As Amended
SEC. 25-11-116. Retirement incentive program.
(1) Any member of the system who has thirty (30) years of creditable service or who is at least sixty (60) years of age who withdraws from service after the effective date of this section and before July 1, 1986, and receives a retirement allowance shall be credited with one (1) additional year of service in the calculations of the annual retirement allowance.
(2) The employer shall contribute fourteen and three-quarters percent (14.75%) of the compensation earned by the employee during the twelve (12) months immediately preceding his withdrawal for the additional one (1) year of creditable service as allowed in subsection (1). All contributions and wage reports shall be filed with the retirement system before the member can receive the additional creditable service in the annual retirement allowance.
(3) The member's average compensation, as provided for in Section 25-11-103 (e), may include the compensation on which additional contributions are paid.
SOURCES: Laws, 1986, ch. 500, Sec. 3, eff from and after passage (approved April 18, 1986).