One of the top goals of First Responders who are also Military Veteran’s is to purchase their military service time.
Certain Law Enforcement Agencies and Public Retirement systems nationwide allow military veteran’s the option of “purchasing” their service time and have that time rollover into your new Public Retirement system.
By purchasing your service time, you may have the benefit of retiring early or with enhanced retirement income.
There are a lot of options that must be reviewed while in the process of purchasing your service time. The majority of Veteran’s who are First Responders cannot afford to purchase their service time with the lump sum option. Those Veteran’s often opt to save and invest with a Deferred Compensation Program until a point that the service time can be purchased.
Questions to ask a recruiter or human resource manager during your search for the perfect law enforcement career:
- Does the agency or the retirement system allow for the purchase of service time?
- How many years of service time can I purchase?
- Can I purchase my service time at the beginning of my career or is their a waiting period?
- Can I make monthly payments to the retirement system to purchase my service time?
- Does your agency participate in a 457 Deferred Compensation Program? Which financial company manages the plan?
- Is your agency on a 20 year or 25 year retirement plan?
- Can I retire early after purchasing my service time? (not all agencies or retirement plans will let you retire early, it may only enhance your retirement income)
If your interested in “purchasing” your service time and would like more information about investing and saving to make that purchase possible, contact us and we will conduct research and place you in touch with the right deferred compensation professional.
Please contact us should you find an agency or retirement system that does not allow for the purchase of service time. Five O LLC is committed to providing those that serve both Country and Community with the best retirement options available.
We will tirelessly pursue those agencies to change their policies in reference to service time purchase.