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Trustee-to-Trustee Transfer Process for Purchases

Effective September 1, 2011, Tier One and Tier Two members who are eligible to purchase service time can do so using pre-tax dollars from a 457 governmental-deferred compensation plan like the Oregon Savings Growth Plan (OSGP) or a 403(b) tax-sheltered annuity.

Trustee-to-trustee transfers can take months to complete so it is best to contact your financial institution well in advance of retirement to discuss the time restraints and criteria associated with the type of purchase you wish to make.

To set up a trustee-to-trustee transfer:

  1. Download the Trustee-to-Trustee Transfer to PERS for Purchase(s) form or contact PERS and have the form mailed to you. 
  2. Complete parts A, B, and C of the form, and then provide the form to your financial institution. Your financial institution must complete part D of the trustee-to-trustee transfer form. The completed form must be received by PERS either with, or prior to the actual transfer. A transfer received before PERS has received a completed transfer form will be rejected. 
  3. You are responsible to ensure the transfer is received by PERS during the time period permitted for the purchase. You must arrange the transfer with your financial institution so the dollars are received by PERS within the appropriate time period, generally the 90 days prior to your retirement date, and in very few instances up to 90 days after your retirement date depending on the type of purchase. If you are making multiple purchases, the time period may differ with the purchase. For specific information on the time period during which any specific purchase must be made, click on the link below to find the type of purchase and its requirements.
    Time periods during which purchases may be made are established by statute and PERS cannot accept purchases made outside those periods. Transfers or payments received outside the permitted time periods will invalidate the purchase and the funds will be returned to the originating source. PERS strongly recommends that you plan for your transfer to be received by PERS in the 90-day period preceding your retirement date. 
  4. You must also submit to PERS a signed purchase agreement and remit the remaining balance of the purchase cost (if any) not covered in the trustee-to-trustee transfer. As with the transfer, the purchase agreement and the remainder of the purchase cost, if any, must be received during the time period permitted for that purchase.

Click here for more information on purchases.