(a) Credit for service with the county or other municipality and with the city as a temporary employee hired on or after September 1, 1969, but before July 1, 2009.
(1) In the event a qualified employee becoming a participant herein on or after September 1, 1969, shall have, prior to becoming a participant, been employed (i) by the county under the provisions of a merit system applicable to the county, (ii) by any other municipality in the county under the provisions of the merit system applicable to such municipality, or (iii) by the city under the provisions of the merit system applicable to the city as a temporary employee, he or she may receive credit for the prior service by paying to the city director of finance within 60 days after a verified, written calculation has been provided to the participant in an amount to be determined as follows:
a. There shall first be determined the salary paid the participant each month of the prior service by the city or by the county or such other municipality.
b. There shall then be computed the contribution which would have been deducted if the participant had received such salary from the city as a participant hereunder, the contribution and deduction being determined in accordance with this subpart on the date he or she became a participant in the system.
c. There shall then be determined the total of interest on deductions at the rate used in the most recent earnings assumption in the actuarial report compounded annually on such deductions, from the date they would have been made if the participant had received such salary as a participant to the date he or she actually became a participant in the system.
d. The total of the deductions which would have been made plus interest at the rate used in the most recent earnings assumption in the actuarial report compounded annually as both are determined in this section shall be the amount payable.
(2) The new participant is limited to purchasing a maximum of five years' service.
(3) Any time purchased may not be used for the purposes of acquiring rights under the DROP plan.
(4) No purchased credited service time may be used for the purposes of determining vesting rights in the plan.
(b) Credit for service with the county or other municipality and with the city as a temporary employee hired on or after July 1, 2009.
(1) In the event a member employee becoming a participant herein, on or after July 1, 2009, shall have prior to becoming a member been employed (i) by the county under the provisions of a merit system applicable to the county, (ii) by any other municipality in the county under the provisions of the merit system applicable to such municipality, or (iii) by the city under the provisions of the merit system applicable to the city as a temporary employee; he or she may receive credit for the prior service by paying to the city director of finance within 60 days after a verified, written calculation has been provided to the participant in an amount to be determined as follows:
a. There shall first be determined the salary paid the participant each month of the prior service by the city or by the county or such other municipality.
b. There shall then be computed the contribution which would have been deducted if the member had received such salary from the city as a participant hereunder, the contribution and deduction being determined in accordance with this subpart on the date he or she became a member in the system and that amount shall be multiplied by two which shall be the total of contributions due to be paid by the member plus interest as set forth below.
c. There shall then be determined the total of interest on total of contributions due from the member as set forth in paragraph b. at the rate used in the most recent earnings assumption in the actuarial report compounded annually from the date they would have been made if the member had received such salary as a participant to the date he or she actually became a member in the system calculating each separate salary deduction such member would have paid to the system had he or she been a member during all his or her prior service, which interest shall be calculated for the period beginning on the dates on which the respective salary deductions would have been paid, had he or she been subject to the salary deduction provisions during all his or her prior service, and ending on the date whereon the member discharges his or her liability for salary deductions by payment.
d. The total of all of the contributions of the member as set forth in paragraph b. which would have been made plus interest at the rate used in the most recent earnings assumption in the actuarial report compounded annually as both are determined in this section shall be the amount payable.
e. The member desiring credit for service with the county or other municipality and with the city as a temporary employee shall pay the total actuarial percentage of contributions plus interest for the cost of the credited service benefit.
(2) The new participant is limited to purchasing a maximum of five years' credited service.
(3) No purchased credited service time may be used for the purposes of determining vesting rights in the plan.
(4) Any time purchased may not be used for the purposes of acquiring rights under the DROP plan.
Last modified: May 3, 2021