1. 1. Whenever a member, who has previously withdrawn the amount credited to the member as provided in NRS 286.430, returns to the service of a public employer participating in the System and remains a contributing member for 6 months, the member may:

   1. (a) Make repayment in a lump sum plus interest from the date the member withdrew the member’s contributions to the date of repayment; or

   2. (b) With the approval of the Executive Officer, enter into an agreement containing a schedule of payments to repay the withdrawn contributions plus interest from the date of withdrawal to the date of repayment. Payments shall not be less than $10 per month.

      For the purposes of this subsection, interest shall be computed at the assumed investment income rate used in the actuarial valuation of the System next preceding the date of repayment under paragraph (a) or agreement under paragraph (b).

2. 2. Upon redepositing the member’s withdrawn contributions, with interest, the member shall have restored completely the member’s previous service credit which had been relinquished by the withdrawal of such contributions. If a member fails to perform fully an agreed repayment schedule, the member is entitled to service credit for previous service in the same proportion that the member’s repayment of withdrawn contributions bears to the total amount of withdrawn contributions.

[Part 16:181:1947; A 1949, 174; 1951, 269; 1955, 117]—(NRS A 1961, 162; 1963, 988; 1967, 742; 1973, 1415; 1975, 1044; 1977, 1586)