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Reply to "Question for teachers.....Purchasing prior service credit towards your pension"
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[quote=Anonymous][quote=Anonymous]I am in MD and have not retired yet, so I don't know all of the ins and outs of purchasing service. I work in MCPS where we have a pension with MCPS and the state of MD. I was able to purchase credit from the county after I came back from 3 years of childcare leave. I have been told that I can't purchase years from the state pension until I am actually planning on retiring. From what I have heard is that the cost is significant for purchasing years from the state. Most teachers I have talked to have said that it is crazy expensive. [/quote] Thanks -- do you have a sense of how crazy expensive? I think this year I paid about $7000 into my pension for a year of credit. Would it be something like $10,000 for a year at retirement? Or more?[/quote]
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