SSerervviice Cce Crredediitt Purchased military service credit is added to any other military service credit that is granted by law. If you purchase service, it cannot be used for vesting. The cost to purchase military service credit is calculated actuarially. Purchase “Air Time” Service Credit If you meet the qualifications for purchasing service listed in Section 4.7.1 of this handbook, then you can buy an additional 1 year of service credit for every 5 years of actual earned service. For example, if you have 15 years of service, you could buy an additional 3 years of service credit. NOTE: You may purchase whole years of service credit up to a maximum of 2 years total. In addition, you may purchase partial years in increments of 1/12 (monthly increments) not to exceed 2 years total. Example If you have 6 years of service credit in the PERF Hybrid plan and 4 years of service credit in the TRF Hybrid plan, for a total of 10 years of creditable service, then you are eligible to purchase up to 2 years of Airtime service credit. Purchase Service from PERF My Choice As outlined in IC 5-10.3-7-4.3, you can purchase service credit for PERF Hybrid from PERF My Choice. You must have been a member of both, have at least 1 year of creditable service in the PERF My Choice, and have at least 10 years of creditable service in a PERF Hybrid covered position. Having met the above requirements, you must make the following contributions that are equal to the product of the following:  Your salary at the time you make a contribution for the service credit.  A percentage rate, as determined by the actuary of the fund.  The number of years of service credit that you intend to purchase. If you terminate employment before becoming eligible to receive a monthly allowance or receive a monthly allowance for the same service from another tax supported public employee retirement plan other than under the federal Social Security Act; then you may withdraw the personal contributions made under this section plus accumulated interest after submitting an application for a refund. The following applies to the purchase of service credit under this section:  INPRS may allow you to make periodic payments of the contributions required for the purchase of service credit.  You may elect to make a transfer of the vested portion of your PERF My Choice DC balance attributable to participation in the public employees' defined contribution plan to purchase service credit.  INPRS may deny your application for the purchase of service credit in the fund if the purchase would exceed the limitations under Section 415 of the Internal Revenue Code.  You may not claim the service credit for the purpose of determining eligibility or computing benefits unless you have made all the payments required for the purchase of the service credit. Public Employees’ Retirement Fund Hybrid Plan Page 21 of 48 Member Handbook Effective: 07/01/2024