Buy Back Service Time
If you were previously employed with the City of Spokane, left employment and withdrew your contributions plus interest, and you were rehired on or after October 1, 2009, you have one year from the date you renter the SERS pension plan to buy-back your lost service credits. Interest will be charged at the current actuarial assumed interest rate as determined by the board and can be paid into SERS in accordance with rules established by the board.
Further information can be found in the Spokane Municipal Code (SMC), which is the prevailing document, under SMC Section 03.05.120. If there are any discrepancies between the information contained on this website and the SMC, the SMC language prevails.
Under the terms of the Ordinance, you can elect to buy-back partial past service time.
Effective January 1, 2009, a redeposit of funds into the SERS plan may be made by a direct trustee-to-trustee transfer from a plan qualified under Internal Revenue Code Section 457(b) or Section 403(b) or by a direct rollover into SERS from an individual retirement account or annuity qualified under Internal Revenue Code Section 408.
If you have any questions about purchasing your prior service time in SERS, or if you are interested in obtaining a buy-back calculation, please call 509.625.6330 and we will assist you. You can also e-mail us at sers@spokanecity.org
