20 NCAC 02A .0105. REPAYMENT FOR RIGHT TO RETIRE

(a)  This Rule applies to any former member of a retirement system who was in service on October 8, 1981 and was then of the appropriate age to be eligible to retire with a service retirement allowance, and who applied for a return of accumulated contributions from that retirement system prior to July 15, 1983.

(b)  Eligibility to commence receiving a service retirement allowance, under all other statutory conditions, may be restored by the payment of an amount by the former member to the retirement system.

(c)  The amount payable by the former member is calculated as follows:

(1)           the amount of accumulated contributions withdrawn, multiplied by;

(2)           a factory equivalent to an interest rate of six and one‑half percent compounded annually from year of withdrawal to year of payment.

 

History Note:        Authority G.S. 128‑27(a)(4); 128‑28(g); 135‑5(a)(3); 135‑6(f); 135‑57(d);

Eff. December 1, 1983.