§ 16-25-11.17 — Purchase of Credit for Prior Service with Department of Industrial Relations

Alabama § 16-25-11.17

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

Text

(a) An active and contributing member of the Teachers’ Retirement System who has 10 years of creditable service in the Teachers’ Retirement System of Alabama may purchase up to four years service credit in the system for prior service rendered as a full-time employee with the Department of Industrial Relations under the federal Comprehensive Employment and Training Act between October 1974 and November 1978.
(b) Any member eligible to claim and purchase credit for service under subsection (a) shall be awarded such credit under the Teachers’ Retirement System of Alabama provided that he or she pays to the Secretary-Treasurer of the Teachers’ Retirement System, prior to the earlier of the member’s date of retirement or October 1, 2001, a lump sum equal to the full actuarially determined cost for each year of service purchased as determined by the system’s actuary. Notwithstanding the foregoing, no member of the Teachers’ Retirement System shall receive credit for any service that the member is already credited with in the system or in any other retirement plan, with the exception of the federal Social Security program.

Legislative History

(Act 2000-276, p. 439, §1.)