49-13-408 - Purchase of service credit -- Conditions -- Cost -- Nondiscrimination policy.
49-13-408. Purchase of service credit -- Conditions -- Cost -- Nondiscriminationpolicy.
(1) (a) A member may purchase or a member and a participating employer may jointlypurchase a maximum of five years of service credit which cannot otherwise be purchased underthis title.
(b) At a minimum, the years of service credit purchased shall be sufficient to allow themember to meet the retirement eligibility requirements of this system with no actuarial reduction.
(c) The member's retirement date shall be immediately after the purchase of years ofservice credit.
(d) The member shall pay at least 5% of the cost of the purchase.
(e) To qualify for a purchase of service credit under this section, the member shall:
(i) have at least five years of service credit; and
(ii) otherwise meet federal eligibility requirements.
(2) The purchase price for the years of service credit shall be calculated and paid for asprovided in Section 49-11-403.
(3) Prior to making any purchase of years of service credit under this section, aparticipating employer shall adopt a purchase policy that includes nondiscriminatoryparticipation standards for all regular full-time employees.
(4) Only members retiring from this system may purchase service credit under thissection.
Amended by Chapter 116, 2005 General Session