Section 35 IAC 14-5-9 - Purchase of service creditAuthority: IC 5-10.5-4-2
Affected: IC 5-10.2-3-1.2; IC 5-10.2-4-10; IC 5-10.4-4
Sec. 9.
(a) A member who is otherwise qualified to purchase service credit must do so while the member is in active service whereby the member is under contract or in an employment relationship to earn one (1) year of service credit during the year in which the application to purchase service credit is made. A retiring member who makes application for the purchase of service credit contemporaneously with the member's application for retirement following one (1) full year of service is deemed to have met this requirement.(b) Except as provided in subsection (c), no additional purchase of service credit can be made once a member's application for retirement has been processed and a retirement benefit is scheduled to be distributed.(c) A qualified member may only purchase service credit in increments of one-twelfth (1/12) of a year.(d) A member seeking to purchase service credit must provide documentary evidence that the statutory requirements and the requirements stated herein have been satisfied.Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-5-9; adopted Mar 27, 2007: 20070404-IR-550070200ONA; adopted Nov 19, 2008: 20081126-IR-550080887ONATransferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund ( 550 IAC 2-5-10.4) to the Board of Trustees of the Indiana Public Retirement System ( 35 IAC 14-5-9) by P.L. 23-2011, SECTION 22, effective July 1, 2011.