20 N.C. Admin. Code 2B.0803

Current through Register Vol. 39, No. 11, December 2, 2024

Section 02B .0803 - COMPUTATION OF COST

The cost of purchasing credit for military service is calculated as follows:

(1) 1/12 of the annualized rate of compensation the member earned when the member first entered membership; multiplied by

(2) the employee contribution rate at that time; multiplied by

(3) the number of months of military service for which credit is to be purchased; plus

(4) a factor equivalent to interest at the rate of six and one-half percent, compounded annually, from the initial year of membership to the year of payment.

20 N.C. Admin. Code 02B .0803

Authority G.S. 135-4(f); 135-6(f); S.L. 1981, C. 636;
Eff. February 1, 1976;
Readopted September 21, 1977;
Amended Eff. March 1, 2023.

Authority G.S. 135-4(f); 135-6(f); S.L. 1981, C. 636;
Eff. February 1, 1976;
Readopted September 21, 1977.

Amended by North Carolina Register Volume 37, Issue 19, April 3, 2023 effective 3/1/2023.