Q. I retired with 21-plus years of military service and am now a federal employee. I retired about 13 years ago and have been collecting military retirement. I have been a federal employee for about 11 years. Can I still buy back my military service? If so, would it be worth it, and how does that work? A. Yes, you can make a deposit to get credit for your active-duty service. To do that, you’ll need to complete a copy of Form RI-20-97, Estimated Earnings During Military Service, and mail it to the military finance center for your branch of…
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Q. I served on active duty (Army, O-4) for 12 years and had four years in the Guard enlisted time during college. Do my 16 years qualify me for any benefits under FERS once I reach 65? Does it make sense for me to try to get a job in the federal government to work for five more years and reach the magic 20? A: First, if you got a civilian job, you would have to work for 5 years to be vested in the retirement system. Second, to get credit for active-duty service, you’d have to make a deposit…
Q. I have been a postal Service employee for 19 years and a member of the Air Force, Air Force Reserve and Air National Guard for 26 years. I have approximately three years of active-duty time. If I buy back my military time to put toward my postal retirement, will that affect my military retirement? Also, when is the earliest I can retire/separate from the Postal Service and keep my pension, and what effect will retiring early have on my benefits? A. First, making a deposit for your active-duty service will have no effect on your reserve retired pay. Second,…
Q. I retired from the Army after 18 months of military service at age 22 because of combat wounds. I retired from a nonprofit and went to work for the government at age 56. I am now 62 and have eight years of federal service (executive agency), including depositing the 18-month military buyback. At what age and number of federal service years am I eligible to retire and receive medical benefits as a retiree? A. You could retire now if you wanted to. Any federal employee with five years of service can do that. As for medical benefits, there aren’t…
Q. I am a FERS employee, and I’m considering buying back my service time. I retired as a sergeant first class after 20 years in the Army. I am 45 years old and have five years of federal time as of this year. When would be the best time to buy back my military time toward federal retirement, and how much will it cost me to do so if I want to retire at 56.6 years old? A. The sooner you make the deposit the better. The longer you wait, the greater amount of interest you’ll have to pay. While…
Q. I am a 46-year-old Department of Defense firefighter with 25 years of service (three years and eight months of active military time, for which I have not made a deposit), and was told I was not eligible for VERA because I was under the MRA. Is this true or is there another reason I’m not eligible? A. Your agency is correct. The age and service requirements for early retirement are: age 50 with 20 years of service or at any age with 25. You don’t meet the first set of criteria because you haven’t reached your MRA. You don’t…
Q. I am CSRC, and I retired from the reserves in late 1996. Recently I found out that you can buy active-duty time for training and apply it toward years of service. On My AHR form 249-2-E (chronological statement of retirement points) in column 8, active-duty points, after subtracting the time I bought (Navy active duty and Desert Storm), I have 442 points, or days. Is this time eligible to be bought and applied to my retirement? I am the veterans program manager for my agency in the state of Alabama and the answer to this question will be, and…
Q. Can you buy back your military time no matter what type of discharge you have? A. No. You must have been discharged under honorable conditions. To see what qualifies as honorable military service, go to www.opm.gov/retire/pubs/handbook/C022.pdf and scroll to Section 22A2.1-2F.
Q. I am a FERS employee, and I’m considering buying back my service time; I retired after 23 years in the Army. I am 49 and have five years of federal time as of 2013. Would it be in my best interests to buy back my military time toward federal retirement, and what would be the effects? A. Here’s the upside: If you make a deposit to get credit for your active-duty service, you’ll have 28 years of creditable service. If you retire at your minimum retirement age (56), you’ll have 35 years of service and your annuity will be…
Q. I am a GS-12 FERS eligible employee with five years of service and am 46. I receive a military retirement of $21,684 per year for 20 years of service and plan to work an additional 10 years until age 56, for a combined total of 40 years with (if) converted military retirement credit, which would be based solely on your actual years of FERS service. According to my calculations, a FERS retirement at 56 would provide $32,000 per year (40 years x .01 percent x $80,000), minus a 30 percent reduction of $9,600 due to the age penalty, leaving $22,400 yearly.…