20 N.C. Admin. Code 2C.1004

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

Section 02C .1004 - COMPUTATION OF COST

The cost of purchasing credit for out-of-state service is calculated as follows:

(1) the monthly compensation the member earned when the member first entered membership service; multiplied by

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

(3) the number of months of out-of-state service for which credit is to be purchased; multiplied by

(4) two; plus

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

20 N.C. Admin. Code 02C .1004

Authority G.S. 128-26(j); 128-28(g); S.L. 1987, C. 617;
Eff. February 1, 1976;
Readopted Eff. March 1, 2023; September 21, 1977.

Authority G.S. 128-26(j); 128-28(g); S.L. 1987, C. 617;
Eff. February 1, 1976;
Readopted Eff. September 21, 1977.

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