Non-Military Service Buy Back
You may buy back retirement service credit for full or part-time public service performed before joining the retirement plan. The types of services that can be purchased include but not limited to:
- Pre-member service,
- Tier reinstatement (prior membership portion only) and
- Military service.
The buy back of such service does not change your retirement plan membership date.
Legislation enacted in October 2000 eliminates the "continuous service" requirement for buying back time and allows Tiers II, III and IV members of NYCERS to purchase retirement service credit for public service performed before becoming a member. (Operating employees in the Tier 4 Transit 25/55 Plan opting to purchase credit should check with Employee Benefits about how this law will affect their retirement benefits.)
A member is eligible to obtain retirement credit for previous public service rendered anywhere in New York State:
- If such service would have been credited in any public employee retirement system in New York State.
- If the individual has been a member of such system at the time the service was rendered.
You may file a request to buy back service once you are a member of the retirement system. Two years of Membership Service is required before purchased service is credited to you.
Ways in which you can pay for service:
- Lump sum payment
- Payroll deductions
- Direct transfer from 457 Deferred Compensation Plan funds.
(Employees who are interested in using their 457 Deferred Compensation funds for this purpose should call FASCORP directly at 1-866-MTA-PLNS (1-866-682-7567) for details.) You may not use 457 funds to cover the cost of pension contribution shortages such as, Workers’ Compensation and Short Term Disability.
Forms to purchase service buy back can be obtained from Employee Benefits, located at 180 Livingston Street, Room 6008 or NYCERS, located at 340 Jay Street. An Employee Benefits Representative must certify these forms.
If you have additional questions regarding service buy back, please contact
Shana Ricketts at (347) 643-8385,e-mail shana.ricketts@nyct.com
or Ed Boden at (347) 643-8387, e-mail edboden@nyct.com
