ALEXANDRIA, Va. -- About 92% of statewide public pension funds allow the purchase of service credits by employees, according to a survey of 105 plans conducted by the Public Retirement Institute.
The results showed that all general employees' plans are portable, while 98% of teachers' plans, 81% of safety employees' plans and 50% of judges' plans allow the purchase of service credits.
Public plans usually let employees purchase years based on service with other types of public-sector employers. According to the survey, the most common types of service that are purchased are years of service with state governments, local governments, out-of-state governments, federal government and the military.
The most common method for determining the cost of purchasing service credit is actuarial cost, the survey said.