§ 2.28.130. Purchase of future service under Plan No. 1 and Plan No. 2.

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Any vested employee under Plan No. 1 or Plan No. 2 may purchase up to but not to exceed sixty months future service upon payment of the full actuarial cost of the service credit being purchased to include actuarial fees for determining the actuarial cost. Installment payments shall not be permitted.

Such employee wishing to determine the cost of purchasing service credit hereunder shall be required to pay the actual cost, if any, of the actuarial fee to determine the actuarial cost of the service credit regardless of whether or not the service credit is actually purchased.

The actuarial cost of service credit calculation is based on actuarial assumptions adopted by the board by rule.

(Ord. No. 44-812 § 14)

                    
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