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Purchasing Part-Time Service
PRIOR PART TIME AND INTERMITTENT PART TIME SERVICE
CAN BE PURCHASED TO INCREASE YOUR SERVICE CREDIT
Who can purchase prior part time service?
If you were employed by a StanCERA covered employer (Stanislaus County or a special district) on a part-time or extra help basis, before you became a StanCERA member, you can buyback your part time service and add it to your retirement service credit. This type of buy back is available to all retirement tiers, except Tier 3.
Please note: Time worked through a temporary agency (ie: Kelly Services, Account Temps etc.) does not qualify for a buyback, because you were employed by that agency, not by the StanCERA covered employer.
Can I purchase intermittent part time service?
Yes. On March 26, 2002, the Stanislaus County Board of Supervisors adopted Government Code Section §31641.56. This code section allows StanCERA members to purchase part-time service rendered between full-time service periods. This type of buyback is available to all retirement tiers, except Tier 3.
How will this type of buyback benefit me?
Purchasing additional service credit will increase the years of service factor used in the calculation that determines the amount of your monthly retirement allowance. In other words, the more service credit you have, the higher your retirement allowance will be.
The additional service credit is also counted toward vesting and membership requirements.
It is even included when determining the date that a member's contribution will be discontinued, due to the completion of 30 years of service.
How much will it cost?
The cost will depend on how much service credit you have available for purchase.
StanCERA staff will research payroll records to determine how many hours you actually worked, and how much you were paid as a part-time employee. The rates determined by your age at entry (or age at re-entry for intermittent part-time buyback) into StanCERA membership will be applied to determine the initial cost of the purchase. Then, interest will be added from your date of entrance into StanCERA membership until the amount is paid in full.
When should I purchase prior part time service?
The longer you wait, the more it will cost, because interest will be added to the initial cost of the buyback. So, the sooner you complete the purchase, the more affordable it will be.
How do I request a buy back calculation?
To obtain a buyback calculation request form, please contact our office at 525-6393. The form is also available on our website at www.stancera.org.
What can I expect?
Once we receive your completed buy back request form, we will calculate the cost of your buy back. When completed, the information will be sent to you for review. If you chose to proceed with the buy back, you will need to call to set up an appointment with a Retirement Specialist to discuss your options, sign your contract and discuss any questions you may have.
How long will it take?
Due to the need for extensive manual research of old payroll records, it can take some time for StanCERA staff to complete your buyback calculations. Depending on the number of requests received, it can take as long as six to twelve months to complete the buyback process.
Do I have any payment options?
Yes. You will be given up to four payment options. They will include all or some of the following:
a) You can sign up to have additional contributions withheld from your regular payroll checks.
b) You can write a check to cover the entire cost of the purchase.
c) You can transfer money from a deferred compensation account (457 plan), a
traditional IRA, or a 401K plan.
d) A possible combination of two or more of the previously stated options.
This brochure provides general information about the part time and intermittent part time buyback process. If any discrepancies exist between information in this brochure and the law, the law will prevail. You are encouraged to call StanCERAâ€™s retirement office should you have any questions about the buyback process.