How much would it cost to purchase the service credits for a period of absence and how do I apply for the purchase?
Application forms may be obtained from the Pension Plan Board or the Payroll Dept. The employee has to complete the “Personal reference” section in the form and forward it to the payroll department. The payroll department will complete the “Employer information” section and fax the application to the Pension Plan Board. The Pension Plan Board will calculate the cost of contributions, which depends on the date of application. If the teacher applies within one year of their return to work after a leave, the teacher will be charged the cost of missed contributions plus the interest. If the application is made after one year, the employee would be charged at the actuarial cost for the contributions. The actuarial cost would be much more expensive than the regular interest cost. THE COST IS CALCULATED BY THE PENSION PLAN BOARD AND THE EMPLOYEE WOULD BE INFORMED BY THEM DIRECTLY. ALSO, THE EMPLOYEE HAS TO SEND THE CONTRIBUTION DIRECTLY TO THE PENSION PLAN BOARD. For Maternity Leaves, the Pay
