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SERS workshop: how service purchases, sick and vacation time affect retirement eligibility and payouts
Summary
SERS staff explained how members can buy optional service credit (including military time), how sick and vacation time convert to service credit or payout, and tax-advantaged payment options for purchases.
At a workshop for state employees, a State Employees Retirement System staff member explained the mechanics and implications of optional service purchases, how sick and vacation time affects service credit and insurance eligibility, and the payment methods available for buying service credit.
Why it matters: service purchases and benefit-time conversions can change a member's retirement eligibility date, increase a pension amount, and affect eligibility for employer-paid insurance and other retiree benefits.
Key points from the presentation: - Service purchase types and limits: members may request costs to buy back previously refunded service, military service (up to 48 months), or eligible leaves of absence. The presenter said,…
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