21 CRR-NY 5002.4NY-CRR
21 CRR-NY 5002.4
21 CRR-NY 5002.4
5002.4 Payment for previous service for Tier 4 members who are eligible to purchase such service.
(a) The amount of money to be paid for previous service which was originally credited under a Tier 1 or Tier 2 membership shall be as follows:
(1) three percent of the wages earned for service rendered prior to July 27, 1976, together with interest from July 27, 1976 through the date of payment at the rate of five percent per annum compounded annually;
(2) three percent of the wages earned for service rendered on and after July 27, 1976, together with interest at the rate of five percent per annum compounded annually from the date of such service through the date of payment.
(b) The amount of money to be paid for previous service which was originally rendered and credited under a Tier 3 or Tier 4 membership shall be three percent of the wages earned together with interest at the rate of five percent per annum compounded annually from the date of such service through the date of payment.
(c) The amount of money to be paid for previous service which predates the entry in the retirement system, pursuant to subdivision b of section 609 of the Retirement and Social Security Law, shall be three percent of the wages earned together with interest at the rate of five percent per annum compounded annually from the date of such service through the date of payment.
21 CRR-NY 5002.4
Current through June 30, 2021
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