Purchasing Service Credit
Types of Purchasable Service CreditRestoration of Withdrawn Ohio Service Credit
Section 3307.71, Revised Code
Eligibility Requirements
You can restore withdrawn Ohio credit after accumulating at least
1.50 years of Ohio contributing service in any of the following Ohio retirement
systems after the date of withdrawal:
-
State Teachers Retirement System of Ohio (STRS Ohio)
-
Ohio Public Employees Retirement System (OPERS)
-
School Employees Retirement System (SERS)
-
Ohio Police & Fire Pension Fund
-
Highway Patrol Retirement System
If you are not a member of STRS Ohio and are eligible to purchase this service
with the Ohio Police & Fire Pension Fund or the Highway Patrol Retirement
System, you must purchase the service with that system.
Withdrawn Ohio service credit in a Defined Contribution Plan or Combined Plan is not eligible to be restored.
Maximum Credit
The maximum credit you can buy is the total withdrawn credit.
Certification
No certification is necessary for withdrawn Ohio credit. Contact us directly
by calling toll-free 1-888-227-7877 or e-mail us at ContactUS@strsoh.org
to request a cost statement. Please note that e-mail submissions on this site
are unsecured, so only include your name and the last four digits of your Social
Security number with your message.
Cost
The cost is the amount withdrawn plus 8% annual compound interest (subject to
change) from the date of withdrawal through the month of purchase.
Example:
Assume a member withdrew 7.00 years of service credit from STRS Ohio on Aug.
15, 1985, receiving a refund payment of $10,400.
To estimate the cost to restore 7.00 years of withdrawn STRS Ohio credit:
Using the table below, find the 8% annual compound interest factor for 24
years (1985 until 2009) and multiply it by $10,400.
6.34 x $10,400 = $65,936
Annual Compound Interest Factors
by Years |
| Years |
4% |
8% |
| 1 |
1.04 |
1.08 |
| 2 |
1.08 |
1.17 |
| 3 |
1.12 |
1.26 |
| 4 |
1.17 |
1.36 |
| 5 |
1.22 |
1.47 |
| 6 |
1.27 |
1.59 |
| 7 |
1.32 |
1.71 |
| 8 |
1.37 |
1.85 |
| 9 |
1.42 |
2.00 |
| 10 |
1.48 |
2.16 |
| 11 |
1.54 |
2.33 |
| 12 |
1.60 |
2.52 |
| 13 |
1.67 |
2.72 |
| 14 |
1.73 |
2.94 |
| 15 |
1.80 |
3.17 |
| 16 |
1.87 |
3.43 |
| 17 |
1.95 |
3.70 |
| 18 |
2.03 |
4.00 |
| 19 |
2.11 |
4.32 |
| 20 |
2.19 |
4.66 |
| 21 |
2.28 |
5.03 |
| 22 |
2.37 |
5.44 |
| 23 |
2.46 |
5.87 |
| 24 |
2.56 |
6.34 |
| 25 |
2.67 |
6.85 |
| 26 |
2.77 |
7.40 |
| 27 |
2.88 |
7.99 |
| 28 |
3.00 |
8.63 |
| 29 |
3.12 |
9.32 |
| 30 |
3.24 |
10.06 |
| 31 |
3.37 |
10.87 |
| 32 |
3.51 |
11.74 |
| 33 |
3.65 |
12.68 |
| 34 |
3.79 |
13.69 |
| 35 |
3.95 |
14.79 |
In this example, the cost to restore 7.00 years of withdrawn STRS Ohio credit
in July 2009 is approximately $65,936.
Withdrawn Service in OPERS or SERS
If you have withdrawn service from OPERS or SERS, contact those systems directly
for restoration requirements and costs:
Ohio Public Employees Retirement System
277 E. Town St.
Columbus, Ohio 43215-4642
Telephone: 1-800-222-7377
School Employees Retirement System
300 E. Broad St., Suite 100
Columbus, Ohio 43215-3746
Telephone: 1-866-280-7377
You may restore withdrawn OPERS or SERS credit through an STRS Ohio payroll
deduction plan if you meet all of the following criteria:
-
You are a former member of OPERS or SERS or you are inactive in those systems;
-
You have at least 18 months of service credit in one or more of the Ohio
public retirement systems; and
-
You are currently contributing to STRS Ohio.
For information concerning payroll deduction please contact STRS Ohio toll-free
at 1-888-227-7877 to request the Request for Restoration of OPERS or SERS
Credit in STRS Ohio Through Payroll Deduction form.
When retirement benefits are paid, the accounts in STRS Ohio, OPERS and SERS
can be combined. The benefit will be paid by the system in which the member
has the greatest service credit. Total service credit cannot exceed one year
in any STRS Ohio fiscal year.
Withdrawn Service in Ohio Police & Fire Pension Fund or Highway
Patrol Retirement System
If you have withdrawn service from the Ohio Police & Fire Pension Fund or
the Highway Patrol Retirement System, please refer to the Restoration
or Transfer of Service Credit Between STRS Ohio & Other Ohio Retirement
Systems section regarding how to purchase STRS Ohio credit for this service.
Ohio Police & Fire Pension Fund
140 E. Town St.
Columbus, Ohio 43215-5164
Telephone: 1-888-864-8363
Highway Patrol Retirement System
6161 Busch Blvd., Suite 119
Columbus, Ohio 43229-2553
Telephone: 1-800-860-2268
Accounts with Ohio Police & Fire Pension Fund or Highway Patrol Retirement
System cannot be combined with STRS Ohio accounts at retirement. However, accounts
may be transferred from those systems to STRS Ohio at any time before retirement.
Please call us toll-free at 1-888-227-7877 for more information.
