§ 2.52.100. Purchase of service credits.

A.

Subject to the Employer's approval, a Participant may elect to purchase credit for Years of Service not otherwise credited to the Participant under the Plan, solely for purposes of determining the Participant's retirement benefit under the Plan. The amount credited need not be based on any actual service, however the years of service to be credited shall not exceed the actual years of service by more than two years.

B.

The Employer will determine the amount of the contribution required to purchase the desired credit. The required contribution may not be greater than the estimated increase in the Employer's liability under the Plan resulting from the purchase, as determined by the Plan's actuary using the interest and mortality factors that were used in the Plan's most recent actuarial valuation.

C.

To purchase service credit under this section, the Participant must, at the time and in the manner specified by the Employer, do the following: (1) file an executed written election with the Board under which the Participant agrees to contribute the amount required to purchase the credit; and (2) transfer an amount equal to the required contribution from the Participant's account under the Employer's "eligible deferred compensation plan" (within the meaning of section 457(b) of the Code) to this Plan, in a manner that satisfies the requirements of section 457(e)(17) of the Code.

(Ord. No. 2012-1242, § 1, 1-17-2012)

Editor's note

Ord. No. 2012-1242, § 1, adopted Jan. 17, 2012, set out provisions intended for use as § 4.15. For purposes of clarity and to preserve the style of this Code, with the city's concurrence and at the editor's discretion, these provisions have been renumbered and included as § 2.52.100.