Section 82-03-01-04 - Repurchase of forfeited service creditAn individual who has forfeited service credit under section 82-03-01-03 may repurchase such service upon returning to teach or becoming an active dual member in accordance with the following:
1. An active teacher may immediately repurchase forfeited service credit upon returning to TFFR-covered employment.2. A dual member may repurchase withdrawn service credit from the fund.3. The cost of the repurchased service credit will be calculated on an actuarial equivalent basis.4. The cost may be paid in a lump sum or in installments. Installments may be made monthly, quarterly, semiannually, or annually for up to five years. Interest is charged on the unpaid balance based on the actuarially assumed investment return rate in effect at the time the member signs the installment agreement.5. If a teacher retires prior to full payment of the repurchase amount, service credit will be granted in proportion to the actual principal payments made or the teacher may elect to make a lump sum payment to complete the purchase or elect to have the payments included in a refund of the account balance.6. If a teacher passes away prior to full payment of the repurchase amount, service credit will be granted in proportion to the actual principal payments made or the designated beneficiary may elect to make a lump sum payment to complete the purchase or elect to have the payments included in a refund of the account balance.N.D. Admin Code 82-03-01-04
Effective September 1, 1990; amended effective May 1, 1992; April 1, 1994; May 1, 1998.Amended by Administrative Rules Supplement 2024-392, April 2024, effective 4/1/2024.General Authority: NDCC 15-39.1-07
Law Implemented: NDCC 15-39.1-10.3, 15-39.1-15, 15-39.1-24