(a) Generally. As provided in this section, at the time of retirement, a participant in the Employees' Retirement Plan or the Detention Officers' and Deputy Sheriffs' Retirement Plan may obtain purchased service under this title for prior actual plan service that has not previously been credited to the participant under this title and for any period of membership in the retirement or pension system of the State, any political subdivision of the State, or any multi-County agency established under State law that has not previously been credited to the participant under this title.
(b) Payment.
(1) To obtain purchased service, a participant shall pay a lump sum amount equal to the reserves actuarially determined necessary to fund the benefits attributable to the purchased service.
(2) A category I participant and a category II participant hired before July 1, 2015, in the Detention Officers' and Deputy Sheriffs' Retirement Plan may not obtain and pay for any purchased service until the participant has completed actual plan service plus transferred service under § 5-1-302 totaling five years.
(3) A category II participant in the Detention Officers' and Deputy Sheriffs' Retirement Plan hired on or after July 1, 2015 may not obtain and pay for any purchased service until the participant has completed actual plan service plus transferred service under § 5-1-302 totaling 10 years.
(4) Except as otherwise provided for in this subsection, a participant in the Employees' Retirement Plan hired before July 1, 2015, may not obtain and pay for any purchased service until the participant has completed actual plan service plus transferred service under § 5-1-302 totaling five years.
(5) Except as otherwise provided for in this subsection, a participant in the Employees' Retirement Plan hired on or after July 1, 2015 may not obtain and pay for any purchased service until the participant has completed actual plan service plus transferred service under § 5-1-302 totaling 10 years.
(6) A participant in the Employees' Retirement Plan who is an elected official whose first term begins on or after December 1, 2014 may not obtain and pay for any purchased service until the participant has completed actual plan service plus transferred service under § 5-1-302 totaling 10 years.
(7) A participant in the Employees' Retirement Plan who is an exempt employee hired under § 6-2-101 or § 6-2-103 of this Code and is hired on or after December 1, 2014 may not obtain and pay for any purchased service until the participant has completed actual plan service plus transferred service under § 5-1-302 totaling eight years.
(8) Purchased service may not be counted as credited service until paid for in full.
(c) Determination of retirement date. If the purchased service is used in whole or in part to establish a participant's normal retirement date or early retirement date, the amount paid by the participant
as determined under subsection (b) shall be sufficient to fund the difference between what would have been the cost to the plan if the participant had retired without the purchased service and the cost to the plan resulting from the addition of the purchased service.
(d) Forfeiture of other retirement plans. Before obtaining the purchased service, the participant shall forfeit all benefits under any retirement plans for which the participant is entitled to receive credit for the same service, other than Social Security, and submit official documentation of the forfeiture satisfactory to the Personnel Officer.
(1985 Code, Art. 7, § 1-211) (Bill No. 90-01; Bill No. 97-13)