Limitations on Service Credit Purchases. Unless otherwise specified in an Addendum to the Adoption Agreement, for purposes of this Section and Section 13.C. concerning prior governmental service credit, the term "actuarial cost of service credit" is defined as set forth in the Service Credit Purchase Addendum. In the case of a service credit purchase, the Participant shall be required to comply with any rules and regulations established by the GMEBS Board of Trustees concerning said purchases.
Limitations on Service Credit Purchases. For purposes of this Section and the following section concerning prior governmental service credit, the term "actuarial cost of the service credit" means the present value of the accrued benefit relating to such additional service credit determined as of the payment date and calculated based upon the assumptions specified in Article XII, Section 7 of the Master Plan. In the case of a service credit purchase, the participant shall be required to comply with any rules and regulations established by the GMEBS Board of Trustees concerning said purchases. The employer may elect to allow employees to make the purchase through payroll deduction and the employer may pick-up the amount to be contributed by the employee in accordance with Internal Revenue Code Section 414(h) and the Plan, subject to any conditions contained in GMEBS' rules and regulations concerning service credit purchases.
Limitations on Service Credit Purchases. Unless otherwise specified in an Addendum to the Adoption Agreement, for purposes of this Section and Section 13.C. concerning prior governmental service credit, the term "actuarial cost of service credit" means the actuarial accrued liability relating to such prior service credit as determined by the GMEBS actuary and calculated using the actuarial assumptions and methods employed in performing GMEBS member plan valuations. In the case of a service credit purchase, the Participant shall be required to comply with any rules and regulations established by the GMEBS Board of Trustees concerning said purchases.
