(a) An eligible member whose credited service in the fund was canceled by withdrawal or forfeiture of contributions may reinstate the credited service.
(b) To be eligible to reinstate credited service under this section, a member must have:
(1) returned to employment with the city and resumed contributing to the fund within six years of the end of the period of service for which credit was canceled; and
(2) continuously contributed to the fund for 12 consecutive months after returning to city employment.
(c) A member may reinstate credited service only during the 24-month period beginning on the completion of 12 consecutive months of service following a cancellation of credited service.
(d) A member shall have only one period of time under this section in which to reinstate credited service canceled by any single withdrawal or forfeiture of contributions.
(e) An eligible member choosing to reinstate credited service must reinstate either all of the credited service canceled by a single withdrawal or forfeiture or the amount of credited service canceled by a single withdrawal or forfeiture that is needed to make the member eligible for pension benefits equal to 100 percent of the member's average monthly earnings on the date of reinstatement. Where reinstatement of a portion of credited service is authorized under this subsection, the member must reinstate credited service from the last earned to the first earned.
(f) An eligible member may reinstate credited service as follows:
(1) If credited service was canceled by withdrawal of contributions,
(A) a Tier A member must deposit in the fund a lump sum equal to the amount withdrawn, or portion of the amount withdrawn where full credited service is not to be reinstated, plus interest of 7-1/2 percent compounded annually from the date of withdrawal to the date of reinstatement; and
(B) a Tier B member must deposit in the fund a lump sum equal to the amount withdrawn, or portion of the amount withdrawn where full credited service is not to be reinstated, plus interest at a rate equal to the highest actuarial rate of return assumption used during the withdrawal period compounded annually from the date of withdrawal to the date of reinstatement.
(2) If credited service was canceled by forfeiture of contributions, the member must file an application for reinstatement on a form approved by the administrator and submit the application to the administrator.
(g) If an eligible member has more than one break in service during which credited service was canceled, the credited service must be reinstated from the last canceled to the first canceled. (Ord. Nos. 154141; 19470; 20960; 21582; 30162)