Did you know it is less expensive to purchase prior New York state service credit earlier in your career?
The cost of prior service includes interest, which means the total cost increases over time. It is also dependent on tier. But no matter what tier you are in, pursuing prior service credit early in your career is almost always beneficial – even if eligibility for credit is uncertain or purchasing verified credit doesn’t seem manageable right now.
Why does prior service matter?
Although prior service cannot change your date of membership, more service credited to your membership enables you to reach service milestones more quickly. Pursuing the credit well before retirement is highly recommended. It can take many months for the full process and it will cost you less to purchase it sooner.
For more information on prior service or other eligible credit (i.e., military service, reinstatement or transfer) watch “PSI: Prior Service Investigation” or read You Deserve the Credit.
How to Apply
MyNYSTRS account holders have the convenience of submitting and tracking their prior service claim online. Alternatively, you can print a Prior Service Claim (PRS-2) form.
To discuss your particular situation, send us a secure message through your MyNYSTRS account or call us at (800) 348-7298.
