Ipers Buy Back Direct

Purchasing service credit is a strategic financial move for many public employees because IPERS benefits are calculated using a formula based on your years of service and your highest average salary. By "buying back" time, you effectively increase the "years of service" variable in that formula, leading to a higher monthly pension for life.

: Typically, you must be a vested member to make a service purchase. Vesting generally requires seven years of service or reaching age 65 while in covered employment. ipers buy back

: Some specific purchases, such as nonqualified service, require you to have at least 20 quarters (5 years) of existing service credit. Purchasing service credit is a strategic financial move

: Service purchases must generally be completed before you receive your first retirement check. Vesting generally requires seven years of service or

: In some instances, such as specific legislative provisions, the member may pay a percentage (e.g., 40%) while the state covers the remainder, though many standard buy-backs require the member to pay the full actuarial cost. 3. Critical Deadlines