Can I purchase creditable service earned in another Massachusetts public retirement system?
If you were a member of another retirement system subject to the provisions of M.G.L., Chapter 32, and you withdrew your retirement funds, it is possible to buy back your prior creditable service. The retirement office will verify your prior service and calculate the amount of your buyback. You must repay the amount withdrawn, plus interest, to the date of repayment. You have several payment options when completing a buyback. You may submit a lump sum payment, contribute through payroll deduction over a five-year period, or choose to roll over funds from an IRA, 401(k), 403(b), or 457 plan such as Massport’s deferred compensation plan.
If you were a member of another retirement system subject to the provisions of M.G.L., Chapter 32, and you withdrew your retirement funds, it is possible to buy back your prior creditable service. The Retirement office will verify your prior service, then calculate the amount of your buyback. You must repay the amount withdrawn, plus interest, to the date of repayment. You may complete a buyback as a lump-sum payment, pre-tax rollover, or through payroll deduction over a five-year period.
