Ipers Buy Back Apr 2026

Purchasing service credit is a strategic financial move for many public employees because IPERS benefits are calculated using a formula based on your years of service and your highest average salary. By "buying back" time, you effectively increase the "years of service" variable in that formula, leading to a higher monthly pension for life.

: Eligible time often includes prior IPERS-covered service that was refunded, military service, and certain non-covered Iowa public employment like substitute teaching. 2. The Cost of Buying Back ipers buy back

Not all employees can immediately buy back time. General requirements include: Purchasing service credit is a strategic financial move

: IPERS calculates how much money is needed today to fund the increased benefit you will receive in the future. The cost is not a flat fee; it is usually based on an

The cost is not a flat fee; it is usually based on an .

: Typically, you must be a vested member to make a service purchase. Vesting generally requires seven years of service or reaching age 65 while in covered employment.

In the Iowa Public Employees' Retirement System (IPERS), this allows members to "re-purchase" time that was previously cashed out or to buy credit for other types of eligible service, such as military or out-of-state public employment. Understanding IPERS Service Purchases