SECTION .1500 ‑ DELAYED PURCHASE OF SERVICE CREDITS

 

 

20 NCAC 02C .1501          APPLICATION OF SECTION

This Section applies to purchase of creditable service

whenever a statutory provision prescribes that a payment by a member shall

equal the full liability/cost of the service calculated on the basis of the

assumptions used for purposes of the actuarial valuation of the Retirement

System's liabilities, and shall take into account the retirement allowance

arising on account of the additional service credit at the earliest age at

which a member could retire on an unreduced service retirement allowance. An

applicant shall be eligible to purchase creditable service under this Section

only after having met all requirements of eligibility for purchase as defined

by law and on rules duly adopted.

 

History Note:        Authority G.S. 128‑26(k); 128‑28(g);

Eff. December 1, 1981;

Amended Eff. March 1, 1985.