Get the free Purchasing Service Credit - STRS Ohio

SECTION 11 PURCHASING SERVICE CREDIT Contents PURCHASING SERVICE CREDIT ...........................................................................................1 Types of Purchasable Service.......................................................................................................1

How to fill out purchasing service credit

How to fill out purchasing service credit

1. To fill out purchasing service credit, follow these steps:
2. Gather all necessary documents, such as pay stubs or official service credit request forms.
3. Contact your employer's human resources department or the relevant pension office to obtain the required forms or information.
4. Fill out the forms accurately, providing all the necessary details, such as your name, employee identification number, and previous service details.
5. Attach any supporting documents required, such as proof of previous employment or military service records.
6. Review the completed forms carefully to ensure accuracy and completeness.
7. Submit the forms and supporting documents to the designated department or office as instructed.
8. Keep copies of all submitted documents for your records.
9. Follow up with the department or office to ensure your request is being processed and to get updates on the progress if necessary.

Who needs purchasing service credit?

1. Purchasing service credit is needed by individuals who want to enhance their retirement benefits or qualify for specific pension eligibility requirements.
2. Some common examples of people who may need purchasing service credit include:
3. - Public sector employees who want to add previous private sector employment towards their pension benefits.
4. - Military veterans who want to count their military service towards their pension benefits in a government job.
5. - Employees who had a temporary or part-time position and want to convert that service into pensionable service.
6. - Individuals who took a leave of absence from their employment and want to buy back that period to count towards their pension benefits.
7. - Workers who changed employers within the same pension plan and want to consolidate their service credits.
8. - Individuals who started working before they were eligible to join the pension plan and want to purchase credit for that period.
9. It is advisable to consult with your employer's human resources department or the relevant pension office to determine if you are eligible and how purchasing service credit can benefit you.

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What is purchasing service credit?

Purchasing service credit refers to the option for eligible members of a retirement system to 'buy' credit for previous service that was not originally eligible for retirement benefit calculations.

Who is required to file purchasing service credit?

Members of a retirement system who wish to apply for or purchase service credit are required to file for purchasing service credit.

How to fill out purchasing service credit?

To fill out purchasing service credit, members need to complete the necessary form provided by the retirement system and submit it with all required documentation.

What is the purpose of purchasing service credit?

The purpose of purchasing service credit is to increase the total years of service counted towards retirement benefits, which can result in a higher pension payout.

What information must be reported on purchasing service credit?

Members must report detailed information about the previous service they wish to purchase credit for, including dates of employment, pay details, and any relevant documentation.