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Prior to Service Purchase
What You Need To Know
You can transfer funds from your deferred compensation accounts to pay for a prior service purchase in a
qualified retirement system. Both deferred
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How to fill out prior service purchase
How to fill out prior service purchase
01
Contact your HR department to request a prior service purchase form.
02
Fill out the form with your personal information and details of your prior service.
03
Submit any required documentation, such as old pay stubs or proof of employment, with the form.
04
Wait for confirmation from your HR department regarding the acceptance of your prior service purchase request.
05
If approved, make the necessary payment to complete the prior service purchase.
Who needs prior service purchase?
01
Individuals who have worked for an employer in the past and want to apply that service towards their current benefits eligibility.
02
Employees who want to increase their years of service for retirement benefits or other pension plans.
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What is prior service purchase?
Prior service purchase refers to the process of buying back previous years of service in a retirement plan to increase the total years of credited service.
Who is required to file prior service purchase?
Employees who have previously worked for the same employer or in the same retirement plan and want to increase their total years of credited service are required to file prior service purchase.
How to fill out prior service purchase?
To fill out prior service purchase, employees need to submit a form to the retirement plan administrator with details of their previous years of service and any necessary payment.
What is the purpose of prior service purchase?
The purpose of prior service purchase is to increase an employee's total years of credited service in a retirement plan, which can lead to higher benefits or an earlier retirement date.
What information must be reported on prior service purchase?
Employees must report details of their previous years of service, such as dates of employment and any relevant payment information.
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