§ 18-190. Purchase of Military/Fire Service Credit/Permissive Service Credit.
Latest version.
Upon entry into the Plan, members shall be permitted to purchase up to an additional five (5) years of credited service based upon (i) service as a full-timefirefighter employed by a city, county, state, federal or other public agency or (ii) military service in the Armed Forces of the United States. Temporary, auxiliary, reserve, volunteer or private agency service shall not apply. Members who do not have any prior firefighter service or military service shall be permitted to purchase up to five (5) years of permissive service credit, as permitted by the Pension Protection Act of 2006. For each year purchased, benefits shall be calculated based on an enhanced multiplier of an additional three percent (3%) per year, resulting in a total multiplier of six percent (6%) for each year purchased. Service credit purchased under the provisions of this section shall not count for vesting purposes.
Prior service shall not be granted until the member has paid to the Pension Fund the actuarial cost of the service purchased, as determined by the actuary for the Plan. Members purchasing service credit shall provide the Board of Trustees with proof of prior service with honorable separation. No service credit may be purchased if the member is receiving or will receive any other retirement benefit based on this service. The Board shall establish a uniform rule for the implementation of this provision.
The contribution by the member of the actuarially determined cost of the buyback may be made in one lump sum or may be made by payroll deductions in installments for a period not to exceed five (5) years. A member electing to make installment payments shall be charged interest based on the actuarially assumed rate of return for the Plan. A member making installment payments shall complete all required payments prior to payment of any benefit under this section.
A member who terminates service prior to vesting in the Plan shall be entitled to a refund, without interest, of all money paid to buyback prior military or fire service.
