Common use of PURCHASE OF ADDITIONAL RETIREMENT CREDIT Clause in Contracts

PURCHASE OF ADDITIONAL RETIREMENT CREDIT. a. Effective January 1, 2008, subject to the provisions of Section 31658 of the County Employees Retirement Law of 1937 (“1937 Act”), an active employee who has at least five years of credited service with the Sacramento County Employees' Retirement System ('SCERS') may elect to purchase up to five (5) years of additional retirement credit ('ARC'). ARC means time that does not otherwise qualify as Court service, public service, military service, medical-leave of absence, or any other time recognized as purchasable service credit by SCERS. b. ARC time will not be included for purposes of meeting the minimum qualifications for service or disability retirement, or for purposes of establishing eligibility for any benefits based on thirty (30) years of service, additional ad hoc cost-of-living benefits, or any other benefits based on service credit except to the extent that the Court expressly includes ARC time when determining benefits over which the Court has sole authority. ARC time will, however, be added to the employee's total retirement service credit for purposes of calculating the retirement allowance, and as such will be included in the determination of the annual cost- of-living adjustment (“COLA”) for retirees. c. The employee will be responsible for paying the full actuarial cost of the ARC time being purchased, as determined by SCERS in consultation with its actuary, as of the time of commencement of the purchase. d. The ARC time may be purchased by lump sum payment, or by installment payments over a period not to exceed ten (l0) 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 purchase rules established by SCERS. In order to receive credit for ARC time, the purchase must be completed on or before the effective date of the employee's retirement, or within one hundred twenty days (120) after the employee's effective retirement date. If an ARC purchase is not completed on or before the employee's retirement date, or within one hundred twenty days (120) after the employee's retirement date, a prorated amount of the ARC time will be added to the employee's existing service credit based on the amount actually paid by the employee. e. ARC time may be purchased in minimum increments of six (6) months. An existing installment payment plan to purchase ARC time must be paid off in full before an employee can initiate a new installment payment plan to purchase additional ARC time.

PURCHASE OF ADDITIONAL RETIREMENT CREDIT. a. Effective January 1, 20082007, or as soon thereafter as administratively possible, and contingent upon agreement from all other recognized employee organizations, and subject to the provisions of Section 31658 of the County Employees Retirement Law of 1937 (“‘1937 Act”’), an active employee who has at least five years of credited service with the Sacramento County Employees' ’ Retirement System ('‘SCERS'’) may elect to purchase up to five (5) years of additional retirement credit ('‘ARC'’). ARC means time that does not otherwise qualify as Court County service, public service, military service, medical-medical leave of absence, or any other time recognized as purchasable service credit by SCERS. b. ARC time will not be included for purposes of meeting the minimum qualifications for service or disability retirement, or for purposes of establishing eligibility for any benefits based on thirty (30) years of service, additional ad hoc cost-of-living benefits, or any other benefits based on service credit except to the extent that the Court County expressly includes ARC time when determining benefits over which the Court County has sole authority. ARC time will, however, be added to the employee's ’s total retirement service credit for purposes of calculating the retirement allowance, and as such will be included in the determination of the annual cost- cost-of-living adjustment (“‘COLA”’) for retirees. c. The employee will be responsible for paying the full actuarial cost of the ARC time being purchased, as determined by SCERS in consultation with its actuary, as of the time of commencement of the purchase. d. The ARC time may be purchased by lump sum payment, or by installment payments over a period not to exceed ten (l010) 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 purchase rules established by SCERS. In order to receive credit for ARC time, the purchase must be completed on or before the effective date of the employee's ’s retirement, or within one hundred twenty days (120) after the employee's ’s effective retirement date. If an ARC purchase is not completed on or before the employee's ’s retirement date, or within one hundred twenty days (120) after the employee's ’s retirement date, a prorated amount of the ARC time will be added to the employee's ’s existing service credit based on the amount actually paid by the employee. e. ARC time may be purchased in minimum increments of six (6) months. An existing installment payment plan to purchase ARC time must be paid off in full before an employee can initiate a new installment payment plan to purchase additional ARC time.

PURCHASE OF ADDITIONAL RETIREMENT CREDIT. a. Effective January 1, 20082007, or as soon thereafter as administratively possible, and contingent upon agreement from all other recognized employee organizations, and subject to the provisions of Section 31658 of the County Employees Retirement Law of 1937 (“‘1937 Act”’), an active employee who has at least five (5) years of credited service with the Sacramento County Employees' ’ Retirement System ('‘SCERS'’) may elect to purchase up to five (5) years of additional retirement credit ('‘ARC'’). ARC means time that does not otherwise qualify as Court County service, public service, military service, medical-medical leave of absence, or any other time recognized as purchasable service credit by SCERS. b. ARC time will not be included for purposes of meeting the minimum qualifications for service or disability retirement, or for purposes of establishing eligibility for any benefits based on thirty (30) years of service, additional ad hoc cost-of-living benefits, or any other benefits based on service credit except to the extent that the Court County expressly includes ARC time when determining benefits over which the Court County has sole authority. ARC time will, however, be added to the employee's ’s total retirement service credit for purposes of calculating the retirement allowance, and as such will be included in the determination of the annual cost- cost-of-living adjustment (“‘COLA”’) for retirees. c. The employee will be responsible for paying the full actuarial cost of the ARC time being purchased, as determined by SCERS in consultation with its actuary, as of the time of commencement of the purchase. d. The ARC time may be purchased by lump sum payment, or by installment payments over a period not to exceed ten (l010) 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 purchase rules established by SCERS. In order to receive credit for ARC time, the purchase must be completed on or before the effective date of the employee's ’s retirement, or within one hundred twenty days (120) after the employee's ’s effective retirement date. If an ARC purchase is not completed on or before the employee's ’s retirement date, or within one hundred twenty days (120) after the employee's ’s retirement date, a prorated amount of the ARC time will be added to the employee's ’s existing service credit based on the amount actually paid by the employee. e. ARC time may be purchased in minimum increments of six (6) months. An existing installment payment plan to purchase ARC time must be paid off in full before an employee can initiate a new installment payment plan to purchase additional ARC time. f. The implementation of ARC time is contingent upon agreement of ARC with all other recognized employee organizations.

PURCHASE OF ADDITIONAL RETIREMENT CREDIT. a. Effective January 1, 20082007, or as soon thereafter as administratively possible, and contingent upon agreement from all other recognized employee organizations, and subject to the provisions of Section 31658 of the County Employees Retirement Law of 1937 (“‘1937 Act”’), an active employee who has at least five (5) years of credited service with the Sacramento County Employees' ’ Retirement System ('‘SCERS'’) may elect to purchase up to five (5) years of additional retirement credit ('‘ARC'’). ARC means time that does not otherwise qualify as Court County service, public service, military service, medical-medical leave of absence, or any other time recognized as purchasable service credit by SCERS. b. ARC time will not be included for purposes of meeting the minimum qualifications for service or disability retirement, or for purposes of establishing eligibility for any benefits based on thirty (30) years of service, additional ad hoc cost-of-living benefits, or any other benefits based on service credit except to the extent that the Court County expressly includes ARC time when determining benefits over which the Court County has sole authority. ARC time will, however, be added to the employee's ’s total retirement service credit for purposes of calculating the retirement allowance, and as such will be included in the determination of the annual cost- cost-of-living adjustment (“‘COLA”’) for retirees. c. The employee will be responsible for paying the full actuarial cost of the ARC time being purchased, as determined by SCERS in consultation with its actuary, as of the time of commencement of the purchase. d. The ARC time may be purchased by lump sum payment, or by installment payments over a period not to exceed ten (l010) 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 purchase rules established by SCERS. In order to receive credit for ARC time, the purchase must be completed on or before the effective date of the employee's ’s retirement, or within one hundred twenty days (120) after the employee's ’s effective retirement date. If an ARC purchase is not completed on or before the employee's ’s retirement date, or within one hundred twenty days (120) after the employee's ’s retirement date, a prorated amount of the ARC time will be added to the employee's ’s existing service credit based on the amount actually paid by the employee. e. ARC time may be purchased in minimum increments of six (6) months. An existing installment payment plan to purchase ARC time must be paid off in full before an employee can initiate a new installment payment plan to purchase additional ARC time.