Title: S.L. 1977-909

General Assembly of North Carolina	1977

NORTH CAROLINA GENERAL ASSEMBLY
1977 SESSION

CHAPTER 909
HOUSE BILL 1357

AN ACT TO AMEND G.S. 135 TO PERMIT VESTED MEMBERS TO PURCHASE CREDIT FOR SPECIFIC PERIOD OF ABSENCE FROM STATE EMPLOYMENT FOR EDUCATIONAL ADVANCEMENT WHEN LEAVE OF ABSENCE FOR SAID PURPOSE WAS NOT AVAILABLE TO MEMBER.

The General Assembly of North Carolina enacts:

Section 1.  G.S. 135-8 Method of Financing, paragraph (5) is amended without alteration of the language in the paragraph, but with additional provisions as follows:
"And, in such cases where the member unsuccessfully petitioned for official leave of absence, and did have interrupted State employment without withdrawal of retirement system contributions, and did complete an educational program which in the opinion of the board of trustees increased his efficiency upon return to State employment, and where the interrupted State employment was only of such duration and for the sole purpose of completing said education, the employee returned to State employment at the first opportunity not to exceed four years from the date he resigned for the purpose of completing said education, that after resuming State employment and full participation in the retirement system for not less than 10 consecutive years or age 65 he or she be permitted to purchase credit for said period of absence from State employment for a period of time not to exceed four years only by a lump sum payment based on the employee's compensation rate at the time of his or her separation from State employment, and that said lump sum payment shall be equal to the full cost of providing such credit including the employer portion of the funding cost plus interest and a fee to cover handling of the adjustment which fee shall be determined by the board of trustees."
Sec. 2.  This act shall become effective July 1, 1977.
In the General Assembly read three times and ratified, this the 1st day of July, 1977.

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Introduced Bill	Page