TITLE 22. PUBLIC EMPLOYEES RETIREMENT CODE
CHAPTER 22-200. MEMBERSHIP
§22-205. Optional Transfer of Membership.
(1) Reemployed members of Plan D, Plan J or Plan X. Any
separated employee who
(a) had been receiving service or disability
retirement benefits under Plan D, Plan J or Plan X, or
(b) is entitled
to separation service retirement benefits under Plan D, Plan J or Plan X,
or
(c) upon separation from employment with the City when covered by
Plan D, Plan J or Plan X, did not withdraw their pension
contributions,
Upon reemployment, may elect either to be subject to the
provisions of the plan covering them when they separated from service with the
City or to transfer membership to the applicable division covered by Plan A,
Plan B, Plan L, or Plan Y. Such transfers are irrevocable.
(2) Effective
Date. A membership transfer takes effect at the beginning of the first full pay
period following the Board's receipt of a member's application for
transfer.
(3) Contributions. If a member transfers membership to Plan A,
Plan B, Plan L, or Plan Y, the member must pay the Retirement System the
difference between the contributions made before the transfer and the amount
that would have been contributed if membership had been established in such plan
during previous credited service, in accordance with the provisions of §
22-803 (Purchase for Prior City Service), except that:
(a) Transferring
members do not have to pay interest on contributions due.
(b) Any
transferring member who had been contributing six percent (6%) of covered
earnings for retirement under the previous pension plan does not have to make
additional contributions.
(c) Any transferring member who had been
contributing more than six percent (6%) of covered earnings for retirement under
a previous pension plan is entitled to a refund of the portion of contributions
in excess of six percent (6%). Such members are not paid interest on their
refunds.
(d) Neither refunds nor additional payments are paid for the
transfer of service credit earned before August 1, 1967.
(4) Transfer of
credited service. In transfers of membership to Plan A, Plan B, Plan L, or Plan
Y, all of the member's credited service, including service credited before
the transfer, shall be transferred to the applicable plan. The transferred
member shall be treated as though membership had existed in such plan for the
member's entire credited service and the member's retirement rights
and benefits shall be determined solely by the new applicable
plan.