Any former member of either Tier 1 or Tier 2 who received a refund of their contributions upon separating from the service of the City shall, upon again becoming a member, have the option to re-deposit with the Retirement Fund the amount previously withdrawn, together with regular interest, irrespective of any time period that may have elapsed since such separation. Such option shall be filed, in writing, with the Board of Administration. The amount of the contributions to be re-deposited shall be the sum of the amount of accumulated contributions withdrawn plus all of the regular interest which would have been credited thereon had said accumulated contributions remained on deposit in the fund to the date the member re-deposits such contributions either by a single lump sum payment or executes an agreement to pay such re-deposit in installments, except that should a member redeposit contributions refunded from Tier 1, only the amount of the refund attributable to normal contributions and interest thereon shall be required to be re-deposited together with regular interest thereon. The portion of the refund attributable to survivor contributions and interest thereon shall not be required to be re-deposited since Tier 2 does not provide survivor benefits funded by the Retirement System.
In the case of installment payments, the Board of Administration shall establish the minimum amounts to be paid, the period of time therefor, the rate of interest which shall be paid on the unpaid balance of the same, and all other rules the Board may deem necessary for the carrying out of the provisions of this section. Any such member shall be allowed, at any time, to make a single payment equal to the then present value of all of the unpaid installments in such manner as shall be determined by the Board. Every member who makes a re-deposit as hereinabove provided shall be allowed retirement credit for the period of service for which the re-deposit is made; provided however, that the member is not receiving, and is not entitled to receive retirement credit for such period of service from any other pension or retirement system of the City of Los Angeles. Should the member fail to complete payment of the re-deposit, credit shall be allowed, counter-calendarwise, from the same portion of such designated period as the amount made up by the member is of such full amount, and provided further that, should the member cease to be a member by reason of the member’s death, retirement credit shall be allowed for the whole period for which the re-deposit is being made if the member’s surviving spouse or domestic partner exercises the option which, under such circumstances, hereby is given to such survivor to make a single payment equal to the then present value of all of the unpaid installments in such manner as shall be determined by the Board.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.