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Prior Service Time in the LFUCG Division of Police or Division of Fire and Emergency Services Any member who is re-employed and who received a refund of their prior contributions are eligible to purchase their prior service time. However, this purchase must be initiated within ninety days of reemployment or prior to retirement, whichever occurs first. The repayment amount will be the amount previously received as a refund plus interest from the time of the refund. The interest rates is the actual rate of return on the investments made by the board but not less than three percent (3%) per year. Repayment of refunds must include all refunds received, with interest, and must be made in a single lump sum payment. To initiate this process the member must file a written request in the retirement office within the ninety day period. |
