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  • Retirement transfer

    I did a search and couldn't find a post related to this...

    Do you know of any departments that will transfer years of service for retirement? Could be anywhere in US. tks

  • #2
    Retirement Transfer

    Originally posted by NCpop View Post
    I did a search and couldn't find a post related to this...

    Do you know of any departments that will transfer years of service for retirement? Could be anywhere in US. tks
    Most retirement systems require both employee and employer contributions. In the event you left the job you could recieve the funds which YOU contributed to the system, but not the employer's contribution. Some Retirement systems(Alabama) will permit an employee to "purchase" up to four years of military service, or purchase time lost due to broken service. Various systems have varying rules in place, and some may allow you to purchase additional years of service, creditable to retirement,with the personal funds you recieved upon leaving employment of one department. This could be the reply you're looking for, but I suggest you thoroughly research this subject before making any decisions.

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    • #3
      In California, most agencies contract either with the state or county retirement systems. Each has reciprocity with the other so all of your service time counts, provided it was worked under either of those two systems. You can bounce from agency to agency and the total number of years worked will count for your final retirement. In addition, if you are under the state retirement system you can buy up to four years of service credit for time spent in the military and up to three years of service credit for time spent in the Peace Corps, VISTA, or AmeriCorps. While credit is not given for time spent working under any other retirement systems, you can buy up to five years of service credit just because you want to enhance your pension.

      I worked for three agencies in my career. I spent just under a year with the first department, just under 22 years with the second and just under 10 years with the third. In addition, I purchased five years of extra service credit, so when I retired, my pension was based on 37.75 years of service.
      Going too far is half the pleasure of not getting anywhere

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