§47-2-307.5.

§47-2-307.5.
   
   A. The Board shall adopt rules for computation of the purchase price
   for transferred credited service. These rules shall base the purchase
   price for each year purchased on the actuarial cost of the incremental
   projected benefits to be purchased. The purchase price shall represent
   the present value of the incremental projected benefits discounted
   according to the member's age at the time of purchase. Incremental
   projected benefits shall be the difference between the projected
   benefit said member would receive without purchasing the transferred
   credited service and the projected benefit after purchase of the
   transferred credited service computed as of the earliest age at which
   the member would be able to retire. Said computation shall assume an
   unreduced benefit and be computed using interest and mortality
   assumptions consistent with the actuarial assumptions adopted by the
   Board for purposes of preparing the annual actuarial evaluation.
   
   B. In the event that the member is unable to pay the purchase price
   provided for in this section by the due date, the Board shall permit
   the members to amortize the purchase price over a period not to exceed
   sixty (60) months. Said payments shall be made by payroll deductions
   unless the Board permits an alternate payment source. The amortization
   shall include interest in an amount not to exceed the actuarially
   assumed interest rate adopted by the Board for investment earnings
   each year. Any member who ceases to make payment, terminates, retires
   or dies before completing the payments provided for in this section
   shall receive prorated service credit for only those payments made,
   unless the unpaid balance is paid by said member, his or her estate or
   successor in interest within six (6) months after said member's death,
   termination of employment or retirement, provided no retirement
   benefits shall be payable until the unpaid balance is paid, unless
   said member or beneficiary affirmatively waives the additional
   six-month period in which to pay the unpaid balance. The Board shall
   promulgate such rules as are necessary to implement the provisions of
   this subsection.