CONVERSION OF MISCELLANEOUS TIER 2 SERVICE TO MISCELLANEOUS TIER 3 SERVICE Sample Clauses

CONVERSION OF MISCELLANEOUS TIER 2 SERVICE TO MISCELLANEOUS TIER 3 SERVICE a. Effective January 1, 2007, or as soon thereafter as administratively possible, employees currently in Miscellaneous Tier 2 in the Sacramento County Employees’ Retirement System (‘SCERS’) will have the opportunity to make a one-time election to convert to Miscellaneous Tier 3 status, and upon the effective date of such conversion, accrue all future service in Tier 3, at the contribution rates applicable to Tier 3, and with the retirement benefits attributable to the new Tier 3 service. b. If an employee makes a timely election to convert from Tier 2 to Tier 3, the employee will have the opportunity to convert the employee’s pre-existing Tier 2 service to Tier 3 service by paying the full actuarial cost for the conversion of the Tier 2 service to Tier 3 service, as determined by SCERS in consultation with its actuary, as of the date of commencement of the conversion. c. The employee may pay for the conversion of Tier 2 service to Tier 3 service by lump sum payment or by installment payments over a period not to exceed five (5) years, in accordance with the limitations imposed by the United States Internal Revenue Service, as determined by SCERS’ tax counsel, and in accordance with the service conversion rules established by SCERS. In order to receive credit for a Tier 2 to Tier 3 service conversion, payment for the conversion must be completed on or before the effective date of the employee’s retirement. If a Tier 2 to Tier 3 service conversion is not completed on or before the employee’s retirement date, a prorated amount of the Tier 2 service will be converted to Tier 3 service based on the amount paid by the employee as of the employee’s effective retirement date. d. Tier 2 to Tier 3 service conversions may be made in minimum increments of six (6) months. An existing installment payment plan to convert Tier 2 service to Tier 3 service must be paid off in full before an employee can initiate a new installment payment plan to convert additional Tier 2 service to Tier 3 service.
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