Re: If you are vested in IL leave the $ there.

More | Report Post

Won't you be penalized for removing your $ from IL?

As far as I know there is no limit, you can use the calculator
to get an idea of what you'll have to purchase, however
purchasing back years uses a formula based on how much
interest would have accumulated, and you have to put in both
the employers and the employees portions.

You can draw your pension from IL when you retire, even as a
WI resident, and if you're not vested, then at retirement you
should get a lump sum payment from IL that you can add to your
account (just as "extra" $, not the formulated "buy back").

N

On 2/23/09, Erin wrote:
> Good morning. I am a teacher in Illinois - Chicago. I am
> considering moving to WI as my family lives there. I am
> wondering, how many years of pension can you buy back.
> Here in Illinois, you can buy up to 10 years of service
> back -- say you taught in Florida for 10 years prior to
> moving to Illionis, you can buy back those 10 years of
> your pension. How many years can you buy back in Wisconsin.
>
> Thanks
 

Buying Creditable Service

Posts on this thread, including this one