Does anyone know off hand if you can transfer or buy pack years if you go to a FRS department from a city pd with its own pension?
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Does anyone know off hand if you can transfer or buy pack years if you go to a FRS department from a city pd with its own pension?
City or military to FRS: Yes, FRS will allow you to buy-back up to four years, as long as it is not being used for any other retirement.Quote:
Originally Posted by Unregistered
FRS to city: It varies from city-to-city, so you will have to check with the city's HR unit.
Be prepared to pay out the ass for it. It's like having another house payment...
It's a scam. They made it impossible for you to buy back any time, it looks good on some state government paper but is a scam, way too expensive for anyone.
Unless you do it immediately after you get hired, it’s just not worth it. There is a 6.5% interest charge for every year that you wait before buying time back. Additionally, Any time that you buy back, you get credit for it at the regular 1.6 multiplier rather than the 3% special risk multiplier.
Quote:
Originally Posted by Unregistered
Exactly! It looks so good on paper, but in reality less than 0.05% can actually cough up the money to do it.