Alabama § 36-27-49.2 - Claiming and Purchasing Credit for Retirement System Service and Military Service; Option Must Be Exercised and Paid Before October 1, 1988.

§ 36-27-49.2. Claiming and Purchasing Credit for Retirement System Service and Military Service; Option Must Be Exercised and Paid Before October 1, 1988.

(a) Whenever used in this section, all words and phrases defined in Section 36-27-1 shall have the same meanings ascribed to them in such section, unless the context clearly indicates that a different meaning is intended.

(b) Any active and contributing member of the Employees’ Retirement System of Alabama or the Teachers’ Retirement System of Alabama, who is an active member of either system, and who has rendered service to any employer covered under such system, may hereby claim and purchase credit for any such service as an employee and may purchase credit for prior military service of any such employer.

(c) Any member eligible to claim and purchase credit for service under subsection (b) hereof, shall be awarded such credit under the Employees’ Retirement System of Alabama or the Teachers’ Retirement System of Alabama provided he shall pay to the Secretary-Treasurer of his respective retirement system prior to said member’s date of retirement a sum equal to a percentage of his current annual earnable compensation for each year of service purchased; the applicable percentage of his current annual earnable compensation shall be the sum of the prevailing percentage rates of employer and member contributions, as required by the most recent actuarial valuation, for each year of service purchased.

(d) The provisions granted under this section to reopen the retirement systems shall terminate October 1, 1988, and no one shall be eligible to utilize any of the options granted herein if not fully exercised and paid prior to October 1, 1988.