115.8. The employee may be credited with all or part of the years and parts of a year of service not credited under this plan pursuant to section 115.7 by paying to the Commission the difference between the actuarial values concerned for each such years and parts of a year of service. The amount to be paid by the employee shall bear interest, compounded annually, at the rates determined, for each period, under this Act and running from the date on which the actuarial values are established to the date of the redemption proposal made by the Commission.
The sum established under the first paragraph is payable in a lump sum or by instalments spread over the period and payable at the times determined by the Commission. If it is paid by instalments, it bears interest, compounded annually, at the rate provided for in Schedule VII in force on the date on which the application is received, computed from the date on which the redemption proposal made by the Commission expires.
1987, c. 107, s. 190; 1990, c. 87, s. 67; 2002, c. 30, s. 53.