Purchasing Credit

There are different types of credit that you may be eligible to purchase. If you were on military, sick or maternity leave, or had a break in your covered employment when you worked elsewhere, you may be eligible to purchase credit for that time. Each type of credit purchase has its own eligibility requirements. Detailed information can be obtained from PSRS.

You may be eligible to purchase additional credit if:

• You have at least one year of earned credit with PSRS, and have PSRS-covered employment after the period of employment, leave or service you wish to purchase.
• You have not yet retired with PSRS.
• You file the appropriate purchase application.

Filing a purchase application does not create a contractual obligation on your part to complete payment, but the application will remain open until paid in full or your membership ends due to retirement, account refund or death.

Basic credit purchase rules:

• You can purchase most types of credit in increments as small as one, one hundred thousandth (0.00001) of a year.
• The total of most types of credit purchased cannot exceed all earned credit on record with PSRS at termination of membership. Membership is terminated by retirement, account refund or death.
• Purchased credit counts towards vesting except supplemental credit and credit for Social Security-covered employment.
• You cannot have credit with any other retirement system for employment, leave or service purchased with PSRS, except Social Security and military pensions.
• Any application to purchase credit must be filed with PSRS and paid in full before retirement.
• The cost for any credit for which you have applied, but not yet paid, as of September 30 of each year is recalculated each October based upon your highest annual salary on record and the current contribution rate as of July 1.
• If you do not complete payment prior to retirement, account refund or death, porportional credit is granted based on payments already made.
• Applications to purchase credit cannot be cancelled or changed.
• You cannot have more than one year of credit for any school year.

Because of complex eligibility requirements, applications for a few types of credit purchases and transfers are not found on this website. You can request a copy of any purchase application by contacting us.

Credit Purchase Calculator
Purchase Applications
Rollover/Transfer Certification Form and Information Sheet

Brochure: Purchasing and Reinstating Credit