19-3-513. Application to purchase additional service. (1) Subject to 19-3-514, a member with at least 5 years of membership service may, at any time before retirement, file a written application with the board to purchase 1 year of additional service credit for each 5 years of membership service.
(2) To purchase this service credit under this section, a member shall pay the actuarial cost of the service credit, based on the system's most recent actuarial valuation.
(3) Service credit purchased under this section is not membership service and may not be used to qualify a member for service retirement or to bring a member to 25 years of membership service for the purposes of 19-3-902 or 19-3-904.
(4) Purchases of one-for-five service will be used to adjust the early retirement reduction required in 19-3-906, if applicable.
History: En. Sec. 1, Ch. 73, L. 1989; amd. Sec. 17, Ch. 16, L. 1991; amd. Sec. 63, Ch. 265, L. 1993; amd. Sec. 12, Ch. 287, L. 1997; amd. Sec. 25, Ch. 58, L. 1999; amd. Sec. 2, Ch. 494, L. 1999; amd. Sec. 27, Ch. 99, L. 2001; amd. Sec. 28, Ch. 429, L. 2003; amd. Sec. 12, Ch. 283, L. 2009; amd. Sec. 18, Ch. 99, L. 2011; amd. Sec. 3, Ch. 369, L. 2011.
Structure Montana Code Annotated
Title 19. Public Retirement Systems
Chapter 3. Public Employees' Retirement System
19-3-501. Absence not included in service
19-3-503. Application to purchase military service
19-3-504. Absence due to illness or injury
19-3-505. Purchase of previous employment with employer
19-3-510. Employment in United States government
19-3-512. Purchase of service credit from other public retirement systems
19-3-513. Application to purchase additional service
19-3-514. Service purchase limit -- exception
19-3-515. Purchase of federal volunteer service
19-3-516. through 19-3-519 reserved
19-3-521. Service credit for legislative members
19-3-522. Nonapplication of part to defined contribution plan