VRS Provides Purchase of Prior Service Planning Resources

Effective January 1, 2017, purchase of prior service provisions will change. Under the new provisions, the cost of purchasing prior service may increase. If you have service to purchase, you may want to compare the cost of purchasing now against that of waiting until January 2017.

VRS has developed resources to help you in making your decision. Go to your myVRS account and click on the Refunded Service Comparison Estimator. The estimator will pull information from your member record. It will show the number of months available for purchase and the applicable lump-sum cost now through December 2016, compared to January 2017.

This tool is for refunded service estimates only. If you have other types of prior service you want to purchase, use the VRS Plan 1 and Plan 2 Actuarial Estimator or Hybrid Retirement Plan Estimator found on the VRS website. Although both tools provide cost estimates, you must receive an official cost letter to start purchasing service. Questions may be forwarded to AsKHR@nvcc.edu.

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