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Air Time and Other Employment Service Time If a member elects to make a service purchase of credit not otherwise purchasable (“air” or “ghost” time) or other service or credit, he or she will be required to enter into a contract for payment (either by lump sum or installment). The contract must then be approved by the Board. Any member who has at least five years of service as a member of the fund may purchase up to four years of service. The amount required to purchase service is based on an actuarial formula that takes into consideration future salary levels, age of the member and age of a future beneficiary. Members interested in purchasing such “ghost” time may submit an application to the retirement office for an estimate of the purchase cost. Purchases may be made by making cash payment, rolling over funds from a 457 plan or other qualified retirement system or fund or by monthly installment payments. If payments are made by installment, the member's payments are adjusted annually to reflect the annual recalculation of the cost of purchasing service credit. Installment payments must be made through payroll deduction and may be made from one year to 20 years. |
