based on the age of the individual at the time the individual
actually makes a contribution for the service credit and
computed to result in a contribution amount that
approximates the actuarial present value of the benefit
attributable to the service credit purchased.
(C) The number of months of service credit the individual intends to purchase.
(2) Contributions for any accrued interest, at a rate determined by the actuary for the fund, for the period from the individual's initial membership in the fund to the date payment is made by the individual.
(d) The following apply to the purchase of service credit under this section:
(1) The board may allow an individual to make periodic payments of the contributions required for the purchase of service credit. The board shall determine the length of the period during which the payments must be made.
(2) The board may deny an election for the purchase of service credit if the purchase would exceed the limitations under Section 415 of the Internal Revenue Code.
(3) An individual may not claim the service credit for the purpose of computing benefits unless the individual has made all payments required for the purchase of the service credit.
(4) To the extent permitted by the Internal Revenue Code and applicable regulations, an individual may purchase service credit under this section by a rollover distribution to the fund from any of the following:
(A) A qualified plan described in Section 401(a) or Section 403(b) of the Internal Revenue Code.
(B) An annuity contract or account described in Section 403(b) of the Internal Revenue Code.
(C) An eligible plan that is maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state under Section 457(b) of the Internal Revenue Code.
(D) An individual retirement account or annuity described in Section 408(a) or Section 408(b) of the Internal Revenue Code.
(e) In addition to the contributions required under subsection (c), for the election described in subsection (b) to be effective, an individual who received a lump sum distribution from the fund under IC 5-10.2-3-6 must repay to the fund, in the manner and with interest at a rate determined by the board, the lump sum distribution received under IC 5-10.2-3-6.".