§ 203-29. Purchase of Prior Withdrawn Retirement System Service.

Any Member who has left or leaves the City service for any reason, and withdrew or withdraws Accumulated Contributions, and who reenters the City service and becomes a Member shall be entitled to Membership Service for the former period of Membership when the Member shall have completed eighteen months of service subsequent to the Member's most recent membership enrollment date and pays into the fund the amount described in paragraph (a) or (b) below, as applicable. Service shall be credited as it is purchased and in accordance with the Service Retirement Allowance under Section 203-33 that applies to the Member at the time the service is purchased. The purchase of prior withdrawn Retirement System service does not retroactively establish the membership enrollment date; rather, the Member's most recent membership enrollment date shall continue to apply for all purposes under this Chapter.

(a)

The provisions of this paragraph (a) shall apply if there is a service credit transfer agreement in effect with one or more of the State Retirement Systems under Section 203-8. If so, the Member shall pay:

(i)

For each year of service to be repurchased, an amount equal to the Member contributions previously paid by the Member and refunded to the Member for such year of service; plus

(ii)

Interest calculated separately for each year of service dating from the year in which the service was originally earned.

Unless otherwise specified by the Board, interest shall be calculated at the actuarial assumption rate of the Retirement System for the year in which the service credit was originally earned. The interest shall be compounded annually.

(b)

The provisions of this paragraph (b) shall apply if there is no service credit transfer agreement in effect with one or more of the State Retirement Systems under Section 203-8. If so, the Member shall pay:

(i)

A sum equal to the amount of Accumulated Contributions withdrawn at the termination of the former period of service;

(ii)

Interest at 4 percent per annum compounded annually thereon from date of withdrawal until date of payment; and

(iii)

An amount equal to 50 percent of the amount determined by the actuary to be necessary to be paid to fund the pension payable on account of the Member's former period of service.

Notwithstanding the foregoing, the provisions of paragraph (b) shall apply to an Employee who returned to membership status prior to February 19, 1965, and any such person need not pay the amount specified under clause (iii) of paragraph (b).

If said Member had a prior service certificate, and if at Retirement, membership subsequent to the date of reentry amounts to 10 years or more, the prior service certificate shall be reinstated upon proper application being made to the Board.

(C.O. 203-16; a. Ord. No. 188-1958, eff. June 27, 1958; a. Ord. No. 30-1959, eff. Mar. 13, 1959; a. Ord. No. 399-1959, eff. Jan. 8, 1960; a. Ord. No. 13-1961, eff. Feb. 10, 1961; a. Ord. No. 98-1964, eff. Jan. 1, 1964; a. Ord. No. 22-1965, eff. Feb. 19, 1965; a. Ord. No. 33-1968, eff. Jan. 24, 1968; a. Ord. No. 273-1968, eff. July 12, 1968; renumbered to C.M.C. 203-29, eff. Jan. 1, 1972; a. Ord. No. 300-1979, eff. Aug. 4, 1979; a. Ord. No. 545-1983, eff. Dec. 23, 1983; a. Ord. No. 352-2001, eff. Oct. 31, 2001; a. Ord. No. 084-2011, § 8, eff. April 16, 2011; Emer. Ord. No. 083-2013, § 2, eff. April 10, 2013; a. Ord. No. 336-2016, § 1, eff. Nov. 26, 2016)