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7/28/2021 SL 2018-22(HB 284) <br /> 14 <br /> SECTION 3.(e) G.S. 128-27(a)(5)reads as rewritten: <br /> "(5) Any member who is a law enforcement offieer,-officer and who (i)-attains <br /> age 50 and completes 15 or more years of creditable service in this <br /> eaptteity air capacity., or (ii)_attains age 55 and completes five or more <br /> years of creditable service in this capacity, or (iii) who has completed 25 <br /> years of creditable service with a minimum of 15 years of creditable <br /> service in a law enforcement capacity may retire upon electronic <br /> submission or written application to the Board of Trustees setting forth at <br /> what time, as of the first day of a calendar month, not less than one day <br /> nor more than 120 days subsequent to the execution and filing thereof, lie <br /> the member desires to be retired; provided, also, any member who has met <br /> the conditions required by this subdivision but does not retire, and later <br /> becomes an employee other than as a law enforcement officer, continues <br /> to have the right to commence retirement." <br /> SECTION 3.(f) G.S. 128-27(b21)reads as rewritten: <br /> "(b21) Service Retirement Allowance of Member Retiring on or After July 1, <br /> 2GG3-2003, but Before July 1, 2018. — Upon retirement from service in accordance with <br /> subsection (a) or(al) above, on or after July 1, 2003,but before July 1, 2018, a member shall <br /> 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 law <br /> enforcement officer, or after the completion of 30 years of <br /> creditable service, the allowance shall be equal to one and <br /> eighty-five hundredths percent (1.85%) 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. 128-27(b2l)(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; <br /> 2. The service retirement allowance as computed under <br /> G.S. 128-27(b21)(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 creditable service or <br /> after the completion of 30 years of creditable service or on or after <br /> his 60th birthday upon the completion of 25 years of creditable <br /> file:///C:/Users/bbartholomew/Documents/ATT 3 ABTRACT 9 14 2021 SL 2018-22(HB 284).html 9/13 <br />