(a) Pursuant to Section 36-27-7.1, an active and contributing member of the Employees' Retirement System may elect to purchase prior service credit for full time employment he or she had in the Cooperative Extension Service at Auburn University, acquired before May 1, 1976, provided the person complies with the following conditions prescribed in this section.
(b) A member eligible to claim and purchase the credit for service under subsection (a) shall be awarded creditable service under the Employees' Retirement System. The member shall pay into his or her retirement system or fund, prior to the date of retirement of the member and prior to October 1, 1997, a sum equal to a percentage of his or her current annual earnable compensation, or average final compensation, whichever shall be greater, for each year of service purchased. The applicable percentage of this current annual earnable compensation or average final salary, whichever shall be 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, 1997, and no one shall be eligible to utilize the options granted if not fully exercised and paid prior to October 1, 1997.
Structure Code of Alabama
Title 36 - Public Officers and Employees.
Chapter 27 - State Employees' Retirement System.
Article 1 - General Provisions.
Section 36-27-1 - Definitions.
Section 36-27-3 - Corporate Powers Generally.
Section 36-27-3.1 - Offset of Rate Increases.
Section 36-27-5.1 - Participation of Employees of Regional or Local Legislative Delegation Office.
Section 36-27-6.3 - Purchase of Credit for Prior Service as Firefighter.
Section 36-27-8.1 - Optional Retirement for Previously Retired State Employees.
Section 36-27-8.2 - Performance of Duties by Retired Persons; Service in Elected Public Office.
Section 36-27-12 - Transfer of Service Credits, etc., From Teachers' Retirement System of Alabama.
Section 36-27-12.1 - Transfer of Service Credits, etc., From Judicial Retirement Fund.
Section 36-27-16 - Retirement, etc., of Employees; Retirement Allowances.
Section 36-27-16.1 - Cancellation of Survivor Allowance.
Section 36-27-17 - Redetermination of Allowances Due on or After October 1, 1975.
Section 36-27-18 - Retirement With Not Less Than 30 Years' Creditable Service.
Section 36-27-21.3 - Cost-of-Living Increases; Funding.
Section 36-27-23 - Board of Control; Medical Board, Actuary.
Section 36-27-25 - Funds for Assets of Retirement System - Management.
Section 36-27-28 - Exemption From Execution; Recovery Actions.
Section 36-27-31 - Compliance With Qualifications Standards.