HB614 Summary

• Allows active and contributing members of Oxford Emergency Medical Services, Inc., participating in the Employees' Retirement System to purchase prior non-qualified service credit for employment rendered before July 14, 2009.

• Members must have five or more years of creditable service in the Employees' Retirement System prior to purchasing up to five years of non-qualified service, as required by IRC Section 415(n)(3)(B).

• Members must pay the full actuarially determined cost for each year of claimed service as determined by the system's actuary.

• Purchased service credit cannot duplicate service already credited in the Employees' Retirement System or other public retirement plans, except Social Security.

• Purchased service years do not affect retiree premium amounts under PEEHIP or SEIB and cannot accelerate eligibility for health insurance benefits beyond what would have been available without the purchased service.

• Effective date: October 1, 2011.