RE: It Will Cost You More to Buy Time

This is an editorial from a members response to It Will Cost You More to Buy Time

This service purchase issue has been a crippling concern for me. I am 43 years old and have 23 years with the County. It has been my life plan to retire with 25 years and to purchase my last five. I don’t believe the price of this purchase has changed much in this entire time. I have diligently put money into my 401k account to be able to afford this purchase over the years.

As an Appraiser, it has always been known that more money could be made in private industry. MUCH more. However, the value of a set work week, vacation and sick pay, insurance and the retirement benefit must be weighed in making the decision to stay with the County. I have remained with the weighing factor of these promised benefits for 23 years.

It is my understanding that the new cost of the service purchase will price me out of my life plan? I have spoken to numerous people at URS and even a board member Jay Blaine with UEA. The URS office has been less than forthcoming with the actual costs among other things and one employee even had the audacity to tell me that I should just put more money in my 401k account to make up the difference. Depending on who you are speaking to, it is said that the purchase could increase between 50% to over 100%. As if I could save another $100,000 or more in two years?

Mr. Blaine told me that they agreed to a 3 tier implementation with a 33% increase each January 1st and full implementation in January 2013. My plan was to retire towards the end of 2012 so my purchase would be affected 66% of the increase. Still, as you can imagine, given the bleak rumors of the price of the increase, this will be more than I have in my account.

I am floored by the fact that NO ONE KNOWS ABOUT THIS! No one is talking about this and the people involved seem to be keeping it quiet. Why? Is there something that can still be done? Why was this done so secretly? Mr. Blaine said it was allowable due to language in a “clean up bill” HB 233. Why was this not noticed or discussed with the public? Another person from URS implied that this benefit was one of many things offered to be “given up to save the continued retirement benefit”. Really?? Is there more?

The URS covers:

* Public Employees’ Contributory Retirement System
* Noncontributory Retirement System
* Public Safety Retirement Systems
* Firefighters’ Retirement System
* Judges’ Retirement Systems
* Governor’s and Legislative Service Pension Plan
* 401(k) and 457 Defined Contribution Plan
* Public Employee’s Health Program (PEHP)

Are all of these plans affected the same? I was told that Public Safety and Firefighters are not offered the future service purchase however they are eligible for full retirement at earlier age and less time served.

People seem to be less than sympathetic to my case due to my age. What’s 5 more years? I am here to tell you it’s 5 years in the prime of my life. It’s 5 years with my young children. It’s five years that are EXTREMELY valuable to me and the URS wants to capitalize on my personal value. Why should I be penalized for the foresight of starting at an early age? Why should someone who started at age 40 receive a higher benefit than me? Why are my 25 years of service of less value than someone else?

This is beyond unfair and seems completely discriminatory. I was promised a benefit that I have worked for, planned for and saved for to have it yanked out from underneath me 2 years from the end of my employ seems criminal and at the very least cruel.

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