Military Service Buy Back
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You may buy back up to three years of military service. Active military service for which you are seeking credit must have been rendered during periods of war defined in the Federal Uniform Services Employment Re-employment Right Act, or during hostilities participated in by U.S. Military Forces: Periods of War: Military Conflict: Periods of Hostilities: Eligibility Requirements Military time can be used to meet retirement plan minimum service requirements. You may buy back military service before you have five years of Credited Service, however, this time will not be credited to your retirement plan account until you have five years of Credited Service. Please note: While military service will be used in calculating future pension benefits, the purchase of such service will not change your original retirement plan membership date. Eligibility Requirements You must: • Have been honorably discharged. (Attach a copy of your United States
Military form DD214 to your application). Cost of Purchase The cost to purchase military service credit is based on 3% of earnings during the 12-month period immediately proceeding the date your application was filed. The cost of purchased military service will not be refunded if the you leaves service before vesting. Ways in which you can pay for service: • Lump sum payment Note: NYCERS Military Form references Prudential for direct transfer, please send request for direct transfer to FASCORP. The NYCERS form is being updated. Application to Purchase An application to purchase military service credit must be completed and acknowledge before a Notary Public or Commissioner of Deeds and must be forwarded to the appropriate retirement systems. NYC Transit employees should forward form to NYCERS located at 340 Jay Street, Mezzanine Level, Brooklyn, NY 11201. MaBSTOA employees should forward form to Employee Benefits, 180 Livingston Street, Room 6008, Brooklyn, NY 11201. Upon completion of processing your claim for military service, NYCERS or MaBSTOA Employee Benefits (whichever is applicable) will send you a letter advising you of the cost. If a lump sum payment is not received within 30 days from the date of the lump sum notification letter, payroll deductions will automatically commence. NYCT & MaBSTOA employees can obtain a form to purchase military service credit by clicking one of the links below NYC Transit Application To Purchase Credit For Military Service or from:
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