Prior Service Purchase

Service credit is one of the factors used to calculate a retirement benefit. For each biweekly payroll period a member works and pays contributions, service credit is granted. Purchasing service credit may increase your retirement benefit. You can transfer funds from your deferred compensation accounts to pay for a prior service in a qualified retirement system. Accounts available that can be used for the transfer include: 401(k), 457(b), and SRP 457. 

When transferring funds from your 401(k) for prior service, only your contributions (source 01 and direct rollovers) can be used for the purchase of service credit. Employer matching contributions are not eligible.

Transferring funds from your 457 account may only be done with pre-tax contributions. Roth contributions currently in your 457 account are not eligible to be used for purchasing prior service credit with VCERA.

To verify prior service eligibility, please reach out to VCERA directly by phone at 805/339-4250 or by email at vcera.info@ventura.org.

To request a transfer from your deferred compensation account to pay for prior service, complete a prior service purchase form located below. Be sure to include a copy of the signed election contract from VCERA, or other qualified retirement plan, when you return your transfer request. Completed Prior Service Purchase Forms and copies of the election contracts should be submitted by email to deferred.compensation@ventura.org.

For questions regarding Prior Service Purchase Forms,  contact Deferred Compensation at 805/654-2620 or by email at deferred.compensation@ventura.org.