Section 16-25-11.13 (Effective until October 1, 2002) Purchase of credit for prior service with the Cooperative Extension Service at Auburn University.
Section 16-25-11.13
(Effective until October 1, 2002) Purchase of credit for prior service with the Cooperative Extension Service at Auburn University.
(a) An active and contributing member of the Teachers' Retirement System may elect to purchase prior service credit for full-time employment he or she had with the Cooperative Extension Service at Auburn University, provided the member complies with the conditions prescribed in subsections (b) and (c).
(b) A member eligible to claim and purchase the credit for service under subsection (a) shall be awarded creditable service under the Teachers' Retirement System if the member pays into his or her retirement system prior to the date of retirement of the member and prior to October 1, 2002, for the claimed service, a sum equal to the full actuarially required cost for each year of service credit purchased as determined by the actuary for the system. No member of the Teachers' Retirement System shall receive credit in the system for any period of time that the member is already credited with in the system or in any other retirement plan, with the exception of the federal Social Security program.
(c) The provisions of this section shall terminate October 1, 2002, and no one shall be eligible to utilize the options granted if not fully exercised and paid prior to October 1, 2002.
(Acts 1997, No. 97-637, p. 1163, §1; Act 2001-1101, 4th Sp. Sess., p. 1162, §1.)