Retirement Service Purchase Rewrite Part III.

HB 989 reorganizes and clarifies the laws governing how state and local employees in North Carolina can purchase additional retirement service credits. The bill moves existing rules into a new, unified section to make the regulations easier to understand and apply consistently across different retirement systems. It specifies that members with at least five years of service can buy up to five years of additional credit by paying a lump sum, which is calculated based on the system's financial liabilities plus an administrative fee. Employers may also contribute to these purchases, with costs split between the employer's pension fund and the member's savings account depending on who pays. Ultimately, this legislation updates the legal code without changing the fundamental ability of workers to buy extra retirement time.