In many instances, the purchase of service credit can make a substantial difference for your final retirement allowance. Below is an example of two members, one who purchased service credit and one who didn’t.
CalPERS provides eligible members with the option to purchase many different types of service credit, including leaves of absence, military, redeposit of withdrawn contributions, and service prior to membership.
It’s easy to request a service credit purchase:
- Log in to myCalPERS, go to the Retirement tab and select Service Credit Purchase, followed by the Search for Purchase Options button.
- Complete a series of questions to help determine which service credit purchase types you may be eligible for.
- Request the cost for any available purchase options online.
Save money and purchase service credit early in your career because the cost will be lower as less interest has accrued on the service credit you want to purchase. The example below shows the cost of purchasing service credit sooner rather than later.
Learn more about service credit purchase types, eligibility, payment options, and how to estimate your cost and benefit increase by visiting our website and reading our Service Credit Purchase handout (PDF).
You can also find detailed information in our two service credit purchase publications: A Guide to Your CalPERS Service Credit Purchase Options (PUB 12) (PDF) and A Guide to Your CalPERS Military Service Credit Options (PUB 15) (PDF).