CalPERS Additional Retirement Service Credit Application Deadline 12/31/12
This is a reminder that as of January 1, 2013, purchase of Additional Retirement Service Credit (non-qualified service credit) will not be an option for CSU employees. The ability to purchase this type of service credit is eliminated as the result of Assembly Bill 340 (Public Employee Pension Reform Act of 2012), unless the employee submits an application to CalPERS prior to 1/1/13.
If you are an active CalPERS member with at least five years of service credit and are interested in purchasing Additional Retirement Service Credit, you must submit your application by December 31, 2012 to be eligible to purchase this service credit. You cannot purchase this service credit if you are an inactive member or already retired.
Currently, eligible CalPERS members can purchase Additional Retirement Service Credit in increments of one year, up to five years that can be used toward retirement. This type of service credit is defined as non-qualified service credit and is not based on actual employment. To clarify, "Air-time" purchased cannot be used to qualify employees for retirement, health or dental benefits vesting.
To estimate your cost and retirement benefit, please use the Service Credit Cost Estimator and the Retirement Estimate Calculator. The cost is based on your current pay rate, the amount of service credit you are eligible to purchase and the amount needed to fund your future retirement benefits. If you wish to purchase this service credit, print the estimate results page and attach it to the Additional Retirement Service Credit Request Form located in the service credit cost estimator page.
Please read additional information on purchasing Additional Retirement Service Credit here. If you have any questions, please contact Human Resources at ext. 4426 or contact CalPERS at 1-888-225-7377.