Procedures for purchase of creditable service.
New Orleans City Code § 114-113
in effectSec. 114-113. - Procedures for purchase of creditable service.
A. Creditable service shall be purchased by payment of a single-sum, or over such longer period as the trustees deem appropriate, from time to time; provided that a member shall be permitted to purchase creditable service for any period of qualified military service periodically, over a period of not less than five years.
B. As a condition of the purchase of creditable service hereunder and except as provided in section 114-112 hereof, a member shall be required to pay to the system actuarial interest accrued on any member contributions required hereunder, at the rate determined by the trustees, except that interest with respect to the purchase of service in the armed forces shall not exceed four percent.
C. Contribution compensation for purposes of the purchase of creditable service hereunder shall be the rate of such compensation in effect at the time or immediately preceding the date or dates on which such service was rendered, or, with respect to military service before employment by an employer hereunder, the rate of such compensation in effect at the time such employment commenced.
D. The board may, but shall not be required, to accept a rollover from a member in consideration of the purchase of creditable service hereunder, provided that such rollover satisfies all of the following conditions:
1. The proceeds of such rollover shall be attributable to a period of participation in the system, another qualified governmental plan within the meaning of Tax Code Section 401(a), an eligible governmental plan within the meaning of Tax Code Section 457(b) or a tax deferred annuity within the meaning of Tax Code Section 403(b).
2. The amount of any rollover shall not exceed the amount necessary to purchase creditable service hereunder.
3. No portion of the proceeds of the rollover shall consist of after-tax contributions.
4. Any rollover shall be made in the form of a direct transfer from a trustee or custodian of a plan, account or annuity to the system.
5. As a condition of a rollover hereunder, the board may request such documents as it deems necessary; the board may adopt such additional procedures or require such additional certifications as it deems necessary or appropriate.
(M.C.S., Ord. No. 26460, § 2, 6-18-15)
Source: City of New Orleans, Code of Ordinances and Home Rule Charter (Municode Library, library.municode.com)URL: https://library.municode.com/la/new_orleans/codes/code_of_ordinances?nodeId=PTIICO_CH114PE_ARTIIIRESY_DIV4CRSE_S114-113PRPUCRSEFetched: 10/28/2026