(a) Any active member of the retirement system, who served on active duty in the armed service of the United States or in the Merchant Marine service of the United States as defined in P.L. 1946, ch. 1721, § 2 may purchase credit for that service up to a maximum of four (4) years provided that he or she has received an honorable discharge. Provided further that any employee on an official leave of absence for illness or injury shall be eligible to purchase military credits as defined herein while on the leave of absence.
(b) The cost to purchase these credits shall be ten percent (10%) of the member's first year's earnings as a state employee as defined in chapter 9 of this title, multiplied by the number of years and fraction thereof of the armed service or Merchant Marine service up to a maximum of four (4) years.
(c) There will be no interest charge provided the member makes that purchase during his or her first five (5) years of membership in the retirement system, but will be charged regular interest to date of purchase from date of enrollment into membership if purchased after completing five (5) years of membership; provided, however, any member who was in the retirement system prior to July 1, 1980, would not be charged interest whenever he or she purchases the armed services credit.
History of Section.
P.L. 1980, ch. 173, § 2; P.L. 1981, ch. 344, § 2; P.L. 1984, ch. 21, § 1; P.L. 1984, ch. 242, § 1; P.L. 1984, ch. 425, § 1; P.L. 1985, ch. 183, § 1; P.L. 1986, ch. 463, § 1; P.L. 1988, ch. 510, § 1; P.L. 1992, ch. 306, art. 1, § 4; P.L. 1997, ch. 169, § 2.