Members > Pamphlets > Purchasing past service

The time is now

Purchasing Service

Member Handbook -
Purchasing Service
Buying Leaves of Absence
Buying Past Service Periods

There are some new rules for buybacks, effective in 2003. The new rules relate mainly to the cost of the purchase, the length of the payment period, and the elimination of interest charges. They were designed to make the process simpler and encourage Members to buy service as soon as they can. The new rules apply to all leaves of absence or service periods that are purchased after the end of 2002, no matter when the leave of absence occurred.

In some cases, the changes could mean a higher purchase cost - for example, if you wait until the six-month deadline has passed before buying back full time College service before you became a Plan Member. However, these changes included a phasing-in period for those who were Plan Members before 2002. If you joined the Plan before 2002 and you have not purchased a leave or service period that started before 2003, you can do so using the old rules until December 31, 2004. After that date, the new rules will apply.

So, now is the time to check your situation, and to make sure you take advantage of the old rules if they are more beneficial to you. You can get more information from your College's Human Resources Department.

June 2003