Service purchase deadline coming up
As the result of changes to Ohio retirement law in 2013, the cost of service credit purchases were changed to better represent the actuarial cost of the benefit.
The new law created a six-month window for OPERS members who either began making payments on a service purchase, or made a payment on a previously-established purchase, between Jan. 7, 2013 and July 7, 2013 to continue at the original cost.. At that time, members were informed they would have until July 7, 2018 to complete the purchase or the balance that remained would be re-calculated at the full, actuarial cost of the benefit.
We are communicating directly with members who were part of that window to make them aware of their options leading up to the deadline.
- Members can choose to roll over funds from a qualified plan to complete this purchase. However, these rollovers do take time to complete. The payment or roll over funds must be received by OPERS no later than 4:30 p.m. July 6, 2018 to be applied at the original cost.
- Those who are doing payroll deduction can check with their employer regarding timing to ensure they can meet the deadline.
- Members also have the option of making payments directly to OPERS.
Members can request a current payoff balance, due July 7, 2018, under the Tools and Resources tab within their OPERS online account or by contacting us at 1-800-222-7377. Estimated payoff balances can change on a daily basis due to many factors.