Terms Used In North Carolina General Statutes 135-56.2

  • Accumulated contributions: shall mean the sum of all the amounts deducted from the compensation of a member and accredited to his individual account in the annuity savings fund, together with regular interest thereon as provided in N. See North Carolina General Statutes 135-1
  • Board of Trustees: shall mean the Board provided for in N. See North Carolina General Statutes 135-1
  • Board of Trustees: shall mean the Board of Trustees established by N. See North Carolina General Statutes 135-53
  • Creditable service: shall mean the total of "prior service" plus "membership service" plus service, both noncontributory and purchased, for which credit is allowable as provided in N. See North Carolina General Statutes 135-1
  • Creditable service: shall mean for any member the total of his prior service plus his membership service. See North Carolina General Statutes 135-53
  • Employee: shall mean all full-time employees, agents or officers of the State of North Carolina or any of its departments, bureaus and institutions other than educational, whether such employees are elected, appointed or employed: Provided that the term "employee" shall not include any person who is a member of the Consolidated Judicial Retirement System, any member of the General Assembly or any part-time or temporary employee. See North Carolina General Statutes 135-1
  • Employer: shall mean the State of North Carolina, the county board of education, the city board of education, the State Board of Education, the board of trustees of the University of North Carolina, the board of trustees of other institutions and agencies supported and under the control of the State, or any other agency of and within the State by which a teacher or other employee is paid. See North Carolina General Statutes 135-1
  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Member: shall mean any teacher or State employee included in the membership of the System as provided in N. See North Carolina General Statutes 135-1
  • Member: shall mean any person included in the membership of the Retirement System as provided in this Article. See North Carolina General Statutes 135-53
  • Retirement System: shall mean the Teachers' and State Employees' Retirement System of North Carolina as defined in N. See North Carolina General Statutes 135-1
  • Retirement System: shall mean the "Consolidated Judicial Retirement System" of North Carolina, as established in this Article. See North Carolina General Statutes 135-53
  • Service: shall mean service as a teacher or State employee as described in subdivision (10) or (25) of this section. See North Carolina General Statutes 135-1
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
  • Teacher: shall mean (i) any teacher, helping teacher, teacher in a job-sharing position under N. See North Carolina General Statutes 135-1

Any member may purchase creditable service for service as a State teacher or employee, as defined under N.C. Gen. Stat. § 135-1(10) and (25), and for service as an employee of local government, as defined under N.C. Gen. Stat. § 128-21(10). A member, upon the completion of 10 years of membership service, may also purchase creditable service for periods of federal employment, provided that the member is not receiving any retirement benefits resulting from this federal employment, and provided that the member is not vested in the particular federal retirement system to which the member may have belonged while a federal employee. The member, after the transfer of any accumulated contributions from the Teachers’ and State Employees’ Retirement System or Local Governmental Employees’ Retirement System, shall purchase this service by paying a lump sum amount to the annuity savings fund equal to the full liability increase due to the additional service credits on the basis of the assumptions used for the purposes of the actuarial valuation of the liabilities of the Retirement System, except for the following assumptions specific to this calculation: (i) the allowance shall be assumed to commence at the earliest age at which the member could retire on an unreduced retirement allowance and (ii) assumed annual postretirement allowance increases as set by the Board of Trustees upon the advice of the consulting actuary. Subject to the requirements of this subsection, an employer may pay all or part of the cost of a service purchase of a member in service. To the extent that the purchase is paid by the employer, the cost paid by the employer shall be credited to the pension accumulation fund. As an alternative to transferring any accumulated contributions from the Teachers’ and State Employees’ Retirement System or the Local Governmental Employees’ Retirement System to the Consolidated Judicial Retirement System, a member may irrevocably elect to transfer these contributions to the Supplemental Retirement Income Plan of North Carolina as determined by the Plan’s Board of Trustees and the Department of State Treasurer in accordance with the provisions of N.C. Gen. Stat. § 135-94(a)(4). Notwithstanding the foregoing provisions of this section 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. (1983 (Reg. Sess., 1984), c. 1041; 1985, c. 348, s. 1; c. 749, s. 2; 1989, c. 255, s. 21(b); 2021-57, s. 3.3.)