Sec. 14.25.061. Retroactive indebtedness.

174 words·~1 min read·/ak/title-14/chapter-25/14-25-061

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A member who was not subject to the provisions of AS 14.25.009 — 14.25.220, but who becomes subject to them because of a legislative change, may elect to receive credit for retroactive membership service by contributing to the plan an amount equal to the contributions the member would have made had the member been subject to the provisions of AS 14.25.009 — 14.25.220 for those years of retroactive service after June 30, 1955. Retroactive contributions are not required for retroactive membership service before July 1, 1955. Compound interest at the rate prescribed by regulation shall be added to the retroactive indebtedness from July 1, 1966, or the time of first becoming eligible under AS 14.25.009 — 14.25.220, whichever is later, to the date of payment or the date of retirement, whichever occurs first.

(b)If retroactive indebtedness contributions have been made for retroactive service before July 1, 1955, the member is entitled to a refund of those retroactive membership indebtedness contributions.

(c)[Repealed, § 133 ch 9 FSSLA 2005.]