Current through Register Vol. XLI, No. 24, June 14, 2024
Section 162-7-7 - Correction of Error7.1. Deputy Sheriff Retirement System. In the event the Board determines that an error has occurred resulting in an underpayment to the Deputy Sheriff Retirement System, the member is entitled to receive retirement system service credit for the prior period of employment in which the error occurred, with receipt of service credit being contingent upon the Board's receipt of the employee and employer contributions, plus interest at the rate specified in subdivision 7.1.1. of this rule.7.1.1. The rate of interest applicable to the correction of error computation in the Deputy Sheriff Retirement System is four percent (4%) compounded per annum for plan years through June 30,2000. The rate of interest applicable to the correction of error computation for each plan year after June 30,2000, shall be the actuarial interest rate assumption as approved by the Board for completing the Actuarial Valuation for the plan year immediately preceding the first day of the plan year in which the correction of error payment is made, compounded per annum.7.2. Public Employees Retirement System. In the event the Board determines that an error has occurred resulting in an underpayment to the Public Employees Retirement System, the member is entitled to receive retirement system service credit for the prior period of employment in which the error occurred, with receipt of service credit being contingent upon the Board's receipt of the employee and employer contributions, plus interest at the rate specified in subdivision 7.2.1. of this rule.7.2.1. The rate of interest applicable to the correction of error computation in the Public Employees Retirement System is four percent (4%) compounded per annum for plan years through June 30,2000. The rate of interest applicable to the correction of error computation for each plan year after June 30,2000, shall be the actuarial interest rate assumption as approved by the Board for completing the Actuarial Valuation for the plan year immediately preceding the first day of the plan year in which the correction of error payment is made, compounded per annum.7.3. Teachers' Retirement System. In the event the Board determines that an error has occurred resulting in an underpayment to the Teachers' Retirement System, the member is entitled to receive retirement system service credit for the prior period of employment in which the error occurred, with receipt of service credit being contingent upon the Board's receipt of the employee and employer contributions, plus interest at the rate specified in subdivision 7.3.1. of this rule. 7.3.1. The rate of interest applicable to the correction of error computation in the Teachers' Retirement System is six percent (6%) compounded per annum for plan years through June 30, 2000. The rate of interest applicable to the correction of error computation for each plan year after June 30,2000, shall be the actuarial interest rate assumption as approved by the Board for completing the Actuarial Valuation for the plan year immediately preceding the first day of the plan year in which the correction of error payment is made, compounded per annum.7.4. Emergency Medical Services Retirement System. In the event the Board determines that an error has occurred resulting in an underpayment to the Emergency Medical Services Retirement System, the member is entitled to receive retirement system service credit for the prior period of employment in which the error occurred, with receipt of service credit being contingent upon the Board's receipt of the employee and employer contributions, plus interest at the rate specified in subdivision 7.4.1. of this rule.7.4.1. The rate of interest applicable to the correction of error computation in the Emergency Medical Services Retirement System shall be the actuarial interest rate assumption as approved by the Board for completing the Actuarial Valuation for the plan year immediately preceding the first day of the plan year in which the correction of error payment is made, compounded per annum.7.5. Municipal Police Officers and Firefighters Retirement System. In the event the Board determines that an error has occurred resulting in an underpayment to the Municipal Police Officers and Firefighters Retirement System, the member is entitled to receive retirement system service credit for the prior period of employment in which the error occurred, with receipt of service credit being contingent upon the Board's receipt of the employee and employer contributions, plus interest at the rate specified in subdivision 7.5.1. of this rule. 7.5.1. The rate of interest applicable to the correction of error computation in the Municipal Police Officers and Firefighters Retirement System shall be the actuarial interest rate assumption as approved by the Board for completing the Actuarial Valuation for the plan year immediately preceding the first day of the plan year in which the correction of error payment is made, compounded per annum.7.6. Judges' Retirement System. In the event the Board determines that an error has occurred resulting in an underpayment to the Judges' Retirement System, the member is entitled to receive retirement system service credit for the prior period of employment in which the error occurred. The receipt of service credit is contingent upon the Board's receipt of the employee and employer contributions, plus interest at the rate specified in subdivision 7.6.1. of this rule.7.6.1. The rate of interest applicable to the correction of error computation in the Judges' Retirement System shall be the actuarial interest rate assumption approved by the Board for completing the Actuarial Valuation for the plan year immediately preceding the first day of the plan year in which the correction of error payment is made, compounded per annum.7.7. State Police Retirement System. In the event the Board determines that an error has occurred resulting in an underpayment to the State Police Retirement System, the member is entitled to receive retirement system service credit for the prior period of employment in which the error occurred. The receipt of service credit is contingent upon the Board's receipt of the employee and employer contributions, plus interest at the rate specified in subdivision 7.7.1. of this rule. 7.7.1. The rate of interest applicable to the correction of error computation in the State Police Retirement System shall be the actuarial interest rate assumption approved by the Board for completing the Actuarial Valuation for the plan year immediately preceding the first day of the plan year in which the correction of error payment is made, compounded per annum.7.8. Teachers' Defined Contribution Retirement System. In the event the Board determines that an error has occurred resulting in an underpayment to the Teachers' Defined Contribution Retirement System, the member is entitled to receive retirement system service credit for the prior period of employment in which the error occurred. The receipt of service credit is contingent upon the Board's receipt of the employee and employer contributions, plus interest at the rate specified in subdivision 7.8.1. of this rule.7.8.1. The rate of interest applicable to the correction of error computation in the Teachers' Defined Contribution Retirement System shall be the actuarial interest rate assumption for the Teachers' Retirement System approved by the Board for completing the Actuarial Valuation for the plan year immediately preceding the first day of the plan year in which the correction of error payment is made, compounded per annum.