Q. I am 57 years old; have 29 years of federal service, which includes nine years of military service; and plan on retiring at age 60 or 62. Does it make financial sense to pay for the nine years of military service during the next three to five years before I retire? A. Because you are a FERS employee, you don’t have 29 years of creditable service for retirement purposes; you have only 20. To get credit for those nine years of active-duty service in your annuity computation, you’d have to make a deposit to the retirement system, including accrued…
Browsing: military buyback
Q. Can you provide guidance concerning the regulatory references or law(s) governing leave accrual determination for retirement military members who buy back their military time? Also, what should happen once a retired military member buys back military time? I reviewed the most recent Q/A concerning this and could not find answers for the following situation: I retired from the military and began working for the federal government. As a participant in the military buyback program, I first requested my total income (SF 3108A) while serving in the military from my military service DFAS office. Once I received this information, I…
Q. I have bought my active-duty time back. Is annual training with the National Guard and Reserve applicable toward federal retirement if you buy it back? A. If you were called to active duty for training (ANACDUTRA) while employed by the federal government, you’ve already received credit for it and no deposit is required. If it occurred before you were employed by the federal government, you would have to make a deposit to get credit for it.
Q. I have been offered an opportunity in FERS. I retired from the Navy Reserve in 2009 with 25 years of creditable service. I will not be drawing this pension until age 58 (credit for post-9/11 active-duty lowers from 60). How would making a deposit for military service work? Like active-duty retirees, would I then waive my reserve retirement? Would the decision simply be a calculation to see which retirement would yield the biggest pension? I retired as an O-5 and would be entering FERS at grade 13. I am 49 years old and would work until at least 62.…
Q. My agency is going to offer early retirement/buyout. I am 52 and have 31 years federal service including four years military buyback. If I take the buyout, will I be eligible for the special retirement supplement at age 56 with 27 years of FERS covered service? A. Yes.
Q. I have 20 years of active-duty service (Army E-6) and have just retired (actual retired date will be Dec. 1). I have been hired by the federal government as a GS-11. Would it be financially beneficial for me to buy back my military time and contribute it to my federal civilian retirement down the road? If I buy back my military time, will that 20 years allow me to retire from my civilian position early, maybe in 10 years with a total of 30 years of service? What is the impact or consequence of this on my military retirement?…
Q. I am employed with the federal prison system, which gets law enforcement officer coverage. With five years of civilian service and eight of military paid for, I will have 13 years of total service. I’m only 34 now, but if I leave to pursue other employment, will I qualify for an MRA+10 annuity at 57 or deferred annuity at 62? Also, what will be used to compute my annuity —1.7 percent or 1.0? A. If you left, you’d be eligible for either an MRA+10 annuity at age 57 or a deferred annuity at age 62. If you elected to…
Q. I am a retiree from the military after 20-plus years. As a civilian, I plan to work in the federal government. What is the federal government’s vested time? What is the early (minimum) retirement time — i.e., service time and age? A. You would need to work for five year to be vested in the retirement system. The age and service requirements to retire are: 62 and five, 60 and 20, at your MRA (minimum retirement age) with 30 or at your MRA+10, but with a 5 percent reduction in your annuity for every year you were younger than…
Q. I am 47 years old and worked for the post office for three years. During that time, I bought back my military service time of eight years. Am I eligible to someday get that retirement for the 11 years? If not, will I be reimbursed what it cost to buy back my time? Is the Thrift Savings Plan a separate entity, and when can I start receiving that? I’m currently working away from the federal realm. A. Reg: No, you wouldn’t be eligible for an annuity because you didn’t have at least five years of actual civilian service. If…
Q. I am 51 (I turn 52 in April) and have been a law enforcement officer for 23 years, plus four years of military time that I bought back. Because of torn retinas, I have lost all depth perception permanently and have been placed on light duty pending further medical review. I will likely be ruled unable to perform in a law enforcement position and unfit for duty. I wasn’t planning on retiring, but now it might be forced on me with a FERS disability retirement. If that is the case, what is better — to just retire voluntary, before…