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.".