54-52-29. Employer service purchases

54-52-29. Employer service purchases A participating employer may purchase additional service credit on behalf of a member under the following conditions: 1. The member may not be given the option to choose between an employer service purchase and an equivalent amount paid in cash. 2. The member must meet one of the following conditions at the time the purchase is made: a. The member's age plus service credit must be equal to or greater than seventy-five; or b. The member's age must be at least fifty-five and the member must have at least three years of service credit. 3. The board must determine the purchase price on an actuarially equivalent basis, taking into account the contributions necessary for both the retirement program and the retiree health benefits fund. 4. The purchase must be completed before the member's retirement. 5. The employer may purchase a maximum of five years of service credit on behalf of the member. 6. The employer must pay the purchase price for the service credit purchased under this section in a lump sum.