ARM 2.43.2310. PURCHASE OF FULL-TIME SERVICE OR ONE-FOR-FIVE SERVICE BY PART-TIME MEMBERS

(1) When a member employed on a part-time basis is eligible to purchase periods of full-time service or one-for-five service, the compensation used to calculate the cost to purchase the full-time or one-for-five service will be the actual part-time compensation earned. (2) If the member later retires with a full-time final average compensation or highest average compensation, the member may either: (a) have the amount of full-time service purchased under (1) proportionally reduced based upon the ratio of time worked when the service was purchased to full-time work; or (b) retain the full-time service by paying the difference between the cost actually paid and the cost had the member been paid a full-time salary at the time of the purchase, plus interest: (i) for members who purchased the service prior to July 1, 2010, at a rate of 8%; and (ii) for members who purchased the service on or after July 1, 2010, at a rate of 7.75%.