Prior service may be purchased during active membership after accumulating 5 years of membership service provided no more than a total of 5 years is purchased during the entire membership. After prior service is purchased, the member must work an additional number of years equal to those of the buy-back for the prior service years to count as service credit. An example: after five years of membership a member claims and pays for five years of prior service. For the five years of prior service to count the member must work an additional five years after the date of payment for prior service. Payment for the prior service must be made in a lump sum at the rate of current regular monthly dues with interest of 10% compounded from the ending date of the prior service which is being purchased.
Call our office for the calculations which apply to your situation. Our staff will be glad to send out personalized calculations with the required paperwork to help you make your purchase.
PLEASE NOTE: The purchase of prior service DOES NOT count towards the time required to be vested in the Fund. You must still be an active member for a minimum of 10 years (if joined prior to June 30, 2010) or 15 years (if joined after July 1, 2010) from the date you join. The time bought back as prior service will be added to that time to increase the pension.