Q: I am a FERS employee, and am planning to retire at minimum age (56) with 30 years. Now I am finding out that I will be eight months short of having the 30 years, because three years of my employment was temporary service, back in the early 80s. Is it possible for me to only buy back one of those three temp years or do I have to buy all or nothing? A: Depending on when that service was performed, it may not be possible. However, if it is — and you’ll have to check with your personnel office…
Browsing: buyback
Q: If I buy back my military time, can I collect both military retirement and Federal Employees Retirement System benefits? My situation is this: I am 58 years old, and I started a job with the federal government Sept. 26, 2010. My prior military service consists of nine years on active duty and 14 years in the reserves. I have submitted the forms to the Defense Finance and Accounting Service and have received my cost calculation to buy back my active-duty years. I am eligible to collect my military retirement when I turn 60. I plan to continue working for…
Q. I know a federal employee who retired from the military (E-6) with 20 years of service and was told while working in Germany that it was to his advantage to buy back his military time. To date he has paid more than $2,800 toward his military deposit and owes over $7,000. He realizes he was misinformed and wants to stop paying toward the military deposit. How can he go about stopping the military deposit and be refunded the money he has paid so far? A. He can stop paying the military deposit any time he wants to. If he’d…
Q. I am a former employee at Mare Island Shipyard, Calif. Due to a reduction in force, I lost my job in 1996. I pulled out all of my retirement money to become a registered nurse and I work at a private company now. Is all the time I worked with the shipyard no longer considered for retirement because I withdrew my retirement money? If I returned to a federal job, could I buy back the time for a later retirement? A. You would only be eligible for a benefit if you returned to work for the federal government in a…
Q: I am an MSHA employee with 23 years ofservice time and my MRA is 56, which I will reach in June. If they offer an early-out (VERA) I am planning on taking it. I am not sure I understand the buyout process, though. If the buyout is offered, is it just a one-time payment or does it also come with the retirement supplement and no reductions for being younger than 62? A: The Voluntary Early Retirement Authority allows an employee to whom it is offered the opportunity to retire early if he meets the age and service requirements. No cash incentive…
Q: I plan to apply disability retirement at a Social Security office in few months. What if our organization offers us buyout? Do I have to pay money (buyout) back to the federal government if I get disability retirement pension? A: If you have a disability such that you are or would be eligible for disability retirement, you wouldn’t be eligible for a voluntary separation incentive payment (VSIP).
Q: I plan to retire from Defense Department in four years when I turn 60. At that time I will have 25 years of creditable service. I received a CSRS Offset Retirement Estimate from my personnel office. I owe $8,500 of unpaid CSRS redeposit. I’m trying to determine whether to pay it back now or just have it taken out monthly when I start receiving my retirement. The projection shows they would deduct $71 per month from my annuity. I have to give 50 percent of my retirement annuity to my former husband. I don’t really want to take $8,500…
Q: I would like to buyback my years of active duty time to increase my FERS retirement. I am a part-time VA employee. VA has provided me an estimate of my annuity based on my years of VA service, adjusted for the part-time nature of my service. How are my years of active duty calculated in the part-time scenario? Does the VA apply a full-time status for the years of buyback and adjust the percentage of part-time service? Or are the additional years just added as if they were also part time? I have not found any discussions that address the part-time factor. A:…
Q: I originally entered civil service as a “summer hire” in July 1998. I then was hired to a two-year term in December 1998. That ended in December 2000. I was then hired in January 2004. I am still with civil service. I also served four years active duty and am in the process of “buying back” for the purpose of retirement credit. Will my “summer hire” and “2-year term” employment count toward retirement? I’m under the FERS retirement. A: No, it won’t. Non-deduction service performed after December 31, 1988, isn’t creditable for retirement purposes nor can a deposit be made to…
Q: I was in the National Guard from January, 1970 until January, 1976. I was only on active duty for six months then; the rest of the 5 ½ years were weekends and two weeks a year on active duty. Can I buy any of that time back? A: Only the six months that you were on active duty.