CREDIT PURCHASE OPTION FOR CERTAIN SERVICE

(a) This section applies only to a member who became a member before September 1, 2015. (a-1) A member may establish service credit under this section in the employee class only for service performed during a 90-day waiting period to become a member after beginning employment or holding office. The member may establish service credit for each month of any 90-day waiting period in which the member performed service, regardless of whether the member made a contribution during the 90-day waiting period for which the member establishes service credit. (b) A member may establish service credit under this section by depositing with the retirement system, for each month of service credit, the actuarial present value, at the time of deposit, of the additional standard retirement annuity benefits that would be attributable to the purchase of the service credit under this section based on rates and tables recommended by the retirement system's actuary and adopted by the board of trustees. (c) After a member makes the deposits required by this section, the retirement system shall grant the member one month of equivalent membership service credit for each month of credit approved. (d) The retirement system shall deposit the amount of the actuarial present value of the service credit purchased in the member's individual account in the employees saving account. (e) The board of trustees may adopt rules to administer this section, including rules that impose restrictions on the application of this section as necessary to cost-effectively administer this section. (f) Notwithstanding any other provision of this subtitle, if a member purchases service credit under this section for a month that occurred before the member's most recent date of hiring, the retirement system shall consider for purposes of this subtitle the member's date of hiring to be the first day of the month of the earliest month for which service credit is purchased under this section. (g) The retirement system shall compute the amount of the deposit required by this section in a manner that does not result in an actuarial loss to the retirement system.