(a) In the event a participant should cease to be a participant hereunder, should elect a return of his or her contributions as provided in Section 45-37A-51.234 hereof, and should thereafter again become a participant hereunder, such participant shall have the right to elect to have his or her previously credited service reinstated. Should he or she so elect, the participant shall be liable to the fund for the amount of the contributions previously refunded to such participant and the city director of finance shall deduct the liability from the salary in 20 monthly installments of approximately equal amounts including interest from the date of such refund of contributions at such rate used in the most recent earnings assumption in the actuarial report compounded annually per annum. Alternatively, the city director of finance shall be authorized to set such monthly installments, including interest as herein specified, over such lesser number of months as shall provide for monthly installments of not less than ten dollars ($10).
(b) Effective July 1, 2006, any city employee, who has prior service time with the city but has not prior to that date purchased his or her prior service time with the city, shall have until July 1, 2009, to apply to purchase this prior city service time. Any employee who does not purchase his or her prior service time with the city by July 1, 2009, cannot use service time purchased after that date for the purpose of the DROP benefit set forth in Section 45-37A-51.245.
(c) All employees of the city who are hired or rehired after July 1, 2006, shall have one year from the effective date of reemployment within which to apply for the purchase of prior city service time or thereafter forfeit the ability to apply for credit for prior city service time.
Last modified: May 3, 2021