20 NCAC 02B .1201. APPLICATION OF SECTION

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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. 135‑6(f);

Eff. October 29, 1979;

Amended Eff. March 1, 1985.

                    
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