Pension Service Purchase
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.
Disclaimer: The accuracy of this calculator’s results depends on the accuracy of the variables you entered. This calculator provides an unofficial cost estimate of purchasing service and should be used for informational purposes only. If you are interested in purchasing service, contact WRS to obtain official cost information.
Service Purchase Benefit Impact
Use the WRS benefit calculator to calculate your benefit with the years of service you will have before the purchase and then calculate again with the years of service you would have after the purchase.
Potential Future Value of Money
In making a service purchase, you would be buying a monthly benefit for life once you reach retirement age, giving up flexibility with the money you use to make the purchase, such as return potential, flexible distribution options, or a balance to leave to your heirs.
Many financial calculators can calculate the future value of money, including MoneyChimp’s Future Value Calculator. Not sponsored or maintained by the Wyoming Retirement System. WRS cannot be held responsible for calculation errors caused by the calculator or the user.