Section R2-8-506. Cost Calculation for Purchasing Service Credit

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A.      For leave of absence service credit, military service credit, and other public service credit, the ASRS shall calculate, as of the date of the request to purchase service credit:

1.        The actuarial present value of the future retirement bene- fit for the member including the service credit that the eli- gible member requests to purchase, and

2.        The actuarial present value of the future retirement bene- fit for the member without the service credit that the eligi- ble member requests to purchase.

B.       The cost for purchasing the service credit that the member requests to purchase is the difference between the actuarial present value in subsection (A)(1) and the actuarial present value in subsection (A)(2).

Historical Note

New Section made by final rulemaking at 11 A.A.R.

2640, effective June 30, 2005 (Supp. 05-2).

                    
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