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permissive service credit

Defined in 1 dictionary — U.S. Code

United States Code

26 U.S.C. § 415 — in this section (9 versions over time)

The term “permissive service credit” means service credit—

(i) recognized by the governmental plan for purposes of calculating a participant’s benefit under the plan,

(ii) which such participant has not received under such governmental plan, and

(iii) which such participant may receive only by making a voluntary additional contribution, in an amount determined under such governmental plan, which does not exceed the amount necessary to fund the benefit attributable to such service credit.