(a) Commission-authorized conversions. The commission, from time to time, may authorize members of the system to convert unpaid membership time to paid membership time if it determines that such conversion is in the public interest. Unpaid membership time may be converted to paid membership time only when specifically authorized by the commission, and as set forth below.
(b) Pension board authorized conversions. The pension board, from time to time, may authorize members of the system to convert unpaid membership time to paid membership time if it determines that the conversion is in the best interest of the system. The conversion shall be conducted as set forth below:
(1) ACTUARIAL STUDY AND CALCULATIONS. Before an opportunity to convert unpaid membership time to paid membership time shall be made available to any members, the pension board shall cause and the county shall pay for an actuarial evaluation to be performed on the system to ensure that the system is able to financially support the conversion and to determine the amounts that shall be contributed to the system by members seeking to convert unpaid membership time, including the amount of any deficiency of deductions, as described below.
(2) CONTRIBUTIONS TO FUND CONVERSION.
a. In order to convert unpaid membership time to paid membership time, a member shall contribute to the trust fund an amount equal to:
1. Six percent of his or her current salary for each year of service being converted, including the amount of interest and other earnings these amounts would have earned had they been paid into the trust fund at that time; plus
2. The amount that the county would have paid into the trust fund as employer contributions, such as an additional six percent of his or her current salary, for each year of service being converted, including the amount of interest and other earnings these amounts would have earned had they been paid into the trust fund at that time; plus
3. Any additional amount necessary to match the member's liability as to his or her deficiency of deductions, as described below, including interest thereon.
b. Deficiency of deductions shall mean any remaining liability of a member resulting from his or her election to convert unpaid membership time to paid membership time which still exists after the payments in subparagraph 1. of paragraph a. and subparagraph 2. of paragraph a. are made and which are needed to make the system actuarially sound.
(3) RULES AND REGULATIONS. The commission and the pension board may establish rules and regulations governing any conversion opportunity, including, but not limited to, the time that the conversion is available, the amount of unpaid membership time that may be converted to paid membership time and any amounts required to be paid by members in order to convert unpaid membership time. Any such rules and regulations shall apply uniformly to all members of the system in the same class and shall be approved by the pension board before any conversion opportunity may begin. The commission, or its designated agent, may amend or repeal any such rules and regulations at any time.
(c) Correction of records. The pension board may allow the conversion of unpaid membership time in order to correct personnel or recordkeeping errors.
(d) No employer contributions required. Nothing in the plan shall be construed as requiring the county, the system, or the pension board in any case to match contributions by members converting unpaid membership time to paid membership time.