(1) For purposes of this Section, a PIDC Employee shall mean any person who was employed by the Philadelphia Industrial Development Corporation on June 30, 2018; who commenced City employment and became a member of Plan Y, Plan '10, or Plan 16 between July 1, 2018, and June 30, 2019; and is a member of Plan Y, Plan '10, or Plan 16 on the date a request is made to purchase credited service as a PIDC Employee in accordance with subsection 22-810(2).
(2) A PIDC Employee shall be entitled, at such employee's individual option, but no later than June 30, 2020, to purchase credited service under the Retirement System for the period of such employee's employment by PIDC subsequent to December 31, 2014. In order to purchase such credited service, the PIDC Employee shall make payment to the Retirement System of a sum which is the product of: (a) the normal cost rate (employer plus employee) for the employee's Plan in effect on the date of purchase, multiplied by (b) the number of years of employment at PIDC after December 31, 2014, multiplied by (c) the PIDC Employee's rate of compensation (annualized) as of commencement of City employment. The PIDC Employee shall not pay interest on the amount calculated pursuant to the immediately preceding sentence if credited service is purchased within one (1) year of the date of commencement of City employment. A PIDC Employee who fails to purchase credited service within one (1) year of such date shall be personally responsible for the payment of interest accrued following one (1) year after such date. Such interest shall be paid in accordance with the interest rate provided for in Section 22-807.
Notes
| 162 | Added, Bill No. 190132 (approved May 1, 2019). |