CERF Pension Plan
Buying Back Your Service Credit
For any period of employment in which
you may have forfeited, you have 60 days after your rehire date to
notify CERF if you want to repurchase that service. The CERF
Administrative Office can advise you of the cost to purchase the
service. You can purchase the service with a single payment or elect
to have monthly installments deducted from your paycheck. Whether a
single payment or monthly installments, these payments are made on
an after-tax basis and will not reduce your taxable income.
If you terminate employment before you
finish buying back a period of service, you will receive credit for
the period only if you make a lump-sum payment for the unpaid
balance within 60 days of your termination date. If you die before the balance is satisfied, your spouse
will have the opportunity to make a lump-sum payment on the
outstanding balance.
If you leave employment before you
become vested, and after 30 days are rehired by a county into an eligible
position, you will have to complete eight years of continuous
service from your date of rehire to be eligible for a retirement
benefit from CERF. However, if you terminate employment with the
county and are rehired in an eligible position by the same or
different participating county within 30 days, your service will be
treated as continuous and your original hire date will be the date
used when determining your eight years of vesting. |
