Section 3.04 - Payment for Purchase of Creditable ServiceOn and after January 1,2002, a member authorized by law to purchase creditable service may make payment for the purchase of such service to the Board in or in a combination of:
(a) a lump sum purchase, including an eligible rollover distribution as defined by 26 I.R.C. § 402 (c)(4), other than the portion of such distribution that is not included in gross income;(b) installment payments over a period not exceeding five years; and (c) a trustee-to-trustee transfer of assets from a 26 I.R.C. § 403(b) annuity or a 26 I.R.C. § 457 plan. Any combination of forms of payment or trustee-to-trustee transfer of assets shall be subject to the limitations of applicable law, and such conditions, proofs, or acceptances as the Board or its designee may from time to time deem appropriate. Amended by Mass Register Issue 1455, eff. 10/29/2021.