A. Beginning July 1, 2017, the discount rate specified in subsection B of this section applies to service purchases or transfers of service credits to the plan pursuant to the following sections:

1. 1. Section 38-907, subsection A or B.
2. 2. Section 38-909, subsection C.
3. 3. Sections 38-921, 38-922, 38-923 and 38-924.

B. For members enrolled in the system:

1. 1. Before July 1, 2017, the discount rate is the assumed rate of return that is prescribed by the board.
2. 2. On or after July 1, 2017, the discount rate is an amount equal to the lesser of the assumed rate of return that is prescribed by the board or an amount equal to the yield on a ten-year treasury note as of March 1 that is published by the federal reserve board plus two percent. The discount rate is effective beginning in the next fiscal year, and the board shall recalculate the rate each year.