|SB 0151||PSRS/NTRS/Purch. creditable service to nonprof. educ. agency|
|Last Action:||02/14/95 - Bill Combined w/SCS/SB 136 & 151|
|Title:||SCS/SB 136 & 151|
|Effective Date:||August 28, 1995|
SB 151 - The act allows purchase of creditable service by certain members of the Public School Retirement System (PSRS) and the Nonteacher Employee School Retirement System (NTRS). A member may purchase up to two years of service credit for service to a nonprofit agency which primarily supports education or education research while the member is on leave from employment with a school district.
The contribution rate shall be based on the lesser of the salary while employed by the nonprofit agency or what the teacher would have been paid if the member had remained employed in the district, based on the district salary schedule.
All other terms and procedures of the purchase shall be according to rules promulgated by the Board of Trustees of the appropriate retirement system.
See Truly Agreed To SCS/SBs 136 & 151.