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North Carolina Teachers Chatboard

Cost to buy back years of service?

by Wanting to retire

Aug 3, 2015

I taught 8 years at a charter school that did not opt to vest into the state retirement system. With 22 years teaching in a school system which vested in state retirement, I am hoping that I can afford to retire. I filled out all of the appropriate paperwork, but have to wait 6 weeks to find out how much it will cost to buy back those 8 years. I have called the state retirement office and talked to several different people. None were very helpful. I just want an idea of what it costs. I did the purchase estimator on Orbit. It estimated that it would cost $232,000 to purchase 8 years. That sounds incredibly high. Another teacher at my school called about buying back 8 years and was told over the phone that it would cost $35,000. Why such a big difference? He is a few years older than me. I started teaching in1985 and am 52 years old. Does anyone have experience or know what it costs to buy back years of service?

view previous comments

Wanting to retire On 8/04/15, Wake wrote: > I bought 5 years of service for years that I worked out of > state. It cost me 56k. I believe that the closer you are to the > years you are trying to replace, the less it costs. The further > in the past that the years of were, the more it will cost you. I > was able to transfer money from my 401k without p...See More

Aug 4, 2015

Wanting to retire On 8/04/15, about to retire wrote: > I checked into buying back one year I had cashed in in the > 1980s - it was going to cost me about 12,000 for that year. > Probably won't do it - it wouldn't bump my monthly check by > very much. I'd rather keep the cash in the bank.

Thank you for your response. How many years do you have w...See More

Aug 4, 2015

about to retire Less than 20 - I'm getting out early...no hope that things will change anytime soon.

On 8/04/15, Wanting to retire wrote: > On 8/04/15, about to retire wrote: >> I checked into buying back one year I had cashed in in the >> 1980s - it was going to cost me about 12,000 for that year. >> Probably won't do it - it wouldn...See More

Aug 4, 2015

Wake On 8/04/15, Wanting to retire wrote: > On 8/04/15, Wake wrote: >> I bought 5 years of service for years that I worked out of >> state. It cost me 56k. I believe that the closer you are to the >> years you are trying to replace, the less it costs. The further >> in the past that the years of were, the more it will cost you...See More

Aug 5, 2015

A Here's how you figure it -- and I guarantee you won't be
able to do it on your own:

- If you had worked those years in the public system, how
much would you have deposited into the pension system?
Obviously, the more you're paid, the more you'd have had
deducted; so a person with more experience or a principal
with a master...See More

Aug 5, 2015

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