilities and
shall take into account the additional retirement allowance arising on account
of such additional service credit commencing at the earliest age at which such
member could retire on an unreduced retirement allowance as determined by the
Board of Trustees upon the advice of the consulting actuary. Notwithstanding
the foregoing provisions of this subsection 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. 3. This act is effective on and after July 1, 1979.
In the General Assembly read three times and ratified this the 23rd day of July, 1992.
James C. Gardner
President of the Senate
Daniel Blue, Jr.
Speaker of the House of Representatives