Tier One and Tier Two members who are eligible to purchase service time can do so using pre-tax dollars from a 457 governmental-deferred compensation plan like the Oregon Savings Growth Plan (OSGP) or a 403(b) tax-sheltered annuity. Service time purchases include:
Trustee-to-trustee transfers can take months to complete so it is best to contact your financial institution well in advance of retirement to discuss the time restraints and criteria associated with the type of purchase you wish to make.
Click the Form button below or contact PERS Customer Service to set up a trustee-to-trustee transfer.
You are responsible to ensure the transfer is received by PERS during the time period permitted for the purchase. You must arrange the transfer with your financial institution so the dollars are received by PERS within the appropriate time period, generally the 90 days prior to your retirement date, and in very few instances up to 90 days after your retirement date depending on the type of purchase. If you are making multiple purchases, the time period may differ with the purchase. For specific information on the time period during which any specific purchase must be made, click on the links above to find the requirements for each credit.
Time periods during which purchases can be made are established by statute; PERS cannot accept purchases made outside those periods. Transfers or payments received outside the permitted time periods will invalidate the purchase, and PERS will return the funds to the originating source. PERS strongly recommends you plan for your transfer to be received by PERS in the 90-day period preceding your retirement date.
You must also submit to PERS a signed purchase agreement and remit the remaining balance of the purchase cost (if any) not covered in the trustee-to-trustee transfer. As with the transfer, the purchase agreement and the remainder of the purchase cost, if any, must be received during the time period permitted for that purchase.