Get the free PURCHASE OF SERVICE CREDIT TRANSFER - ohio457org

PURCHASE OF SERVICE CREDIT TRANSFER Participants may use all or a portion of their Ohio Deferred Compensation Program account balances as a direct trusteetotrustee transfer to a governmental pension

How to fill out purchase of service credit

How to fill out a purchase of service credit:

1. Start by obtaining the necessary forms from your employer or retirement system. These forms typically include a purchase of service credit application and a payment calculation form.
2. Complete the purchase of service credit application form by providing personal information such as your name, address, and contact information. You may also need to include your current employment details and the period of service you wish to purchase.
3. Fill out the payment calculation form, which is used to determine the cost of purchasing the service credit. This form usually requires you to specify the type of service credit you want to purchase (e.g., military service, prior public service, or leave of absence) and provide information about your salary, date of hire, and other relevant details.
4. Calculate the payment amount by following the instructions on the payment calculation form. This may involve determining the number of months or years of service you want to purchase and multiplying it by the cost per month or year as specified by your retirement system.
5. Double-check all the information you have provided on both forms to ensure accuracy and completeness. Make sure to sign and date the forms where required.
6. Submit the completed forms along with any necessary supporting documents, such as military service records or prior employment documentation, to your employer or retirement system. Follow any specified submission instructions and keep copies of the forms for your records.
7. Wait for confirmation or further instructions from your employer or retirement system regarding the acceptance and processing of your purchase of service credit application. This may include information on payment options, deadlines, and any additional documentation required.

Who needs purchase of service credit?

1. Employees who have periods of qualified service that are not yet included in their retirement calculations may need to purchase service credit. This could include military service, prior public service, or periods of leave of absence.
2. Individuals who want to increase their overall service credit to qualify for retirement benefits at an earlier age may also choose to purchase service credit.
3. Employees who wish to enhance the value of their retirement benefits by increasing their years of service and, consequently, their retirement allowance may find purchasing service credit beneficial.

For pdfFiller’s FAQs

What is purchase of service credit?

Purchase of service credit is a way for employees to increase their retirement benefits by buying additional years of service.

Who is required to file purchase of service credit?

Employees who wish to increase their retirement benefits by buying additional years of service are required to file purchase of service credit.

How to fill out purchase of service credit?

To fill out purchase of service credit, employees need to complete the necessary forms provided by their retirement system and submit any required documentation.

What is the purpose of purchase of service credit?

The purpose of purchase of service credit is to allow employees to enhance their retirement benefits by increasing the total years of service used in calculating their pension.

What information must be reported on purchase of service credit?

Employees must report the amount of additional service credit they wish to purchase, the cost of purchasing the service credit, and any relevant personal information.

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