HB 498

Amends GS 135-4 (credible service for members of the Teachers and State Employees Retirement System [TSERS]) to allow a member with active duty service in the uniformed services who subsequently becomes a teacher to be eligible for creditable service based on that active duty, so long as four specified criteria are met, including that the member was not dishonorably discharged from service. Caps credit granted with the member’s payment of credit at four years. Allows members to purchase credit under GS 135-4.5 for years of active duty service beyond that. Directs the member’s employer to pay a lump sum as specified, to the Pension Accumulation Fund for members receiving such credible service. Adds defined terms active duty, active duty for training, and service in the uniformed services. Makes additional technical and clarifying changes.