North Carolina General Statutes 120-4.14. Purchase of prior service
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Purchase of prior service rendered by a member of the General Assembly before becoming a member of the Retirement System that is not service that may be transferred pursuant to N.C. Gen. Stat. § 120-4.12 shall be at the rate of one month of service for each month for which a legislator received compensation, computed as follows:
(1) For final legislative terms beginning with the 1975 General Assembly, seven percent (7%) of the highest legislative compensation at the time of purchase plus an administrative fee to be paid in lump sum.
Terms Used In North Carolina General Statutes 120-4.14
- Compensation: means salary and expense allowance paid for service as a legislator in the North Carolina General Assembly, exclusive of travel and per diem. See North Carolina General Statutes 120-4.8
- month: shall be construed to mean a calendar month, unless otherwise expressed; and the word "year" a calendar year, unless otherwise expressed; and the word "year" alone shall be equivalent to the expression "year of our Lord. See North Carolina General Statutes 12-3
- Retirement: means the withdrawal from active service with a retirement allowance granted under the provisions of this Article. See North Carolina General Statutes 120-4.8
(2) Repealed by Session Laws 2018-85, s. 5, effective June 25, 2018. (1983, c. 761, s. 238; c. 923, s. 217; 1983 (Reg. Sess., 1984), c. 1034, s. 191; 1985, c. 400, s. 2; 2018-85, s. 5.)