§ 16-25-11.11 — Purchase of Credit for Prior Service with Alabama State Council on the Arts

Alabama § 16-25-11.11

• Jurisdiction: Alabama
• Title 16: Education
• Ch. 25: Teachers’ Retirement System
• Art. 1: General Provisions

Text

(a) Any active and contributing member of the Teachers’ Retirement System may purchase credit in the Teachers’ Retirement System for prior service with the Alabama State Council on the Arts if the member has not received credit in the system for the same prior service and has not vested or otherwise become eligible to receive a retirement benefit by using the same prior service credit in another pension plan offered by the council.
(b) A member of the Teachers’ Retirement System who is eligible to purchase any prior service credit under subsection (a) shall receive the credit if he or she pays into the system on or before his or her date of retirement, an amount equal to the full actuarially determined cost for each year of prior service purchased as determined by the system’s actuary. Prior service may be purchased only in yearly increments of at least two years at a time.

Legislative History

(Acts 1995, No. 95-649, p. 1357, §1; Act 98-385, p. 732, §3.)