SERVICE CREDIT: COST & INCREASED BENEFITS
THE COST
LACERA must receive your Application to Purchase Service Credit in order to calculate your purchase cost. You can find the Q&A: Purchasing Service Credit brochure and application form on the Brochures & Forms page. After your application has been received and your service has been verified, LACERA will calculate the cost based on:
- Your date(s) of membership in LACERA
- The types of service credit you are requesting to purchase
- Your prior and/or current retirement plan
THE EFFECT
Since years of service credit is one of the factors that will be used to compute your retirement allowance, adding to the amount of service credit you already have will increase the amount of the monthly allowance you will be entitled to receive when you retire.
PROJECTING THE INCREASE TO YOUR MONTHLY RETIREMENT ALLOWANCE
You can use either of these interactive online tools to project how the addition of service credit will affect your retirement allowance.*
Retirement Benefit Estimate Calculator on My LACERA
- Most accurate, detailed, and personalized Retirement Benefit Statement you can create on your own
- Uses your personal data on file with LACERA as the basis of its calculations
- Allows you to create multiple estimates based on different scenarios
- Allows you to enter your own data (including your years and months of service credit)
- Uses current actuarial tables to approximate your monthly retirement allowance
- Displays Unmodified and the Unmodified+Plus Options allowances only
*Calculations created by these tools are NOT official LACERA estimates.
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