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Is it legally possible to purchase pension credits outright or from an


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Guest Argosos
Posted

Hello:

I WOULD LIKE TO KNOW IF IT IS LEGALLY POSSIBLE TO PURCHASE PENSION CREDITS OUTRIGHT OR FROM ANOTHER EMPLOYEE IN A DEFINED BENEFIT RETIREMENT PLAN? I HAVE 2 YEARS AND FIVE MONTHS UNTIL I HAVE "EARNED" MY 30 YEARS OF PENSION CREDITS UNDER A 30 AND OUT PROGRAM. I WOULD LIKE TO PURCHASE TWO YEARS FROM ANOTHER EMPLOYEE WHOM HAS 33 YEARS CREDITS. CAN THIS BE DONE IF WE CAN COME TO ACCEPTABLE TERMS?

Posted

First, please do not use all capital letters. It is the equivalent of shouting.

The terms of the plan document will govern the eligibility for any benefit. It is very unlikely you can "purchase" more service.

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

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