Q: I have a total of about five 1/2 years of federal civil service but now work in the private sector. I served for about 18 months with the Small Business Association and then about four years at the Department of Homeland Security. Unfortunately, I made the mistake of taking my Small Business Association retirement contributions when I left that agency. I noticed in your article from Nov. 16 that you can redeposit amounts previously withdrawn to establish pension eligibility. By my calculation, I am entitled to a small federal pension based on five years of service beginning at age…
Browsing: buyback
Q. I was employed by the Defense Department from 1961-1966 and then by the NSA from 1966-1975. I took a lump-sum payout of the retirement benefit at that time. I am now 67 years old. Is there any option to buy back into the system? A. You would only be able to do that if you went back to work for the federal government.
Q. If one buys back their military time, is the money paid for the buyback nontaxable? A. No.
Q: I work for the Postal Service and have four years of creditable military service. I started work after Oct. 1, 1982. If I pay my deposit and make monthly payments on my interest but do not pay back all the interest owed by my retirement date, will my credit (military service) be adjusted? How is it calculated? A: If you don’t complete your deposit, including accrued interest, by the date your retirement application is adjudicated by OPM, you won’t get any credit for that service. Instead, the money you did deposit will be returned to you.
Q: I have a question about CSRS/FERS military service payback. I served in the Air Force from April 1981 to May 1989. After separation I started working for a section of the DOJ in April 1990 under the FERS system. I know it is late in the game, but I am trying to do a buyback for my military time. I have heard different answers as to whether my military time would be considered a CSRS component or if it would be paid back as part of FERS. I am under the impression that it would be a CSRS component.…
Q: I was employed as a GS-9, then promoted to GS-11 for an eight-year period. I took some time off from civil service but I have recently been contacted and offered another position in civil service. I was active duty military for four years and during my first employment as a civil servant I did not buy back those four years of active duty military. Am I allowed to buy those four years of active duty back when I am reinstated into civil service? A: Yes.
Q: I was a member of the New Jersey National Guard for about a year and later joint the active duty Army. I made a deposit for my active duty time. Can I get credit for the time I spend on active duty for basic and advance individual training as a member of the National Guard. A: No, you cannot get credit for that time.
Q: I retired from active duty military as of Sept. 25, 1993, and entered the Defense Department federal civil service Jan. 10, 1994. As of Jan. 10, 2011, I will have 17 years in federal civil service and will be 59 years old. My high-3 grade is GS-11. Is there any way I could buy back my military time, 20 years, to add to my federal civil service time to gain 20 years? For 17 years of civil service time, what would the percentage of retirement pay be? I am under the Federal Employees Retirement System. A: If you make…
Q: I’m trying to understand the military buy back system. I served in the military from November 1981 to May 1999. I finished just short of retirement but separated with an honorable discharge. I’m now a Defense Department civilian and currently buying back my military years. Right now all my years count toward federal retirement. Once I’m done buying back my military service, will I be eligible for military retirement and a retirement I.D. card? Will my years of government service be split (i.e. 20 years credit for military retirement and the others toward federal retirement)? A: When you complete…
Q: I have a one year time frame working for the Army in an overseas limited position, paying FICA taxes, but not in a retirement system. Can this time be bought back for retirement purposes? A: If you are currently covered by the Federal Employees Retirement System, the answer is no. If you are covered by Civil Service Retirement System, the answer is maybe. You’ll have to check with your agency’s personnel office to be certain.