Can employees purchase military time after the transfer from ASRS to CORP? How much would it cost?
Yes, you can purchase military time after the transfer from ASRS to CORP unless you already purchased that time when you were covered under ASRS. IRS 415(n)(3)(A) governs permissible service credits and you cannot purchase concurrent time or time you already have on account. We have calculators on our website to estimate the cost to purchase service. Additionally, our governing statutes limit the purchase of military service to four years (48 months). 12. What about payroll deductions? Im currently buying back some military service and have fifteen more years of payroll deductions at $100.00 per pay period. Can I pay that off early? I was told this was an irrevocable contract and I cant get out of it. The payroll deduction agreement you signed to pay for the purchase of service is irrevocable and continues until you separate from service either by retirement, termination or death. You cant change the payment amount nor can you pay it off early. If you transfer to CORP, you will continu
Related Questions
- If I am using pre-tax dollars for the service purchase agreement with ASRS, how is that brought over to CORP at the time of transfer?
- Can employees purchase military time after the transfer from ASRS to CORP? How much would it cost?
- How much does an RMS cost, and is the purchase approved through the U.S. Military?
