Credit for Waiting Time

When you retire, you can receive credit for your waiting period(s). If you have more than one waiting period, you may be able to purchase credit for one or more of those waiting periods.

To purchase your waiting time credit, you must:

·

have at least 10 years of combined creditable serviceClosed Any period of time in which a participating public employer pays an active member a salary and the active member or the employer on the member's behalf pays contributions to PERS. For purposes of computing years of creditable service, full months and major fractions of a month are considered to be one-twelfth of a year and are added to all full years. One month of creditable service is earned for each major fraction of a month served. Creditable service includes all retirement credit received by a member. and prior service under PERS,

·

apply to purchase the waiting time credit in a format acceptable to PERS,

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purchase the credit within the 90-day period before your effective date of retirementClosed The first day of the month following the last day a member (1) worked, was on vacation, or was paid sick leave, or (2) the first of the month a member files his or her application for benefits, whichever is later., and

·

make the purchase in one payment. The payment must equal the contributions you and your employer would have made had you been a member during that period.

Contact Customer Service if you are interested in this credit and believe you qualify.

 

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