(a) A member who was not subject to the provisions of AS 14.25.009 - 14.25.220, but who becomes subject to them because of a legislative change, may elect to receive credit for retroactive membership service by contributing to the plan an amount equal to the contributions the member would have made had the member been subject to the provisions of AS 14.25.009 - 14.25.220 for those years of retroactive service after June 30, 1955. Retroactive contributions are not required for retroactive membership service before July 1, 1955. Compound interest at the rate prescribed by regulation shall be added to the retroactive indebtedness from July 1, 1966, or the time of first becoming eligible under AS 14.25.009 - 14.25.220, whichever is later, to the date of payment or the date of retirement, whichever occurs first.
(b) If retroactive indebtedness contributions have been made for retroactive service before July 1, 1955, the member is entitled to a refund of those retroactive membership indebtedness contributions.
(c) [Repealed, Sec. 133 ch 9 FSSLA 2005].
Section: Previous 14.25.043 14.25.045 14.25.047 14.25.048 14.25.050 14.25.055 14.25.060 14.25.061 14.25.062 14.25.063 14.25.065 14.25.070 14.25.075 14.25.080 14.25.085 NextLast modified: November 15, 2016