Alabama § 36-27-44 Interest on Contributions

Alabama Statutes

§ 36-27-44 — Interest on Contributions

Alabama·Title 36 Public Officers and Employees·Ch. 27 State Employees’ Retirement System·Art. 2 Reopening of System for Certain Employees·Div. 1 General Provisions

Any law or part of law relating to the payment of interest on contributions as a prerequisite to the granting of credit for withdrawn, terminated, nonmembership or military service under the Employees’ Retirement System notwithstanding, any eligible employee, member or retired member who claims such service shall pay into the retirement system, in addition to the contributions required, interest of eight percent, compounded annually, on such contributions, as a prerequisite to the granting of said service credit.

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Any law or part of law relating to the payment of interest on contributions as a prerequisite to the granting of credit for withdrawn, terminated, nonmembership or military service under the Employees’ Retirement System notwithstanding, any eligible employee, member or retired member who claims such service shall pay into the retirement system, in addition to the contributions required, interest of eight percent, compounded annually, on such contributions, as a prerequisite to the granting of said service credit.

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