411.10A - PURCHASE OF SERVICE CREDIT FOR PRIOR SERVICE.

        411.10A  PURCHASE OF SERVICE CREDIT FOR PRIOR      SERVICE.         1.  An active member of the system who has been a member of the      retirement system five or more years and who received a refund of the      member's contributions for a prior period of service under the system      may elect to purchase up to five years of service credit for that      prior period of service, that will be recognized by the retirement      system for purposes of calculating a member's benefit, pursuant to      Internal Revenue Code section 415(n) and the requirements of this      section.         2. a.  A member seeking to purchase service credit pursuant to      this section shall file a written application with the system      requesting an actuarial determination of the cost of a purchase of      service credit.  Upon receipt of the cost estimate for the purchase      of service from the system, the member may make contributions to the      system in an amount equal to the actuarial cost of the service credit      purchase.         b.  For purposes of this subsection, the actuarial cost of the      service credit purchase is an amount determined by the system in      accordance with actuarial tables, as reported to the system by the      system's actuary, which reflects the actuarial cost necessary to fund      an increased retirement allowance resulting from the purchase of      service credit.         3.  The system shall ensure that the member, in exercising an      option provided in this section, does not exceed the amount of annual      additions to a member's account permitted pursuant to section 415 of      the federal Internal Revenue Code.         4.  The board of trustees shall adopt rules providing for the      implementation and administration of this section.  
         Section History: Recent Form
         2009 Acts, ch 59, §1