§ 70-208. Purchase of membership service credit time.
Latest version.
A member of the retirement system shall be permitted to purchase up to a maximum of
four years of membership credit service time. The cost to buy the time shall be paid
totally by the employee. The retirement board's actuary shall provide the city with
the appropriate tables to ensure no cost to the retirement system or the city. Effective
December 1, 2017, general employee members with less than 16 years of actual service
with the city (excluding any service credit purchased pursuant to this section) and
62 points on that date shall be prohibited from purchasing membership credit service
time. Effective December 1, 2017 for general employee members, the purchase of membership
credit service time pursuant to this section shall be irrevocable, and any such member
who has purchased membership credit service time shall be prohibited from selling
such service time back to the retirement plan. Effective October 1, 2018, police officer
members with less than 16 years of actual service with the city (excluding any service
credit purchased pursuant to this section) and 66 points on that date shall be prohibited from purchasing membership credit service
time, except that police officer members with 16 or more years of actual service with
the city but less than 66 points on October 1, 2018 shall be eligible to purchase up to two years of membership
credit service time upon reaching 25 years of actual service with the city (not to
exceed a total maximum of four years of membership credit service time purchased altogether),
contingent on paying the full actuarial cost of such membership credit service time
and immediate separation from city employment. Effective October 1, 2018 for police
officer members, the purchase of membership credit service time pursuant to this section
shall be irrevocable, and any such member who has purchased membership credit service
time shall be prohibited from selling such service time back to the retirement plan.
