"Buying Back" Service Credit

If you have withdrawn your contributions from ERB’s Defined Benefit Plan, you have the right to “buy back” years of service credit up to the amount withdrawn plus interest at the current rate set by ERB. This applies to both active and inactive members; however, you may not “buy back” service credit after you have retired.

There are two options to buy back service credit:
• lump sum payment, including interest, to the ERB to buy back all or part of your withdrawn service, or
• rollover or transfer from another retirement plan, including a 401(a) plan, a tax-sheltered annuity 403(b) plan, or an IRA, to the extent allowed by the IRS.

If a member decides to withdraw contributions again or dies prior to retirement, interest the member paid on restored contributions is not refundable.