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School Purchase of Service Estimator
Out of State/Omaha Public Schools Service
You may purchase credit for public school service outside of Nebraska or in the Omaha Public Schools under these conditions:
You must be a regular employee contributing to the Plan.
Credit is limited to the amount of service forfeited, up to a maximum of 10 years.
Credit is limited to an amount equal to your total creditable service acquired in Nebraska upon termination.
You must pay the actuarial cost to the Plan for the additional service credit.
Full payment must be received
within five years
of your election to purchase service or prior to termination, whichever comes first.
You must provide proof of forfeiture of benefits in order to purchase service.
The service purchased will be used when calculating your retirement benefit, but the salary associated with the out of state service will not be used in the calculation.
Your out-of-state or Omaha Public School service must be verified before NPERS can provide a purchase cost to you.
12 Month Preretirement
You may purchase up to five additional years of service credit in contemplation of retirement. To qualify, all of the following conditions must be met:
You are a regular employee contributing to the plan.
If you joined the plan before July 1, 2014, you must have a minimum of five years of creditable service. If you joined the plan on or after July 1, 2014, you must have a minimum of ten years of creditable service.
At the time you purchase the service, you must have entered into a written agreement that you will retire within 12 months of the day of the agreement.
If you do not "retire", which means you do not leave the employment of the school and begin receiving benefits, within 12 months from the date of your service purchase agreement, the purchase will be cancelled and all payments returned, excluding any interest earned.
The cost of the service purchase is the actuarial cost to the Plan for allowing the additional service credit. This cost may be paid by the purchaser, the school district or may be shared between the two.
Payments must be completed prior to termination and retirement.
Estimates created by this purchase of service estimator are not official estimates, and they are provided for purposes of illustration and discussion only. Actual service purchase amounts will be determined by NPERS.
Results obtained from this estimator are not stored or tracked by NPERS. The plan member is solely responsible for all data entered.
The provisions of the School Employees Retirement Act, in all cases, supersede the information provided by this estimator.
By clicking "I Agree", you acknowledge you have read and agree to the above Terms and Conditions, and Disclaimer, and wish to proceed to the purchase of service estimator.