20 NCAC 02B .0803 COMPUTATION OF COST
The cost of purchasing credit for military service is calculated as follows:
(1) 1/12 of the annualized rate of compensation the member earned when he first entered membership; times
(2) the employee contribution rate at that time; times
(3) the number of months of military service for which credit is to be purchased; plus
(4) 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.
History Note: Authority G.S. 135‑4(f); 135‑6(f);
Eff. February 1, 1976;
Readopted September 21, 1977.