Purchasing Service Credit

You may be eligible to purchase additional service credit if:

You have at least one year of PEERS membership service credit, and have PEERS-covered employment after the period of service you wish to purchase;
You have not yet retired with PEERS;
You file the appropriate credit purchase application; and
You meet the statutory requirements

Filing a credit purchase application does not create a contractual obligation on your part to complete payment, but the application will remain open until paid in full or your membership terminates due to retirement, withdrawal or death. Application and payment can be made at any time, but are required prior to your PEERS retirement date.

Multiple applications to purchase credit can be filed, as long as no two applications are for the same period of time.
Most types of credit can be purchased in increments of as little as one-tenth (0.1) of a year.
Purchased credit will count toward the five-year requirement to reach vested status with PEERS, except for supplemental credit and some types of purcahses of credit for Social Security-covered employment and some types of purcahses of credit for Social Security-covered employment.
In most cases, the total of all types of credit purchased with PEERS cannot exceed all earned credit on record with PEERS at termination of membership (retirement, withdrawal or death).
You cannot have credit with any other retirement system for service purchased with PEERS (excluding Social Security and military pensions).
The purchase application will have any remaining credit elected to purchase but not paid for recalculated each fiscal year using the contribution rate in effect and your highest salary rate on record.
Applications to purchase credit cannot be rescinded or changed unless otherwise authorized by law.

Most purchase types are calculated using the basic cost calculation. The exceptions to this calculation are: reinstatements, unpaid sick leave or workers' compensation leave, and uniformed service under USERRA.

Purchase Applications

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	Purchasing Service Credit You may be eligible to purchase additional service credit if: You have at least one year of PEERS membership service credit, and have PEERS-covered employment after the period of service you wish to purchase; You have not yet retired with PEERS; You file the appropriate credit purchase application; and You meet the statutory requirements Filing a credit purchase application does not create a contractual obligation on your part to complete payment, but the application will remain open until paid in full or your membership terminates due to retirement, withdrawal or death. Application and payment can be made at any time, but are required prior to your PEERS retirement date. Multiple applications to purchase credit can be filed, as long as no two applications are for the same period of time. Most types of credit can be purchased in increments of as little as one-tenth (0.1) of a year. Purchased credit will count toward the five-year requirement to reach vested status with PEERS, except for supplemental credit and some types of purcahses of credit for Social Security-covered employment and some types of purcahses of credit for Social Security-covered employment. In most cases, the total of all types of credit purchased with PEERS cannot exceed all earned credit on record with PEERS at termination of membership (retirement, withdrawal or death). You cannot have credit with any other retirement system for service purchased with PEERS (excluding Social Security and military pensions). The purchase application will have any remaining credit elected to purchase but not paid for recalculated each fiscal year using the contribution rate in effect and your highest salary rate on record. Applications to purchase credit cannot be rescinded or changed unless otherwise authorized by law. Most purchase types are calculated using the basic cost calculation. The exceptions to this calculation are: reinstatements, unpaid sick leave or workers' compensation leave, and uniformed service under USERRA. Purchase Applications