§ 9123. Computation of amount due.
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/pa/title-53/chapter-91/9123A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 9123. Computation of amount due.
The amount due for the purchase of credit for prior police service under this subchapter shall be computed by:
(1)multiplying the normal cost rate for the police pension plan a police officer is buying into, but not to exceed 10%, by the police officer's average annual rate of compensation over the first three years of service with the police department; and
(2)multiplying the product from paragraph
(1)by the number of years and fractional part of a year of creditable prior police service being purchased together with interest at the rate of 4.75% compounded annually from the date of initial entry into full-time service with the police department to the date of payment.
53c9124s