§ 11:1615 — Transfer of service credit; purchase of accrual rate

§1615. Transfer of service credit; purchase of accrual rate
Notwithstanding any provision of R.S. 11:143(D), any member of this system who,
pursuant to R.S. 11:143, transfers service credit from another retirement system, fund, or
plan at an accrual rate lower than the accrual rate applicable to the member's service credit
earned in this system may purchase the accrual rate of this system for application to all of the
member's transferred service credit by paying an amount calculated on an actuarial basis that
totally offsets the increase in accrued liability of this system resulting from the upgrade in
the accrual rate applicable to the member's transferred service credit. All payments for the
purchase of the accrual rate upgrade shall be received by the system within forty-five days
after written notice is given to the system that the member intends to transfer and upgrade
all service credit.

Legislative History

Acts 2022, No. 97, §1, eff. June 30, 2022.