New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LVIII - New York State Teachers' Retirement System
Part 5002 - Credit For Prior/previous Service
Section 5002.4 - Payment for previous service for members with a date of membership on or after September 1, 1983 but before January 1, 2010, who are eligible to purchase such service

Universal Citation: 21 NY Comp Codes Rules and Regs § 5002.4

Current through Register Vol. 46, No. 39, September 25, 2024

(a) The amount of money to be paid for previous service which was originally credited under a membership dated prior to July 27, 1976 (Tier I or II) shall be as follows:

(1) three percent of the wages earned for service rendered prior to July 27, 1976, together with interest from July 27, 1976 through the date of payment at the rate of five percent per annum compounded annually;

(2) three percent of the wages earned for service rendered on and after July 27, 1976, together with interest at the rate of five percent per annum compounded annually from the date of such service until the date of repayment.

(b) The amount of money to be paid for previous service which was originally rendered and credited under a membership dated on or after July 27, 1976 but before January 1, 2010 (Tier III or IV) shall be three percent of the wages earned, together with interest from the date of such service through the date of repayment at the rate of five percent per annum compounded annually.

(c) The amount of money to be paid for previous service which predates the entry in the retirement system, pursuant to subparagraph (a) or (b) of paragraph (1) of subdivision b of section 609 of the Retirement and Social Security Law, shall be three percent of the wages earned together with interest at the rate of five percent per annum compounded annually from the date of such service until the date of payment.

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