ERS Members May Purchase Service Credit
A member of the Employees Retirement System
(ERS) who has achieved the five-year vesting requirement may purchase
an additional period of creditable service by transferring funds
from another plan or account qualified under certain sections
of the Internal Revenue Code (i.e. a traditional IRA or a governmental
deferred compensation program).
The cost to purchase service, which can be quite
expensive, is actuarially determined based on years of City service,
years of service to be purchased, current age and salary, assumptions
regarding mortality, and assumptions regarding interest, pay increases,
and cost-of-living increases.
Members interested in purchasing service should
contact the Retirement System for additional information.
