Can I purchase service if I have not previously worked for a public school district or if I have allowed the window of opportunity for purchasing previous service to close?
A. A full-time member of the retirement system who has completed 5 or more years of Omaha Public School service may purchase up to five years of service credit at any time prior to retirement. The member does not need to have any previous non-Omaha Public Schools work to qualify for this purchase. In accordance with State statute, payment for the purchase must be fully completed within five years of the date of initiating the purchase. The cost to purchase additional years of service is the present value of the added benefits that are anticipated to be provided as a result of the service purchase. This calculation is based on the members salary (including actuarial assumptions for salary increases), the date the member would become eligible for unreduced retirement benefits, and the members life expectancy (using current actuarial tables). To help defray the cost to purchase the actuarial computer program needed to make this calculation, a $25.00 charge is assessed to each member reque
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