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7/28/2021 SL 2018-22(HB 284) <br /> 10 <br /> The General Assembly reserves the right to repeal or amend this subsection, but such <br /> repeal or amendment shall not affect any person who has already made the one-time election <br /> provided in this subsection." <br /> SECTION 3.(a) G.S. 135-5(a)(4) reads as rewritten: <br /> "(4) Any member who is a law-enforcement officer and who .(i)_attains age 50 <br /> and completes 15 or more years of creditable service in this <br /> eke-capacity.,_(ii)_attains age 55 and completes five or more years of <br /> creditable service in this capacity, or (iii) has completed 25 years of <br /> creditable service with a minimum of 15 years of creditable service in a <br /> law enforcement capacity may retire upon electronic submission or <br /> written application to the Board of Trustees setting forth at what time, as <br /> of the first day of a calendar month, not less than one day nor more than <br /> 120 days subsequent to the execution and filing thereof, he4he member <br /> desires to be retired; Provided, also, any member who has met the <br /> conditions herein required but does not retire, and later becomes a teacher <br /> or an employee other than as a law-enforcement officer shall continue to <br /> have the right to commence retirement." <br /> SECTION 3.(b) G.S. 135-5(bl9)reads as rewritten: <br /> "(bl9) Service Retirement Allowance of Members Retiring on or After July 1, <br /> 200-2-.2002, but Before July 1, 2018. - Upon retirement from service in accordance with <br /> subsection (a) or (al) of this section, on or after July 1, 2002, but before July 1, 2018,_a <br /> member shall receive the following service retirement allowance: <br /> (1) A member who is a law enforcement officer or an eligible former law <br /> enforcement officer shall receive a service retirement allowance computed <br /> as follows: <br /> a. If the member's service retirement date occurs on or after his 55th <br /> birthday, and completion of five years of creditable service as a <br /> law enforcement officer, or after the completion of 30 years of <br /> creditable service, the allowance shall be equal to one and <br /> eighty-two hundredths percent (1.82%) of his average final <br /> compensation, multiplied by the number of years of his creditable <br /> service. <br /> b. If the member's service retirement date occurs on or after his 50th <br /> birthday and before his 55th birthday with 15 or more years of <br /> creditable service as a law enforcement officer and prior to the <br /> completion of 30 years of creditable service, his retirement <br /> allowance shall be equal to the greater of: <br /> 1. The service retirement allowance payable under <br /> G.S. 135-5(bl9)(1)a. reduced by one-third of one percent <br /> (1/3 of 1%) thereof for each month by which his retirement <br /> date precedes the first day of the month coincident with or <br /> next following the month the member would have attained <br /> his 55th birthday; or <br /> 2. The service retirement allowance as computed under <br /> G.S. 135-5(b19)(1)a. reduced by five percent (5%) times <br /> the difference between 30 years and his creditable service <br /> at retirement. <br /> (2) A member who is not a law enforcement officer or an eligible former law <br /> enforcement officer shall receive a service retirement allowance computed <br /> as follows: <br /> a. If the member's service retirement date occurs on or after his 65th <br /> birthday upon the completion of five years of membership service <br /> file:///C:/Users/bbartholomew/Documents/ATT 3 ABTRACT 9 14 2021 SL 2018-22(HB 284).html 5/13 <br />