120-4.14. Purchase of prior service.
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 G.S. 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.
(2) Repealed by Session Laws 2018-85, s. 5, effective June 25, 2018.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.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 120 - General Assembly
Article 1A - Legislative Retirement System.
§ 120-4.9 - Retirement system established.
§ 120-4.10 - Administration of retirement system.
§ 120-4.12 - Creditable service.
§ 120-4.12A - Reciprocity of creditable service with other state-administered retirement systems.
§ 120-4.13 - Transfer of membership and benefits.
§ 120-4.14 - Purchase of prior service.
§ 120-4.15 - Repayment of contributions.
§ 120-4.16 - Repayments and purchases.
§ 120-4.17 - Assets of retirement system.
§ 120-4.18 - Management of funds.
§ 120-4.19 - Contributions by the members.
§ 120-4.20 - Contributions by the State.
§ 120-4.21 - Service retirement benefits.
§ 120-4.22 - Disability retirement benefits.
§ 120-4.22A - Post-retirement increases in allowances.
§ 120-4.23 - Reexamination for disability retirement allowance.
§ 120-4.24 - Return to membership of former member.
§ 120-4.25 - Return of accumulated contributions.
§ 120-4.26 - Benefit payment options.
§ 120-4.26A - Benefits on death after retirement.
§ 120-4.28 - Survivor's alternate benefit.
§ 120-4.29 - Exemption from garnishment, attachment.
§ 120-4.30 - Termination or partial termination; discontinuance of contributions.
§ 120-4.31 - Internal Revenue Code compliance.
§ 120-4.32 - Deduction for payments allowed.
§ 120-4.33 - Forfeiture of retirement benefits for certain felonies.
§ 120-4.33B - Prohibition on purchase of forfeited service.
§ 120-4.34 - Improper receipt of decedent's retirement allowance.