§ 1:263. Service credit following administrative error.
Latest version.
Whenever it is shown, to the satisfaction of the board, that, because of administrative
error on the part of the employer, a contributing member of the retirement system
has not received service credit, upon application of the member for all such credit,
within ninety (90) days of his being officially informed by the retirement system
of the error, and his payment to the retirement system of an amount equal to the member
contributions that he should have made, he shall be credited with such service. If
the member fails to so apply and commence payment within the aforesaid ninety-day
period, or within any longer period necessary to comply with the limitations under
section 415 of the Internal Revenue Code, his right to the service credit shall be
forfeited. Upon application and payment by the member, the employer shall pay the
retirement system an amount equal to the employer contributions that should have been
made, plus interest at the actuarial valuation rate with respect to both member and
employer contributions.
