Municipal time. 1. The cost for each year of service will be calculated taking the earning from the municipality you worked for, in the year you are buying back, multiply those earnings by the current employee contribution rate and add on compounded interest at the current net yield of the fund. The years bought will be the most recent prior municipal employment.
2. Municipal time is defined as service with a U.S. City, Township, County, Village, Road Commission, Drain Commission or Court System. It will also include public employment where the employee was a certified police officer.
3. The employee may purchase the time by lump sum payment for that time, with a minimum of not less than 1 year in each purchase (with the last purchase being less than 1 year), or they may utilize payroll deduction with an amount to be deducted each pay period for the time to be purchased.
a. On a request to purchase prior municipal time, either the prior earnings or current base annual salary, if not military service, will be multiplied by the current contribution rate and compound interest on retirement system net yield added. If the payroll deduction method is selected, additional interest at the City’s current interest yield for each year will be added for the period the employee chooses to spread the purchase. Purchased years will not be added to the employee’s credited service until payment for the buy-back time is received in full by the City.
4. There cannot be duplicate pension service credit for any year in both Oak Park and the municipality whose prior municipal time is purchased.
5. There is a maximum buy-back of 5 years of prior municipal service. The buy-back must begin within 3 years of eligibility and the payment be spread over a period no longer than the amount of time purchased.
Municipal time. 1. The cost for each year of service will be calculated taking the earning from the municipality you worked for, in the year you are buying back, multiply those earnings by 3.8% and add on compounded interest at the current net yield of the fund. The years bought will be the most recent prior municipal employment.
2. Municipal time is defined as service with a U.S. City, Township, County, Village, Road Commission, Drain Commission or Court System.
3. The employee may purchase the time by lump sum payment for that time, with a minimum of not less than 1 year in each purchase (with the last purchase being less than 1 year), or they may utilize payroll deduction with an amount to be deducted each pay period for the time to be purchased.
a. On a request to purchase prior municipal time, either the prior earnings or current base annual salary, if not military service, will be multiplied by 3.8% and compound interest on retirement system net yield added. If the payroll deduction method is selected, additional interest at the City’s current interest yield for each year will be added for the period the employee chooses to spread the purchase. Purchased years will not be added to the employee’s credited service until payment for the buy-back time is received in full by the City.
4. There cannot be duplicate pension service credit for any year in both Oak Park and the municipality whose prior municipal time is purchased.
5. There is a maximum buy-back of 5 years of prior municipal service. The buy-back must begin within 3 years of eligibility and the payment be spread over a period no longer than the amount of time purchased.
6. Municipal time bought back shall count towards vesting for retiree health care coverage.
