SSerervviice Cce Crredediitt Cost to Purchase Creditable Service The cost to purchase additional service is calculated based on your age, years of service, and salary. In general, the sooner you make such a purchase, the lower the purchase cost. If you are interested in getting an estimate of how much it could cost to purchase extra service credit, you can do one of the following:  Access your online account or visit the Online Calculators page of the INPRS website to generate an estimate.  Contact INPRS at (844) GO-INPRS.  Submit your request via email to questions@inprs.in.gov.  Complete and submit the form for purchasing service located on the Member Forms page of the INPRS website. INPRS will provide you with the cost to purchase creditable service. The calculation of the cost to purchase creditable service is valid for 30 days. If the purchase is not completed in 30 days, the cost must be recalculated. NOTE: Minimum service requirements may apply. If you separate from employment before vesting, the cost of the additional service plus interest will be returned to you. Internal Revenue Code Section 415 purchase limits apply when purchasing service credit. More information regarding the PERF Hybrid process for purchasing service can be found in 35 IAC 1.2-3-13. Purchase Out-of-State Service Credit You may purchase out-of-state service credit with PERF Hybrid if you:  Have at least 1 year of service in a PERF Hybrid covered position,  Have prior service in another state in a similar position that would be creditable service if you had been in Indiana, and  No longer qualify to use those years to claim a retirement from any other retirement system. NOTE: You cannot use your out-of-state service to receive any additional benefits from another state or federal retirement system. If you qualify for a benefit from another state or federal retirement system, you cannot use that service to get creditable service with PERF Hybrid. If you previously worked for a nonprofit corporation established by the state or other quasi-governmental entity, and that service would have been creditable if performed by you for the Fund, you may purchase this service if you have 1 year of creditable service in the Fund and make required contributions to the Fund prior to retirement. Purchase Military Service Credit If you do not otherwise qualify for military service credit, you may purchase a maximum 2 years of active- duty military service. You may purchase service for time spent in the military if you meet the following criteria:  Served in the United States Armed Services in Active Duty for at least six months.  Have at least 1 year of service in the PERF Fund.  Were honorably discharged. Public Employees’ Retirement Fund Hybrid Plan Page 20 of 48 Member Handbook Effective: 07/01/2024