CalPERS Quick Tip: Service Credit Purchase


One way to increase your CalPERS pension is by purchasing service credit prior to retirement So, how does it work? We’re answering that question in today’s CalPERS Quick Tip

Service credit is the time on the job you’ve earned with a CalPERS-covered employer and is one of three factors that determine your pension amount As an active member, you might qualify to purchase additional service credit, thereby increasing your pension amount when you retire There are several different types of service credit Too many to mention them all in this short video For the specifics on each type, refer to our online resource, A Guide to Service Credit Purchase Options, available on our website

Another helpful resource is our Service Credit Cost Estimator which gives you a ballpark on purchase cost and how much of an increase you’ll see in your pension When you’re ready to move forward, contact us for an election packet to finalize your purchase You may choose the payment option that best fits your budget Pay in a lump sum, installments, or a combination of the two You also have the choice of using after-tax or pre-tax dollars

Unsure about whether or not a service credit purchase is right for you? You can learn more about service credit, purchase options, and eligibility by visiting calperscagov/servicecredit

Source: Youtube


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AJ

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