The cost of purchasing credit for military service is calculated as follows:
- (1) the monthly compensation the member earned when the member first entered membership; multiplied by
- (2) the contribution rate at the time the member first entered membership; multiplied by
- (3) the number of months of military service for which credit is to be purchased; plus
- (4) a factor equivalent to interest at the rate of six and one‑half percent, compounded annually, from the initial year of membership to the year of payment.
History Note: Authority G.S. 128‑26(a); 128‑28(g); S.L. 1987, C. 617;
Eff. February 1, 1976;
Readopted Eff. September 21, 1977;
Amended Eff. March 1, 2023.