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PURCHASE OF SERVICE CREDIT TRANSFER Participants may use all or a portion of their Ohio Deferred Compensation (Ohio DC) account balances as a direct trusteetotrustee transfer to a governmental pension
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How to fill out purchase of service credit

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How to fill out purchase of service credit

01
Contact your employer's human resources department or benefits office to inquire about purchasing service credit.
02
Obtain the necessary forms and information regarding the cost and eligibility requirements.
03
Fill out the forms accurately, providing all requested information and documentation.
04
Submit the completed forms and payment for the service credit to the appropriate office or department.
05
Follow up with your employer to ensure the purchase has been processed and credited towards your retirement benefits.

Who needs purchase of service credit?

01
Individuals who have gaps in their employment history and want to increase their retirement benefits.
02
Employees who are eligible to purchase service credit according to their pension plan guidelines.
03
Those looking to boost their pension benefits by purchasing additional years of service credit.
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Purchase of service credit refers to the option available for employees to buy additional service credits in a pension system, which can enhance their retirement benefits.
Employees who wish to obtain additional service credits within their pension plan must file for the purchase of service credit.
To fill out the purchase of service credit, individuals should obtain the appropriate form from their pension plan, complete the required personal and employment information, specify the amount of service credit being purchased, and submit any necessary documentation along with payment.
The purpose of purchasing service credit is to allow employees to increase their total years of service for retirement calculations, potentially leading to higher pension payouts.
Information that must be reported includes personal details, employment history, the specific periods of service being purchased, and payment details.
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