(a) An active member of the Arkansas Local Police and Fire Retirement System shall be entitled to purchase credited service in the system equivalent to a period not to exceed fifteen (15) years if the member:

(1)

(A) Has at least five (5) years of actual service with the system.

(B) A member hired on or after July 1, 2013, shall accrue ten (10) years of actual service in order to be eligible for purchase under this section;

(2) (A) Had service:

(i) With a local government covered by a municipal policemen's pension and relief fund under § 24-11-401 et seq. or a municipal firemen's relief and pension fund under § 24-11-801 et seq.; or

(ii)

(a) As a public safety officer or law enforcement officer in an agency for which the service as a public safety officer or law enforcement officer was not covered by the system.

(b) As used in this section, "service as a public safety officer" includes paid service with a municipality that has police officers or firefighters covered under a policemen's pension and relief fund or a firemen's relief and pension fund where the member performed services as a cadet.

(B) Service that is or will be eligible for benefit payment from another plan shall not be eligible for purchase under the system; and

(3) Contributes to the system an amount that is the actuarial equivalent of the value of the credited service to be purchased. This actuarial equivalent would be as of the time of the purchase of credited service and would be determined by the actuary to the system.

(b) The Board of Trustees of the Arkansas Local Police and Fire Retirement System may make the final determination as to:

(1) The length of purchased service credit;

(2) The amount of regular interest to be charged; and

(3) The manner in which payment will be made to the system.

(c) Service credit purchased under this section may be used to determine the member's total credited service for the amount upon retirement and shall not be used to determine his or her final average pay for service under the system.