School Purchase of Service Estimator

Out of State/Omaha Public Schools Service

• 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 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.

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