20 NCAC 02C .0904         COMPUTATION OF COST

The cost of purchasing credit for military service is calculated as follows:

(1)           the monthly compensation the member earned when the member first entered membership; multiplied by

(2)           the contribution rate at the time the member first entered membership; multiplied by

(3)           the number of months of military service for which credit is to be purchased; plus

(4)           a factor equivalent to interest at the rate of six and one‑half percent, compounded annually, from the initial year of membership to the year of payment.

History Note:        Authority G.S. 128‑26(a); 128‑28(g); S.L. 1987, C. 617;

Eff. February 1, 1976;

Readopted Eff. September 21, 1977;

Amended Eff. March 1, 2023.