§ 35-9-627 — Purchase of service credit

Any member who has been a participating member for at least five
(5) years may elect to make a one (1) time purchase of up to
five (5) years of service credit as authorized and limited by
section 415(c) and 415(n) of the Internal Revenue Code and as
established in rules promulgated by the board. Any member
electing to purchase service credit shall pay into the account a
single lump sum amount equal to the actuarial equivalent of the
benefits to be derived from the service credit computed on the
basis of actuarial assumptions approved by the board, the
individual's attained age and the benefit structure at the time
of purchase. A member may purchase service credit with personal
funds or, subject to rules and regulations established by the
board, through rollover contributions. Unless received by the
pension account in the form of a direct rollover, rollover
contributions shall be paid to the pension account on or before
sixty (60) days after the date the rollover contribution was
received by the member.