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Rev. 05/2010 RICHMOND RETIREMENT SYSTEM (RRS) Section 78174 Purchase of Prior Service ELIGIBILITY: Retirement Code Section 78174 Purchase of Prior Service Any member in service who has completed five
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How to fill out purchase of prior service

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How to fill out a purchase of prior service:

01
Gather all necessary documentation: Begin by collecting any documents related to your prior service, such as pay stubs, retirement records, or proof of military service. These documents will help validate your previous employment and determine the amount of service credit you can purchase.
02
Contact your retirement system: Reach out to your retirement system's customer service department or visit their website to obtain the purchase of prior service form. This form may be available online or require a phone call or visit to their office.
03
Complete the form accurately: Fill in all required fields on the form, providing your personal information, current employment details, and specifics about your prior service. Double-check the form for any errors or missing information before submitting it.
04
Calculate the cost: Many retirement systems require a payment to purchase prior service credit. Use the instructions provided with the form or consult with your retirement system's customer service to calculate the cost accurately. Make sure to include any applicable interest or administrative fees.
05
Submit the form and payment: Once you have completed the form and calculated the cost, submit it along with the required payment to your retirement system. Follow their instructions regarding payment options, such as mailing a check or making an online payment.

Who needs purchase of prior service?

01
Employees with previous public service: Individuals who have worked in other public sector jobs, such as with a different government agency or school district, may choose to purchase prior service credit to increase their pension benefits.
02
Military veterans: Veterans who have served in the armed forces may be eligible to buy back their military service time and apply it towards their retirement benefits. This can help increase their pension payout upon retirement.
03
Employees with non-covered service: Some individuals may have worked in positions that were not covered by their retirement system, such as part-time or temporary employment. By purchasing this non-covered service, they can ensure that their full work history is considered for retirement benefits.
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Purchase of prior service is when a member of a retirement system chooses to buy credit for previous periods of service.
Any member of a retirement system who wishes to receive credit for previous periods of service is required to file purchase of prior service.
To fill out purchase of prior service, members must complete the necessary forms provided by the retirement system and submit any required documentation.
The purpose of purchase of prior service is to allow members to increase their total years of service credit, which can impact their retirement benefits.
Members must report details of the previous periods of service for which they are seeking credit, including dates of employment and any relevant documentation.
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