(1) Except as otherwise provided in section 24-51-318, the service credit forfeited with a refund pursuant to the provisions of section 24-51-405 may be purchased upon the former member's resumption of membership and after completion of one year of earned service credit by such member.
For members who were members, inactive members, or retirees on December 31,2006, and for DPS members, the cost to purchase the forfeited service credit shall be the amount refunded plus interest accrued from the date of refund to completion of purchase.
Repealed.
For members who were not members, inactive members, or retirees on December 31,2006, the cost to purchase the forfeited service credit shall be the amount refunded, plus interest accrued from the date of refund to completion of purchase, plus an amount equal to one percent of the member's highest average salary for each month or partial month of service credit to be purchased. The highest average salary shall be calculated either based on the salary currently reflected in the member account or by assuming the member's account has been credited with the service credit and salary associated with the forfeited service credit which is the subject of the purchase, whichever is higher. The one percent of highest average salary for each month or partial month of service credit purchased shall be allocated to the annual increase reserve pursuant to part 10 of this article. This subsection (4) shall not apply to DPS members.
Source: L. 87: Entire article R&RE, p. 1057, § 1, effective July 1. L. 88: (1) amended, p. 968, § 3, effective April 28. L. 95: (1) amended, p. 554, § 5, effective July 1; (3) repealed, p. 263, § 4, effective July 1. L. 2006: (2) amended and (4) added, p. 1181, § 11, effective May 25. L. 2009: (2) and (4) amended, (SB 09-282), ch. 288, p. 1344, § 27, effective January 1, 2010.
Editor's note: This section is similar to former § 24-51-110 as it existed prior to 1987.