You may be eligible to purchase service credit for a variety of different reasons: for example, to reinstate a refund or to convert time served in the military.
See Types of Service and How to Apply for information about the kinds of service you may be able to purchase through IMRF.
Purchasing Service
If you are able to purchase service, you could increase the amount of your pension. Your IMRF pension amount is based on your years of IMRF service credit, your age, and an average of your salary. Purchasing service increases your total service credit, which will increase the amount of your pension.
When you purchase service, you are guaranteed a 100% return of these contributions in the form of a pension, refund, or death benefit.
Buying Service Often Increases Your Pension
The amount of your IMRF pension is partially determined by the amount and type of service credit you have. If you have previously taken a refund of IMRF contributions or are eligible for other types of service credit, you can buy back this service to increase the amount of your pension.
Paying back a refund is the most common type of service purchased. You can complete your "Application to Reinstate Service Credit" quickly and easily through Member Access.
There are situations where buying service is not worth the cost. Read more about Deciding Whether to Purchase Service.
The Cost of Purchasing Service
To find out how much it will cost you to purchase your service, you must complete and return a purchase of service application to IMRF. The type of application you fill out depends on the type of service you are eligible to purchase.
After you send in your application, you will receive a buyback election confirmation letter that shows your cost to purchase:
- All your service credit
- One or more months at a time
Learn more about ways to pay for service.
The Purchase of Service Process
- Start by looking at the list of Types of Service and How to Apply and determining which type applies to you.
- Read more about Deciding Whether to Purchase Service.
- Apply for the type of service you are interested in purchasing.
- When IMRF receives your form, we will determine your eligibility and send out a buyback election confirmation letter. Learn more about this letter here.
- To determine whether purchasing service makes sense for you, request estimates from IMRF.
Questions?
If you have any questions about purchasing service, please contact IMRF by Secure Message using your Member Access account or by calling an IMRF Member Services Representative at 1-800-ASK-IMRF (275-4673) 7:30 AM to 5:30 PM, Monday through Friday.
Did you know?
Returning your application does not mean you have to purchase service. After you receive your payment schedule, review the cost, and decide what you want to do.