Buyback
Buyback
Buyback allows you to purchase uncredited full- or part-time service rendered in the public sector of New York City or State prior to your NYCERS membership date.
Generally, in order to purchase previous service, you must have been on the payroll of a public entity in a position that would have allowed you to become a member in a public retirement system in New York City or New York State.
Purchased Service does not change your Membership Date but is included as Credited Service, which may enhance your retirement benefit.
To apply for buyback of pre-membership service:
-
Log in to your MyNYCERS
account at mynycers.org.
New to MyNYCERS? Register - Click Apply for: Buyback and follow the instructions.
- Provide details about your employment during the time-period you are purchasing. (You may be required to upload supporting documentation verifying your earnings and service history for the time-period you are purchasing. Learn more)
Alternatively, you can print and complete an Application to Purchase Credit for Service Rendered Prior to Membership Date in NYCERS (Buyback) Form #241, available below.
Please note that you must be in active payroll status to apply for Buyback unless you are only purchasing enough service to vest and already have two years of membership service.
Once your application is processed and NYCERS verifies your service history you will receive a Buyback Cost Letter in your MyNYCERS Message Center and via mail. The cost letter will outline the total amount due, starting date for payroll deductions and amount, and provide options for lump-sum payments via check, credit or debit card, and rollover from a tax-deferred account.
To learn more about Pre-membership Service Buyback, please refer to Buyback Brochure #901 or your Tier’s Plan Description.
Please visit our Military Buyback page if you served in one of the military branches of the Armed Forces of the U.S.A.
Buybacks for Layoff Time and Child Care Leave are also available to members in certain titles and/or retirement plans. If you are eligible for the type of buyback and wish to apply, please download and complete the appropriate form, available below.
Application to Purchase Credit for Military Service
Form #244
Military service must have been satisfactorily completed and a discharge under honorable circumstances must have been granted. A DD214 form is the most common proof of satisfactory military service.
Application to Purchase Credit for Service Rendered Prior to Membership Date in NYCERS (Buyback)
Form #241
Use this application to purchase (buyback) previous full-time or part-time public service rendered within New York State prior to your NYCERS membership. Note: Tier 1 members may only buy back public service rendered in a NYCERS-eligible title.
Request to Adjust Payment for the Purchase of Pre-Member or Military Service
Form #237
For members who are purchasing pre-member service and wish to adjust the amount of payment.
Request to Cancel Application for the Purchase of Pre-Member or Military Service
Form #238
For members who applied to purchase pre-member and/or military service and wish to cancel their application before payroll deductions begin.
Request to Cancel Current Pre-Member or Military Service Payroll Deductions
Form #239
For members who are currently paying for pre-member and/or military service through payroll deductions and wish to cancel their purchase.
Request for a Lump-Sum Payoff Balance for the Purchase of Pre-Member or Military Service
Form #240
For members who are currently paying for pre-member and/or military service through payroll deductions and want an estimate of their lump-sum payoff balance.
Departmental Certificate of Status of Member Claiming Service Prior to Membership Date
Form #242
In order to process a buy-back application, NYCERS must verify the salary and service history for the period of time the member wants to purchase. This form is to be completed by the agency the member worked for to provide verification of the member’s salary and service. It is not acceptable without the documentation listed on the form.
Application to Purchase Service Credit for Layoff Time – Department of Sanitation Uniformed Force
Form #245
For Department of Sanitation Uniformed Force members who wish to purchase service for the time the member was laid off.
Application to Purchase Service for Child Care Leave – Tier 1, Tier 2, Tier 3 Correction Members
Form #246
For Tier 1, Tier 2 and Tier 3 Correction members who wish to purchase service for time spent on child care leave.
Agency Verification – Corrections Child Care Leave
Form #247
This application is to be completed by the agency of the NYCERS Tier 1, Tier 2 or Tier 3 Corrections member who has applied to purchase previous child care leave.
Application to Purchase Service for Layoff Time – Correction Members
Form #248
For Department of Correction members who wish to purchase service for the time the member was laid off for economic reasons.
Application to Purchase Service Credit for Layoff Time – Carpenters and Supervisory Carpenters
Form #249
For NYC Carpenters and Supervisory Carpenters who wish to purchase service for the time they were laid off for economic reasons on or after June 1, 1991 and returned to service prior to July 1, 1993.
Application to Purchase Service Credit for Layoff Time – NYC Parks Department Climbers and Pruners
Form #250
For NYC Parks Department employees in the titles of Climber and Pruner who wish to purchase service for the time they were laid off for economic reasons on or after July 1, 1991 and returned to active service no later than July 1, 1995.
Application to Purchase Service Credit for Layoff Time – School Construction Authority
Form #252
For employees of the School Construction Authority (SCA) who wish to purchase service for the time they were laid off for economic reasons on or after December 1, 2002 and prior to January 8, 2008.
Application to Purchase Service Credit for Layoff Time – New York City Transit Authority
Form #253
This application is for Tier 4 and Tier 6 members of the Transit 25/55 Plan who wish to purchase service for the time they were laid off due to the abolition of a position held by them with the New York City Transit Authority (NYCTA) and placed on a preferred eligible list during any period from May 11, 2010 through July 25, 2012.
Buy-Back – Purchasing Credit for Service Rendered Prior to NYCERS Membership
Brochure #901
The benefits and the process for purchasing previous public service (buy-back).
Other Available Options for Lump-Sum Payment
Fact Sheet #708
This fact sheet includes instructions for transferring funds from a Deferred Compensation Plan or Individual Retirement Account (if allowed by your plan administrator) to pay for your previous service or membership reinstatement.