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Currently, a member can buy back prior service at any time after rejoining the Plan.
Effective January 1, 2020, the buy-back change establishes a five-year waiting period between the time a member receives a commuted value of their pension and the time they can buy back service associated with that prior commuted value transfer, if they rejoin the Plan.
The Plan change is the result of an annual decision-making process intended to keep the Plan meaningful, affordable and sustainable. This change will limit the use of certain Plan provisions that could give a few members an unintended benefit at the expense of the entire Plan membership.
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