Reinstating Service Credit
If you were previously a PEERS member who ended your membership by withdrawal and are again serving in PEERS-covered employment, you may elect to reinstate credit forfeited when your previous
membership(s) ended. You can apply to reinstate a portion or all of your forfeited service. Filing a reinstatement application does not create a contractual obligation on your part to complete payment. The application will remain open until paid in full or your membership terminates due to retirement, death or withdrawal.
To regain the credit, you must repay the amount(s) refunded when your previous membership(s) terminated, plus interest (currently 8%) accruing monthly and compounded annually from the refund date(s) to the final payment date. If you wish to reinstate your forfeited credit, application and payment can be made at any time, but are required prior to your PEERS retirement date. If you do not complete payment prior to retirement, withdrawal or death, proportional credit will be granted based on payments already made.
Reinstatement applies only to previously-forfeited PEERS credit and is calculated differently than purchases of credit. Typically, reinstatement of credit is more cost-effective than the purchase of other credit.
