Common use of Purchase of Additional Retirement Service Credit Clause in Contracts

Purchase of Additional Retirement Service Credit. Any employee who is a member of SJCERA and eligible to purchase additional retirement service credit may elect to purchase such service credit in accordance with the provisions of the County Employees Retirement Law, the SJCERA Bylaws, and the policies and procedures applicable to SJCERA members. Any required contributions paid by a member of SJCERA for additional service credit shall become part of the member’s accumulated contributions with SJCERA. Any additional liability assumed by or contributions paid by the County because of an employee’s purchase of additional service credit shall not become part of the employee’s accumulated contributions and shall not be considered compensation for purposes of contributions to or benefits from SJCERA. Any physician who became a member of SJCERA pursuant to the Xxxxxxx settlement agreement who is eligible and elects to purchase additional retirement service credit shall offset any payments required from the County because of the employee’s additional service credit by signing the County’s Agreement for Purchase of Additional Service Credit.