20 NCAC 02B .0904 COMPUTATION OF COST
The cost of purchasing credit for out‑of‑state service is calculated as follows:
(1) the monthly 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 out‑of‑state service for which credit is to be purchased; times
(4) two; plus
(5) 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(l); 135‑6(f);
Eff. February 1, 1976;
Readopted Eff. September 21, 1977.