RS 1305.1 - Transfer of service credit; purchase of accrual rate
A. Notwithstanding any provision of R.S. 11:143(D) to the contrary, any member of the State Police Retirement System who, pursuant to R.S. 11:143, has transferred service credit from another retirement system, fund, or plan at an accrual rate lower than the accrual rate applicable to the member's service credit earned in this system may purchase the accrual rate of this system for application to all or a permissible portion of the member's transferred service credit by paying an amount calculated on an actuarial basis in accordance with R.S. 11:158(C) that totally offsets the increase in accrued liability of this system resulting from the upgrade in the accrual rate applicable to the member's transferred service credit.
B. "Permissible portion" pursuant to Subsection A of this Section shall be:
(1) An increment of one full year or more.
(2) One-time upgrade of the fractional portion of a year.
Acts 2021, No. 35, §1, eff. June 1, 2021.