§ 22-807.  Interest. 152
   Any member of Plan A, Plan B, Plan L, Plan Y, Plan '10, or Plan 16 who desires to purchase credited service for: 153
   (1)   prior City service;
   (2)   leaves of absence as authorized under subsection 22-801(2), this subsection (2) also to apply to members of Plan D, Plan J, or Plan X;
   (3)   governmental service;
   (4)   a period of service with the City during which membership in the Retirement System was deferred; or
   (5)   a period of previously ineligible temporary service, under subsection 22-803(7) of this Title;
and who failed to apply within the applicable period after their date of hire or the effective date of this Title (January 13, 1999), may nevertheless purchase said service, provided that the member pays interest on the purchase amount calculated from the date the employee was hired, rehired, or returned to service after a leave of absence. A member who had not purchased a period of service during which membership was deferred or which was previously ineligible temporary service may purchase said service, provided that the member pays interest on the purchase amount calculated from the date the employee would have made contributions if the employee had been a member at the time. Interest shall be charged at the current rate determined by the Board's actuary to compensate the Pension Fund for lost interest, currently nine percent (9%) compounded annually, and shall be in addition to any interest to be paid for making any installment payments under the terms set forth in Section 22-806 (Installment Payments) of this Ordinance.

 

Notes

152
   Amended and subsections (d) and (e) added, Bill No. 000342 (approved January 23, 2001). Section 2 of Bill No. 000342 reads as follows: "Effective Date. This Ordinance shall be effective retroactively to January 13, 1999, except for amendments to Code Section 22-310, which shall be effective retroactively to June 28, 1999, and except that, as to members of Plan L, any part of this Ordinance that represents an increase or diminishment in the benefit rights of such members shall not apply to an elected official during any term of office to which such official was elected prior to the effective date of this Ordinance, but shall only apply to an elected official during a term of office to which such official was elected after the effective date of this Ordinance." Amended, Bill No. 100286 (approved June 23, 2010). See note 4 for effective date provisions.
153
   Amended, Bill No. 161013 (approved December 9, 2016).