2.43.2310    PURCHASE OF FULL-TIME SERVICE OR ONE-FOR-FIVE SERVICE BY PART-TIME MEMBERS

(1) When a member employed on a part-time basis is eligible to purchase periods of full-time service or one-for-five service, the compensation used to calculate the cost to purchase the full-time or one-for-five service will be the actual part-time compensation earned.

(2) If the member later retires with a full-time final average compensation or highest average compensation, the member may either:

(a) have the amount of full-time service purchased under (1) proportionally reduced based upon the ratio of time worked when the service was purchased to full-time work; or

(b) retain the full-time service by paying the difference between the cost actually paid and the cost had the member been paid a full-time salary at the time of the purchase, plus interest equaling the actuarially assumed rate of return for the trust fund in effect on the date of the member's purchase.

History: 19-2-403, MCA; IMP, 19-2-704, 19-2-715, MCA; NEW, 1990 MAR p. 994A, Eff. 7/1/90; AMD & TRANS, from ARM 2.43.433, 2008 MAR p. 2467, Eff. 12/1/08; AMD, 2011 MAR p. 1678, Eff. 8/26/11; AMD, 2017 MAR p. 1515, Eff. 9/9/17.