§ 213.25. Incomplete payments.
(a) Right to make incomplete payments. The right of a member to complete payments, once commenced, within 30 days after termination of school service, as provided in section 8325 of the Retirement Code (relating to incomplete payments), shall be available only to the member and to no other person, including a beneficiary.
(b) Result of incomplete payments. If a member fails to pay the balance of the agreed-upon payments due within 30 days of termination of school service, or if a member dies in school service, or 30 days thereafter, the annuity benefit to which the member would otherwise be entitled shall be reduced by the actuarial equivalent of the debt, including statutory interest.
(c) Death of a member. If a member applies for the purchase of service and dies prior to certification by the Board of the amount due for the service, the purchase of service shall be completed after the certification is made, by reducing the annuity benefit by the actuarial equivalent of the debt, including statutory interest; provided, in the case of nonschool service, the purchase does not negatively impact the present value.
(d) Retirement Code reference: Section 8325 of the Retirement Code.
Authority The provisions of this § 213.25 amended under the Public School Employees’ Retirement Code, 24 Pa.C.S. § § 8502(h) and 8507(d).
Source The provisions of this § 213.25 amended October 16, 1998, effective October 17, 1998, 28 Pa.B. 5226; amended May 10, 2002, effective May 11, 2002, 32 Pa.B. 2326; amended August 1, 2008, effective August 2, 2008, 38 Pa.B. 4083. Immediately preceding text appears at serial pages (288192) and (328581).
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