Alabama § 36-27-55 - Purchase of Prior Service Credit by Certain Members with Prior Service in Office of Agriculture Economics at Auburn University; Cost; Termination Date.

§ 36-27-55. Purchase of Prior Service Credit by Certain Members with Prior Service in Office of Agriculture Economics at Auburn University; Cost; Termination Date.

(a) Any acting and contributing member of either the Teachers’ or the Employees’ Retirement System may elect to purchase prior service credit for any full time employment he or she had in the Office of Agriculture Economics at Auburn University, provided such person complies with the following conditions prescribed in this section.

(b) Any member eligible to claim and purchase such credit for service under subsection (a) of this section shall be awarded creditable service under either the Teachers’ or the Employees’ Retirement System, as the case may be, provided he or she shall pay into his or her retirement system or fund, prior to said member’s date of retirement and prior to October 1, 1991, a sum equal to a percentage of his or her current annual earnable compensation, or average final compensation, whichever is greater, for each year of service purchased; the applicable percentage of this current annual earnable compensation or average final salary, whichever is greater, 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.

(c) The provisions of this section to reopen the retirement system or fund shall terminate October 1, 1991, and no one shall be eligible to utilize any of the options granted herein if not fully exercised and paid prior to October 1, 1991.