How to Purchase
Remember, you must be an active member to purchase service credit.
Note: Active members hired before July 1, 2010 and still participating in the defined benefit pension plan who intend to initiate a service credit purchase must ensure the full payment for the amount of service they wish to buy or a fully completed tax-deferred payment agreement is received in our office by 5:00 p.m. EDT,
Here we will provide you with the specifics on how to initiate a service credit purchase and the three ways to pay for the service credit.
Before you begin the process of purchasing service credit, be sure to do the research and find out what types are available for you to purchase.
The following steps are a general guideline for purchasing service credit.
1. Ask for an Application or a "Bill"
If you're seeking to purchase UBI (universal buy-in) service credit, you don't need to complete an application form. Simply log in to miAccount to request a Member Billing Statement.
If you're seeking a repayment of refunded contributions, contact ORS through miAccount's secure Message Board to request a Member Billing Statement. While there you can evaluate the cost and payback period for the purchase before deciding to proceed. Be sure to specify that you want to repay a refund, and give us your approximate dates of employment for the refund period along with your full name and address.
For all other service credit types, you'll start with one of the application forms found under Forms and Publications. ORS will review your records upon receiving the completed application and any required documentation. We will check your eligibility and determine if the credit has no cost or if a purchase is necessary. If the credit has no cost, you will receive a letter stating the service credit type and amount being credited to your account. If the credit has a cost you will receive a Member Billing Statement.
The Member Billing Statement outlines the type of service credit you can purchase, how much, the cost, and the due date. Although it is called a billing statement, you're not obligated to buy the service credit, nor are you obligated to purchase by the due date shown. However, if you don't purchase the service credit reflected on your "bill" before the due date, you will have to request another billing statement with updated cost information if you wish to make the purchase.
When we mail your Member Billing Statement, we'll send along instructions and forms you may need to initiate your purchase.
Remember, service credit purchases can never be initiated or granted after you have terminated your public school employment, or if you've switched to the Defined Contribution (DC) retirement plan.
2. Decide how you want to pay for the purchase and follow the instructions.
Follow the instructions to initiate the purchase. Your purchased service will be credited to you when the purchase is paid in full.