2223 E. Wellington Avenue, Suite 100
Santa Ana, CA 92701
Tel: (714) 558-6200
Web site: www.ocers.org
payments. This, too, is an after-
• Payroll Deductions If you are
a County employee, you can
authorize OCERS to request your
Payroll Department to set up a
pre-tax payroll deduction plan.
If you use this option, you cannot
change your payroll deduction
amount until you have completed
the buyback. Under EGTERRA
(Economic Growth and Tax Relief
Reconciliation Act of 2001) laws,
you may be able to roll over
money from certain qualifi ed plans
(qualifi ed IRAs, 403(b) and 457
plans) to pay off the balance of
your purchase of service credit.
When will the service credit show on my
After your Service Purchase Contract has
been paid in full.
What will happen to my funds if
I terminate employment before
completion of my Service Purchase
You have an option to complete the Service
Purchase Contract or receive a refund
of “buyback” contributions and posted
SERVICE PURCHASE CONTRACT
What is a Service Purchase Contract
(also known as a “buyback”)?
“Service Purchase Contract” and
“buyback” are interchangeable terms. A
Service Purchase Contract (“buyback”)
allows a member to purchase or restore
service credit that is currently not on
deposit or credited in their OCERS
account. This may entitle a member to an
increased retirement benefi t.
What is important about retirement
A retirement service credit is a measure of
time. It is one of the four factors used to
determine the amount of your retirement
benefits. Members receive retirement
service credit for the hours worked during
the period of time for which they are
compensated. This service is included
in determining when a member meets
the minimum criteria entitling them to
retirement benefi ts.
What types of retirement service credit
can be purchased?
A member may