(1) Uniform deductions. Any member who is eligible to purchase credited service for prior City service, time spent as a disabled member or in allowable other governmental service may pay for a such service in equal installments through payroll deductions. In addition to the cost from Section 22-803 (Purchase for Prior City Service), or from Section 22-802 (Purchase of Governmental Service), or from Section 22-807 (Interest); or other applicable Section of this Title allowing a purchase of service credit, an employee purchasing credit on an installment basis must pay an annual six percent (6%) interest on the unpaid balance. The entire sum must be paid in five (5) years or less.
(2) Payroll deductions; prepayment. If the member provides written authorization, such installment payments, including necessary interest charges, will be deducted from the member's paycheck. Any member purchasing credited service for prior governmental or prior City service may at any time, without premium or penalty, prepay the unpaid installment in full.
(3) Time limit upon separation from service. If a member separates from service before such installment payments have been completed, the member or the member's beneficiary must pay the outstanding balance (including interest) within ninety (90) days of the date of separation from service in order to receive credit for all prior City or other governmental service.
(4) Refund of contributions; partial credit. 156 If installment payments are not completed within ninety (90) days of a member's separation from service, the member or the member's beneficiary may elect either (i) a refund of the total payments made for the purchase of prior City or other prior governmental service; or (ii) credit for that portion of prior service for which payment has been made (expressed in years and specified to the day), provided that, in order to receive partial credit for prior City service, pursuant to Section 22-803, the member must have made arrangements to pay for all prior City service.
(5) Suspension of pension benefits due to unpaid installments. Upon the retirement of a member of Plan J who has failed to complete any installment payments due, retirement benefits shall be payable to the member and the member's beneficiary until such time as the retirement benefits paid equal the amount actually contributed to the Retirement System. Payment of further benefits shall be suspended until the amount of such suspended benefits equals the amount of the unpaid installments or until the amount due has been paid. Thereafter, payment of retirement benefits shall be resumed to the extent the retired member or his beneficiary may be entitled.
Notes
| 156 | Amended, 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." |