Form RS5042 Request to Purchase Service Credit (Including Any Military Service) - New York

What Is Form RS5042?

This is a legal form that was released by the Office of the New York State Comptroller - a government authority operating within New York. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form RS5042?A: Form RS5042 is a request form to purchase service credit, including military service, in New York.

Q: What is service credit?A: Service credit is a measure of time you have worked in a certain job or organization.

Q: Why would I want to purchase service credit?A: Purchasing service credit can increase the amount of service you have credited towards your retirement benefits.

Q: Who can use Form RS5042?A: Form RS5042 can be used by individuals who are members of the New York State and Local Employees' Retirement System.

Q: What is the purpose of including military service on Form RS5042?A: Including military service on the form allows you to purchase credit for your military service towards your retirement benefits.

Q: Are there any deadlines for submitting Form RS5042?A: Yes, there are specific deadlines for submitting Form RS5042. It is important to check the instructions on the form or contact the retirement system for more information.

Q: Is there a cost associated with purchasing service credit?A: Yes, there is generally a cost associated with purchasing service credit. The cost is based on various factors such as the length of service to be purchased and the salary at the time of purchase.

Q: Can I purchase service credit for all types of previous employment?A: No, there may be limitations on the types of employment for which you can purchase service credit. It is best to consult the instructions on Form RS5042 or contact the retirement system for more details.

Q: What are the benefits of purchasing service credit?A: The benefits of purchasing service credit include potentially increasing your retirement benefits and eligibility for certain benefits or allowances.

Q: How long does it take to process a request to purchase service credit?A: The processing time for a request to purchase service credit can vary. It is recommended to submit the request well in advance of any desired retirement date or benefit eligibility date.

Q: Can I change or cancel a request to purchase service credit?A: It may be possible to make changes or cancel a request to purchase service credit. Contact the retirement system for specific instructions on how to proceed.

Q: Are there any eligibility requirements to purchase service credit?A: Yes, there may be eligibility requirements to purchase service credit. These requirements can vary depending on the retirement system and the type of service credit being purchased.

Q: What other documentation may be required when submitting Form RS5042?A: When submitting Form RS5042, you may be required to provide additional documentation such as proof of your previous employment or military service.

Q: Can I purchase service credit from multiple employers?A: Yes, it is possible to purchase service credit from multiple employers. Follow the instructions on Form RS5042 or contact the retirement system for more information.