Any former member who received a refund of the former member’s contributions from the Retirement Fund upon separating from the service of the City shall, upon again becoming a member, have the option to redeposit with the Retirement Fund the amount previously withdrawn, together with regular interest, irrespective of any time period that may have elapsed since such separation.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 The amount of the contributions to be redeposited shall be the sum of the amount of accumulated contributions withdrawn, plus all of the regular interest which would have been credited thereon had said accumulated contributions remained on deposit in the fund to the date the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 redeposits such contributions either by a single lump sum payment or executes an agreement to pay such redeposit in installments. In the case of installment payments, the Board of Administration shall establish the minimum amounts to be paid, the period of time therefore, 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 redeposit as hereinabove provided shall be allowed service credit for the period of service for which the redeposit is made; provided however, that the member is not receiving and is not entitled to receive service 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 redeposit, service credit shall be allowed counter-calendarwise from the same portion of such designated period as the amount made up by the member, and provided, further, that should the member cease to be a member by reason of the member’s death, service credit shall be allowed for the whole period for which the redeposit 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. 184,134, Eff. 1-22-16.