The Service Purchase benefit allows active members of the ASRS, and members who are receiving benefits under the ASRS Long Term Disability Income Plan, to buy past credited service time under specific qualified categories. Adding additional service credit may increase your monthly lifelong benefit and/or qualify you for retirement at an earlier date.
A request for service purchase must be initiated prior to termination of employment. The online Service Purchase Estimators below may be used to calculate a cost estimate of purchasing the various service types.
Important Notice: The rate used by the ASRS to calculate Actuarial Present Value - the cost paid by the member - for Service Purchase is changed from 8 percent to 6 percent. The effect of this will be to both better reflect current interest rates as well as the volatility absorbed by the trust fund for the service being purchased and added into the member's account. The cost to the member to purchase service will be more expensive by this change for new service purchase applications received by the ASRS on or after July 1, 2013.
Members may initiate the process online using the Service Purchase Request Wizard below.
Note: A member must have 5 years of credited service before initiating a Service Purchase request, except for previously forfeited service. Also, the amount of service credit a member may purchase is limited to 5 years per type of service, except for previously forfeited service. Members may not purchase service time for which they are receiving, or are eligible to receive, other retirement benefits.