GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2017

H                                                                                                                                                    2

HOUSE BILL 159

Second Edition Engrossed 3/27/17

Short Title:      Charter School TSERS Election.		(Public)
Sponsors:	Representatives R. Turner and Williams (Primary Sponsors). For a complete list of sponsors, refer to the North Carolina General Assembly web site.
Referred to:	Education - K-12, if favorable, Pensions and Retirement

February 22, 2017

A BILL TO BE ENTITLED

AN ACT to extend the amount of time a charter school has to elect to become a participating employer in the teachers' and state employees' Retirement System.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 135‑5.3 reads as rewritten:

"§ 135‑5.3.  Optional participation for charter schools operated by private nonprofit corporations.

...

(b3)      A charter school seeking to become a participating employer in the Retirement System prior to the end of the initialsecond year of operation shall be granted provisional entry into the Retirement System for one year. In the event the employee or employer contributions required under G.S. 135‑8(f) are not received by the date set by the Board of Trustees, the Board of Trustees may revoke the charter school's provisional entry into the Retirement System. The Board must notify a charter school in writing not less than 90 days prior to revoking a charter school's provisional entry into the Retirement System. One year after the charter school was granted provisional entry into the Retirement System, the charter school shall undergo an actuarial and financial review as required by the Board of Trustees.

(b4)      A charter school seeking to become a participating employer in the Retirement System after the end of the initial year of operation but before the end of the second year of operation shallmay undergo an actuarial and financial review as required by the Board of Trustees prior to entry into the Retirement System. A charter school seeking to become a participating employer in the Retirement System after the end of the second year of operation shall undergo an actuarial and financial review as required by the Board of Trustees prior to entry into the Retirement System.

...."

SECTION 2.  This act becomes effective August 1, 2017.