20 NCAC 02B .0904. COMPUTATION OF COST

The cost of purchasing credit for out-of-state service is calculated as follows: (1) the monthly compensation the member earned when the member first entered membership; multiplied by (2) the employee contribution rate at that time; multiplied by (3) the number of months of out-of-state service for which credit is to be purchased; multiplied by (4) two; plus (5) a factor equivalent to interest at the rate of six and one-half percent, compounded annually, from the initial year of membership to the year of payment.