As we learned in our first module (Start Here) your pension calculation is based on two factors – your final average salary earnings and your years of service. By “purchasing” service, you are increasing your total years of service, which increases your percentage factor.
Recruit Training Time
While in the Academy or Drill Tower you were not a member of LAFPP. You were considered a Part-Time/Seasonal/Temporary worker by the City. Therefore, your training period is not included in your total years of service for pension calculation purposes. By purchasing this time, you are effectively adding to your credited years of service.
To purchase your time, register for MyLAFPP and obtain a cost estimate. After reviewing the estimate you may begin the process by submitting your Request to Purchase. A representative from the Active Member Services section will mail a Request for Contract or Payment Instructions form to you. Please allow a minimum of 6-8 weeks for processing.
Public Service Purchase (PSP)
Recruit Training Time isn’t the only way to increase your total years of service. If you served in the military or other governmental agency/public service, you may be able to purchase that time through the PSP program.
In some instances the cost of a Public Service Purchase may outweigh the benefits. We encourage you to speak with your financial advisor to see if this plan is right for you.