RS 11:3391 Purchase of service credit - Louisiana Statutes

§3391.  Purchase of service credit

Notwithstanding any provision of law to the contrary, any member of the system who has credit in the system for at least five years of service shall be eligible to purchase credit for up to five years of service credit provided that he shall apply to the system for such credit on or before termination of employment, and pay to the system the greater of the amount calculated in accordance with the actuarial cost provisions of R.S. 11:158 or the employee and employer contributions plus interest based on the member's current salary, which completely offsets the increase in accrued liability of the system resulting from the receipt of the credit by the member.  No service credit shall be given to the member until or unless such amount is paid in full.  Any credit purchased pursuant to this Section shall be used solely for calculation of benefits and not for eligibility purposes.

Acts 2008, No. 498, §1.