You can increase your benefit, but it comes at a cost. Check with us if it's right for you.
Service credits represent how long a member has worked. Employees automatically earn “participating” credit for the years they work in a KPERS-covered position. Purchasing additional service credit could help you vest your benefit faster, get more at retirement and possibly retire sooner.
Don't wait. Purchase costs are based on salary and age. Now is probably the most inexpensive time for you to buy.
Only active members may purchase service. Federal law may limit you if you are purchasing service with after-tax money. This limit applies only to after-tax contributions.
Check with your employer to see if your past public service qualifies. He or she also will be able to help you start the purchase process.
District Magistrate Judges may increase or convert certain types of DMJ service.
If you are under age 45, a year of service generally costs about 6 percent of your annual salary (or final average salary, whichever is higher). See example below. Each year after age 45, the actuarial cost increases significantly.
|KP&F Service Purchase Example - Under Age 37|
|Salary (or FAS)||Service Purchase Cost|
|$30,000||Salary x 7.15% = $2,145|
|$50,000||Salary x 7.15% = $3,575|
|$70,000||Salary x 7.15% = $5,005|
|Benefit of Purchasing Service Credit|
|Final Average Salary||Each Additional Year of Service, Your Benefit Increases By ...|
|$30,000||$233 per month||$2,800 per year|
|$50,000||$291 per month||$3,500 per year|
|$70,000||$350 per month||$4,200 per year|