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7/28/2021 SL 2018-22(HB 284) ATTACHMENT 3 <br /> 6 <br /> GENERAL ASSEMBLY OF NORTH CAROLINA <br /> SESSION 2017 <br /> SESSION LAW 2018-22 <br /> HOUSE BILL 284 <br /> AN ACT TO ALLOW LAW ENFORCEMENT OFFICERS WHO ARE MEMBERS OF <br /> THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM OR THE <br /> LOCAL GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM TO RETIRE <br /> AFTER ACHIEVING TWENTY-FIVE YEARS OF CREDITABLE SERVICE, TO <br /> ALLOW FOR SEPARATION BUYOUTS FOR LAW ENFORCEMENT OFFICERS, <br /> AND TO ALLOW TRANSFERS UNDER THE SPECIAL RETIREMENT <br /> ALLOWANCE TO BE PAID IN WHOLE OR IN PART WITH EMPLOYER <br /> CONTRIBUTIONS. <br /> The General Assembly of North Carolina enacts: <br /> SECTION 1. Article 12D of Chapter 143 of the General Statutes is amended by <br /> adding a new section to read: <br /> "§ 143-166.43. Separation buyouts for law enforcement officers. <br /> Any State department, agency., or institution, or any local government employer, may., in <br /> its discretion, offer a lump sum separation buyout to a law enforcement officer who leaves <br /> employment prior to reaching the officer's eligibility for a separation allowance under this <br /> Article. The lump sum separation buyout shall be paid from funds available and shall not <br /> exceed the total that would otherwise be paid in separation allowance payments under <br /> G.S. 143-166.41 or G.S. 143-166.42." <br /> SECTION 2.(a) G.S. 135-5(m2)reads as rewritten: <br /> "(m2) Special Retirement Allowance. — At any time coincident with or following <br /> retirement, a member may make a one-time, irrevocable election to transfer any portion of <br /> the member's eligible accumulated contributions, not including any Roth after-tax <br /> contributions and the earnings thereon, from the Supplemental Retirement Income Plan of <br /> North Carolina or the North Carolina Public Employee Deferred Compensation Plan to this <br /> Retirement System and receive, in addition to the member's basic service, early or disability <br /> retirement allowance, a special retirement allowance which shall be based upon the <br /> member's transferred balance. <br /> A member who became a member of the Supplemental Retirement Income Plan prior to <br /> retirement and who remains a member of the Supplemental Retirement Income Plan may <br /> make a one-time, irrevocable election to transfer eligible balances, not including any Roth <br /> after-tax contributions and the earnings thereon, from any of the following plans to the <br /> Supplemental Retirement Income Plan, subject to the applicable requirements of the <br /> Supplemental Retirement Income Plan, and then through the Supplemental Retirement <br /> Income Plan to this Retirement System: (i) a plan participating in the North Carolina Public <br /> School Teachers' and Professional Educators' Investment Plan; (ii) a plan described in <br /> section 403(b) of the Internal Revenue Code; (iii) a plan described in section 457(b) of the <br /> Internal Revenue Code that is maintained by a state, political subdivision of a state, or any <br /> agency or instrumentality of a state or political subdivision of a state; (iv) an individual <br /> retirement account or annuity described in section 408(a) or section 408(b) of the Internal <br /> Revenue Code that is eligible to be rolled over and would otherwise be includible in gross <br /> income; or (v) a tax-qualified plan described in section 401(a) or section 403(a) of the <br /> file:///C:/Users/bbartholomew/Documents/ATT 3 ABTRACT 9 14 2021 SL 2018-22(HB 284).html 1/13 <br />