Part 5002 - Credit for Prior/Previous Service 

Section 5002.4 - Payment for Previous Service for Members Joining on or After September 1, 1983, Who Are Eligible to Purchase Such Service

(a) The amount of money to be paid for previous service which was originally credited under a Tier I or II membership (membership commenced prior to July 27, 1976) shall be as follows:

(1) 3 percent of the wages earned for service rendered prior to July 27, 1976, together with interest from July 27, 1976 through the date of payment at the rate of 5 percent per annum compounded annually;

(2) 3 percent of the wages earned for service rendered on and after July 27, 1976, together with interest at the rate of 5 percent per annum compounded annually from the date of such service until the date of repayment.

(b) The amount of money to be paid for previous service which was originally rendered and credited under a Tier III or IV membership (membership commenced on or after July 27, 1976) shall be 3 percent of the wages earned, together with interest from the date of such service through the date of repayment at the rate of 5 percent per annum compounded annually.

(c) The amount of money to be paid for previous service which predates the entry in the retirement system, pursuant to subparagraph (a) or (b) of paragraph (1) of subdivision b of section 609 of the Retirement and Social Security Law, shall be 3 percent of the wages earned together with interest at the rate of 5 percent per annum compounded annually from the date of such service until the date of payment.

(Statutory authority: Education Law, §509; Retirement and Social Security Law, §§446, 513, 609; L. 1975, ch. 769)