Purchase of Military Service Time. As of February 1, 2009, any member of the unit wishing to retire as a regular retiree with military buy-back must pay to the City the actual cost as determined by the City’s actuary of such military buy-back. If the employee upon retirement elects the employee contribution withdrawal option and any military buy-back occurred within five (5) years prior to the date of retirement, the employee contribution withdrawal will be reduced by a penalty amount which is the difference between the interest the military buy-back amount would have earned if purchased five (5) years prior and the amount actually earned. The Employer’s actuary will compute these amounts using five percent (5%) as the rate of assumed investment return. If the military buy-back occurred more than five years previous to retirement, no penalty will be assessed.
Purchase of Military Service Time. Any R.T.P.O.A. member who has prior military service time may purchase up to four (4) years of prior military service time with proof of service off of said member's DD214. Military purchase time will be at a cost of five percent (5%) and must be used for the sole purpose of making said employee eligible for R.T.P.O.A. DROP participation.
