|
If you did not become a participant when you first began working for the City, you may be eligible to buy back your earlier service. To do this, you will have to make up the contributions you would have paid if you had been a member during this period, plus interest. The City will pay its contributions for this period, but you will be required to pay interest on the City's contribution if you are buying more than five years of service credit, unless you were eligible to become a participant before October 12, 1993. “Buy-backs” of prior pension service credit are paid on a post-tax basis, and must be done in one lump sum payment.
Grant-funded employees will receive credit for service periods only if (i) the grant provides for the required employer contribution, or (ii) the employee pays this amount. The same rules about paying interest on the employer contribution described in the preceding paragraph above apply to grant-funded employees. |
