Q: I retired from the Air Force as an air traffic controller in 2001, with 20 years and 29 days. I was hired by the FAA under the Phoenix 20 program in 2006. In June of 2012 I’ll turn 56 and probably have to retire due to the age restriction, (I’m requesting a waiver). I have enough sick leave to complete six years with the agency. I’m under the FERS retirement plan and I have a couple of questions. I’m planning to buy back my 20 years and 29 days of military service. Will my 20 years of military service be computed at 1.7 percent annuity accrual rate or at 1 percent?. How about my six years as a FAA controller? Normally, by what percentage will my retirement increase, military vs. FERS?
A: For your annuity to be computed using the higher 0.0175 multiplier, you’d need to have 20 years of actual service as a FERS-covered air traffic controller. Since you won’t, your entire annuity would be computed using the 0.01 multiplier.
