(a) As used in this section, "armed forces reserve" means one (1) of the reserve components of the United States Armed Forces.
(b) (1) A member of the State Police Retirement System may purchase credited service in the system for a period not to exceed five (5) years for compensated service rendered by the member in the National Guard or in the armed forces reserve if the member:
(A) Makes an application to the Board of Trustees of the State Police Retirement System;
(B) Provides the board with satisfactory proof of that person's service in the National Guard or in the armed forces reserve; and
(C) Pays to the member's deposit account an amount equal to the actuarial present value of the credited service applied for under this section based upon assumptions recommended by the system's actuary.
(2) The payment shall be credited to the member's deposit account and is in addition to any regular member contributions.
(c) A member shall receive one (1) year of purchased service credit for every one (1) year of compensated service in the National Guard or in the armed forces reserve.
(d) The service in the National Guard or in the armed forces reserve shall not become credited service under this system until the member:
(1) Pays for the year of service in the National Guard or in the armed forces reserve prior to retirement; and
(2) Has established five (5) or more years of actual service in the system.
(e) If a member ceases to be an active member before the service in the National Guard or in the armed forces reserve has been established as system-credited service, the member payments contributed under this section are refundable, together with regular interest.
(f) (1) This section is supplemental to §§ 24-2-502 and 24-6-210, and this section does not diminish the right of any member of the system to obtain credited service in the system for active duty military service within the limits permitted by §§ 24-2-502 and 24-6-210.
(2) However, a member is not entitled to receive more than five (5) years of credited service rendered by the member under this section.
(3) A member is not eligible to purchase service credit in more than one (1) retirement system, whether federally or state-supported, for service in the National Guard or in the armed forces reserve.
(4) Service credit in the system for active duty military service under §§ 24-2-502 and 24-6-210 and for service in the National Guard or in the armed forces reserve shall not be given for the same period of time.
(5) A member's service in the National Guard or in the armed forces reserve shall not make the member eligible for any kind of benefit under any other state-supported retirement system except Social Security.
Section: Previous 24-6-102 24-6-103 24-6-104Last modified: November 15, 2016