5506 - Incomplete payments.

     § 5506.  Incomplete payments.        In the event that a member terminates State service or a     multiple service member who is an active member of the Public     School Employees' Retirement System terminates school service     before the agreed upon payments for credit for previous State     service, creditable nonstate service, social security     integration, full coverage membership or return of benefits on     account of returning to State service or entering school service     and electing multiple service have been completed, the member or     multiple service member who is an active member of the Public     School Employees' Retirement System shall have the right to pay     within 30 days of termination of State service or school service     the balance due, including interest, in a lump sum and the     annuity shall be calculated including full credit for the     previous State service, creditable nonstate service, social     security integration, or full coverage membership. In the event     a member does not pay the balance due within 30 days of     termination of State service or in the event a member dies in     State service or within 30 days of termination of State service     or in the case of a multiple service member who is an active     member of the Public School Employees' Retirement System does     not pay the balance due within 30 days of termination of school     service or dies in school service or within 30 days of     termination of school service and before the agreed upon     payments have been completed, the present value of the benefit     otherwise payable shall be reduced by the balance due, including     interest, and the benefit payable shall be calculated as the     actuarial equivalent of such reduced present value.     (Oct. 7, 1975, P.L.348, No.101, eff. imd.; May 17, 2001, P.L.26,     No.9, eff. July 1, 2001)        Cross References.  Section 5506 is referred to in sections     5303, 5702 of this title.