Idaho Code 59-1363 – Purchase of Membership Service
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(1) Notwithstanding any other provision of this chapter, an active or inactive member who is vested may purchase up to forty-eight (48) months of membership service.
(2) The cost of purchases under this section shall be the full actuarial costs of the service as determined by the board. The board may provide for payment options, including periodic payments, but no service shall be credited until payment has been made in full. The member shall be solely responsible for the costs of such purchased service, except that an employer may participate in the costs at its option.
Terms Used In Idaho Code 59-1363
- board: means the board provided for in sections 59-1304 and 59-1305, Idaho Code, to administer the retirement system. See Idaho Code 59-1302
- Employer: means the state of Idaho, or any political subdivision or governmental entity, provided such subdivision or entity has elected to come into the system. See Idaho Code 59-1302
- Inactive member: means a former active member who is not an employee and is not receiving any form of retirement allowance, who has not requested a separation benefit, or for whom a separation benefit has not become payable. See Idaho Code 59-1302
- Member: means an active member, inactive member or a retired member. See Idaho Code 59-1302
- Membership service: means military service that occurs after the commencement of contributions payable under sections 59-1331 through 59-1334, Idaho Code, and service with respect to which contributions are payable under sections 59-1331 through 59-1334, Idaho Code, which, except for benefit calculations described in sections 59-1342 and 59-1353, Idaho Code, includes service transferred to a segregated account under an approved domestic retirement order. See Idaho Code 59-1302
- Service: means being shown on an employer’s payroll as an employee receiving a salary. See Idaho Code 59-1302
(3) In no event shall any member be allowed to purchase in the aggregate more than forty-eight (48) months of membership service under this section.