Part 20: STATE RETIREMENT SYSTEM (HEADING: PL 1985, C. 801, §5 (NEW))
Chapter 425: PARTICIPATING LOCAL DISTRICTS HEADING: PL 1985, C. 801, §5 (NEW)
Subchapter 3: CONTRIBUTIONS HEADING: PL 1985, C. 801, §5 (NEW)
§18305. Back contributions
Any member who did not become a member on the date of first employment may elect to pay into the Members' Contribution Fund
under the following conditions. [1985, c. 801, §§5, 7 (NEW).]
1.Time. The payment must be made before the date any retirement benefit becomes effective for the member.
[
1985, c. 801, §§5, 7 (NEW)
.]
2.Manner of payment. The payment must be made to the Participating Local District Retirement Program by a single direct payment or by annual direct payments made in accordance with section 18301, subsection 4.
[
2007, c. 491, §214 (AMD)
.]
3.Amount of payment. The amount of payment must be equal to the contributions that the member would have paid or had picked up by the employer
had the member been a member during the entire period from the date of first employment to the date of becoming a member plus
interest at a rate, to be set by the board, not to exceed regular interest by 5 or more percentage points. Interest shall
be computed beginning the end of the year when those contributions or pick-up contributions would have been made or beginning
July 1, 1957, whichever is later, to the date of payment.
[
1987, c. 739, §§35, 48 (AMD)
.]
4.Exception. This section does not apply to a person whose membership in the Participating Local District Retirement Program is optional, unless the person is described in section 18251, subsection 3, paragraph B or C and the person began membership
before January 1, 1986.
[
2007, c. 491, §215 (AMD)
.]
SECTION HISTORY
1985, c. 801, §§5,7 (NEW).
1987, c. 739, §§35,48 (AMD).
1989, c. 710, §16 (AMD).
2003, c. 630, §A9 (AMD).
2007, c. 491, §§214, 215 (AMD).
Data for this page extracted on 10/28/2009 03:36:44.