§3391. Purchase of service credit; conversion of sick and annual leave

A. Notwithstanding any provision of law to the contrary, any member of the fund who has credit in the fund for at least five years of service shall be eligible to purchase credit for up to five years of service credit provided that he shall apply to the fund for such credit on or before termination of employment, and pay to the fund the greater of the amount calculated in accordance with the actuarial cost provisions of R.S. 11:158 or the employee and employer contributions plus interest based on the member's current salary, which completely offsets the increase in accrued liability of the fund resulting from the receipt of the credit by the member. No service credit shall be given to the member until or unless such amount is paid in full. Any credit purchased pursuant to this Section shall be used solely for calculation of benefits and not for eligibility purposes.

B. Notwithstanding any provision of law to the contrary, at retirement a member may convert to retirement credit any sick and annual leave remaining to his credit. Any member electing to exercise the option granted by this Subsection shall file a written notice of such election with the board of trustees at any time prior to retirement. Accumulated sick and annual leave shall convert to retirement credit through the sick and annual leave conversions provided by the New Orleans Civil Service Commission rules and the fund's pension regulations as provided in the Louisiana Administrative Code or statutes enabling the fund.

Acts 2008, No. 498, §1; Acts 2016, No. 653, §1, eff. June 17, 2016.