In many WRS Pension Plans, currently employed, vested members have a one-time opportunity to purchase up to five years of qualified service. Honorably discharged veterans may purchase an additional three years (8 years total).
A service purchase counts as service credit, increasing your benefit and potentially moves you closer to retirement eligibility in some plans.
Use the calculator below to obtain a ballpark estimate of the cost to purchase service credit. Be sure to choose the correct pension plan from the drop down menu in the first field.
A service purchase must be made in a lump sum. You may use a non-taxable rollover of assets from other qualified pre-tax retirement savings vehicles, such as 401(k), 403(b), 401(a), 457 or traditional IRA plans, to make this purchase. If you are interested in purchasing service, contact WRS to obtain official cost information and start the service purchase process. It is up to you to assess whether a service purchase is in your best interest. WRS cannot give financial, tax or legal advice.
