Interest Accrual And Calculation On Separation Benefits

Repayment of separation benefits as provided in Section 59-1360, Idaho Code, for employees whose most recent date of reemployment is after January 23, 1990, shall include payment of interest that shall accrue from the date each separation benefit was issued. Repayment of separation benefits as provided in Section 59-1360, Idaho Code, for employees whose most recent date of reemployment is before January 23, 1990, shall include payment of interest as determined by the law, statutes and rules in effect on the date of last reinstatement to employee status, except as provided in Section 502 of this subchapter. (7-1-24) 502. REPAYMENT OF SEPARATION BENEFITS BY EMPLOYEES PREVIOUSLY PRECLUDED FROM REPAYMENT. Any employee who was precluded from repaying a separation benefit due to the fact they failed to meet the requirements of Section 59-1360, Idaho Code, may reinstate their previous credited service by repaying the full IDAHO ADMINISTRATIVE CODE IDAPA 59.01.01 Public Employees Retirement System of Idaho Rules for PERSI Section 503 Page 14 amount of their accumulated contributions provided such repayment includes payment of regular interest accruing from the date of each such separation benefit payment. (7-1-24)