Sec. 4.1080.20. Buy Back Program for Governmental Service and Periods of Uncompensated Maternity Leave from City Service.

The Board may establish rules to allow members to pay for purchases via rollovers of funds. (3) Should the member elect to purchase the buy back service credit through payroll deduction, annual interest at a rate determined by the Board and set at the commencement of the agreement shall be charged. The Board may establish a minimum biweekly payroll deduction. (g) Execution of the Agreement. A member entering into a buy back agreement shall complete all contributions prior to the effective date of retirement in order to receive agreed upon buy back credit. A member may, at any time, complete payment of a buy back agreement by a lump sum payment. In the event the member elects to retire prior to completion of the buy back agreement, the member may receive prorated buy back credit for that portion of the service with other governmental entities or uncompensated maternity leave which have been purchased by contributions already made and forfeit the remainder of credit covered by the agreement; or, the member may make a lump sum payment sufficient to complete the total payment covered by the agreement. Additionally, a member who elects to terminate an after-tax agreement prior to its completion, or at the time of service or disability retirement, may elect to receive a cash refund of the buy back contributions and interest payable upon the earlier of death, termination of employment or retirement, or prorated buy back credit. (h) Termination of Agreement. Any member who has entered into a purchase agreement to make partial payments to buy back credit, may, at any time, voluntarily terminate this purchase agreement, and be relieved of the member’s obligation to make further payments, by filing a written termination notice with the Retirement System. A member who has voluntarily terminated a purchase agreement shall receive credit as provided herein, but shall not be allowed to acquire the remaining buy back credit. (i) Member’s Death. In the event that a member who has entered into a buy back agreement dies prior to retirement, the funds paid for this purchase shall be considered to be a part of the member’s accumulated contributions and shall be refunded accordingly, with interest thereon computed at the rate applicable to regular member contributions.