19-20-426. Creditable service for employment under optional retirement program.
19-20-426. Creditable service for employment under optional retirement program. (1) (a) A member who has at least 5 years of membership service, who has completed 1 full year of active membership subsequent to the member's participation in the optional retirement program pursuant to 19-21-201, and who contributes to the retirement system as provided in subsection (2) may receive up to 5 years of creditable service in the retirement system for service covered under the optional retirement program.
(b) Employment to be credited must be of an instructional nature, as an administrative officer, or as a member of the scientific staff with an individual contract under the authority of the board of regents.
(c) A member may not receive credit for service as a student employed by the institution.
(2) For each year of service to be credited under this section, the member shall contribute the actuarial cost of the service based on the most recent valuation of the system.
(3) The contributions and interest may be made in a lump-sum payment or in installments as agreed between the person and the retirement board.
(4) The provisions of 19-20-405 apply to creditable service purchased under this section.
History: En. Sec. 7, Ch. 320, L. 2005.