Additional Retirement or "Airtime" Service Credit Purchase Option Ends Dec. 31, 2012
To: All CalPERS Member Employees
Subject: Additional Retirement or "Airtime" Service Credit Purchase Option
to be Eliminated Jan. 1, 2013
As a result of the new Public Employees’ Pension Reform Act of 2013, the purchase of Service Credit for Time not actually worked, often called “airtime,” will be eliminated effective Jan. 1, 2013.
Previously, any active public employee with at least five years of qualifying service credit in CalPERS was eligible to purchase up to five years of additional service credit, or “airtime,” that was not based on qualified service. This additional service credit could then be applied toward the member’s retirement benefits.
Employees who are interested in purchasing “airtime” service credit will only be able to do so through Dec. 31, 2012. Interested employees must submit an official application to purchase airtime to CalPERS by the close of business on Monday, Dec. 31, 2012. Please note that applications postmarked by but not received at CalPERS by Dec. 31, 2012, will not be accepted.
For more information regarding the Additional Retirement or “Airtime” Service Credit Purchase Option, please visit the CalPERS website at www.calpers.ca.gov.