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Reply to "Question for teachers.....Purchasing prior service credit towards your pension"
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[quote=Anonymous][quote=Anonymous]If I may piggyback off this thread… I’m a 10-year teacher in CT who took 20-21 off to care for our new baby. Retirement board told me it’s going to cost $5k to purchase that year. I’m a bit confused as to what I’d be getting should I buy the year: essentially, when I retire, my pension will be as if I never took that year off? Will it also count as a year of service toward my retirement date?[/quote] That's a really good deal! You have to read your retirement plan handbook to be sure, but yes, if you purchase the year of retirement credit it adds to the total number of years credit you will have. However, if your school district gives you a raise each year in the form of a step increase, your salary won't have gone up that year, so your highest 3 year salary average may be lower than it would have been if you hadn't taken that year off.[/quote]
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