Common use of Service Buy-back Clause in Contracts

Service Buy-back. A. Employees may buy-back past service with Mendocino County at their own cost, which includes both the employee and the employer’s contribution. The costs, rates, procedures and time limits to exercise this buy-back option shall be arranged by the Retirement Board and the actuarial firm retained by the Retirement Board, and administered by the Retirement Deputy. B. Retirement contributions made by or bought back by the employee shall be credited and accrued to the employee’s account and become a vested interest of the employee.

Service Buy-back. A. Employees may buy-back past service with Mendocino County at their own cost, which includes both the employee and the employer’s contribution. . 1) The Retirement Board shall arrange the costs, rates, procedures and time limits to exercise this buy-back option shall be arranged by the Retirement Board and the actuarial firm retained by the Retirement Board, and administered by the Retirement Deputy. B. 2) Retirement contributions made by or bought back by the employee shall be credited and accrued accrue to the employee’s 's account and become a vested interest of the employee.

Service Buy-back. ‌ A. Employees may buy-back past service with Mendocino County at their own cost, which includes both the employee and the employer’s contribution. The costs, rates, procedures and time limits to exercise this buy-back option shall be arranged by the Retirement Board and the actuarial firm retained by the Retirement Board, and administered by the Retirement Deputy. B. Retirement contributions made by or bought back by the employee shall be credited and accrued to the employee’s account and become a vested interest of the employee.