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(a) The amount of the retroactive contributions for territorial service claimed under AS 14.25.105 equals the amount of the contributions that the member would have made to the system had the service been creditable at the time it was rendered.
(b) Compound interest at the prescribed rate shall be added to the retroactive indebtedness for the territorial service credit beginning July 1, 1980, or the date on which the member first attains 15 years of membership service, whichever is later.
History: In effect before 10/21/83, Register 93
Authority: AS 14.25.035
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Last modified 7/05/2006