39-03.1-10.2. Employer service purchases

39-03.1-10.2. Employer service purchases An employer may purchase additional service credit on behalf of a contributor under the following conditions: 1. The contributor may not be given the option to choose between an employer service purchase and an equivalent amount paid in cash. 2. The contributor must meet one of the following conditions at the time the purchase is made: a. The contributor's age plus service credit must be equal to or greater than seventy; or b. The contributor's age must be at least fifty and the contributor must have at least ten years of service credit. 3. The board must determine the purchase price on an actuarially equivalent basis. 4. The purchase must be completed before the contributor's retirement. 5. The employer may purchase a maximum of five years of service credit on behalf of the contributor. 6. The employer must pay the purchase price for the service credit purchased under this section in a lump sum.