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Purchase of service credit. Amends the provision allowing public employees' retirement fund (PERF) and state teachers' retirement fund (TRF) employers to buy service credit for their employees to specify that in the case of a school corporation that buys service credit for employees with at least 25 years of service, the school corporation may: (1) pay for the service credit through periodic payments over not more than ten years; and (2) make the payments to PERF or TRF through deductions from tuition support payable to the school corporation from the state.
