Q. I have nine years’ active-duty time from 1991-1998 and 2001-2003. I am now interviewing for a Civil Service position and want to know how much it will cost me to buy back those years toward retirement. I keep reading that deposits have to be made, but I can’t find a description of what that means. How much will it cost me to buy back my nine years? When does that amount have to be paid? Before I start, during my employment or at retirement? And if I buy back nine years, when will I be eligible for retirement? A.…
Browsing: military buyback
Q. I have two years of FERS employment and have two more years on a term employment. I am retired military. I am a service academy graduate and bought back those four years. My understanding is that I must have at least five years of actual FERS employment to retire. Must I have at least three more years of FERS employment (for a total of five) to get a FERS retirement? If I had five years’ FERS plus the four years I bought back, could I apply for retirement at age 62 with nine years of service? Alternately, could I…
Q. I’m a federal firefighter and will be put on disability status due to an on-the-job injury. I have reviewed FERS and OPM information regarding the 60 percent of high-3 for first 12 months and 40 percent thereafter. I bought back 10 years of military time when I got hired. I have been working as a fireman for 13 years. What will happen to my military time when I go on disability? A. Nothing. Your disability annuity would be based on your high-3 average salary and a set of formulas that depend on the amount of your Social Security disability…
Q. To be succinct: 04/121978 enlisted in reserves 07/28/2004 started federal employment 11/4/2004 mobilized 9/28/2007 demobilized and returned to my federal employment 12/1/2007 retired from reserves 7/28/2019 will retire from federal service at 65 years of age Will my FERS retirement be 15 years + 3 years for a total of 18 years creditable service, or 15 years because I was mobilized while a federal employee. I am buying back 3 years of active duty. Is there a calculator available that I can plug in the above data? A. When you complete your deposit to get credit for your active-duty service,…
Q. I am a retired Air Force veteran with 26 years of active-duty service. I receive a pension/retirement each month. I am now employed with the state of California, but it is an uncertain situation, given the economic difficulties the state is facing. I was looking at applying for a federal job, but I’ve been told that if I do, I would be reinstated as a federal employee and would no longer receive my pension. Is this true? I was hoping I could keep my pension and work in a federal job, but I believe this is called double-dipping. A.…
Q. My husband (born in 1961) served in the Air Force from 1980-2000 and retired. He has been receiving his military retirement pay since then. In early 2001, he went to work full time in FERS. He plans to retire when he reaches age 60/20 or perhaps at age 62. Because his projected high-3 is likely to be significant, we are considering making a deposit (3 percent of base pay and interest) to buy his military time. We understand that there are positives and negatives to doing this — one of which is that he would have to waive military…
Q. Can I buy back my military time based on my retirement points instead of my DD 214? After four-plus years of active duty, I retired from the U.S. Army Reserve. A. Deposits to get credit for periods of active-duty service are based solely on the basic pay you received on active duty. A copy of the DD 214 is used by the finance center for your branch of service to verify that amount.
Q. I have seven years’ Postal Service time, plus two years’ military, which I bought back. I turn 65 this year. Gathering from OPM guidelines, I am not eligible for a voluntary early retirement because I lack the years, correct? Or, might they want to get rid of those of us who are older than 62, even though we lack 25 years? A. To accept an offer of voluntary early retirement, you’d have to be either age 50 with 20 years of service or any age with 25, but there are other options for retiring on an immediate annuity. You could retire…
Q. I’m a FERS employee who recently resigned my commission in the Navy Reserve. I have combined active duty and reserve time. After I received my Statement of Service, I submitted that and my DD 214 to Defense Finance and Accounting Services for military buyback consideration. If I buy back my military time, I’ll have 20 years combined. What happens to that military retirement if I don’t convert that time? Can I request that military retirement amount be transferred into my TSP or a private 401(k) account? If I don’t convert that military retirement balance, what happens to it? A.…
Q. I have 14 years’ federal civilian service and my minimum retirement age is 56. I retired from the U.S. military with 22 years’ active-duty service. I have already purchased my military time back and I have paid my deposit in full. I intend to waive my military retired pay and retire under FERS this year when I reach my MRA. Will my annuity be reduced 5 percent for each year that I am younger than 62? A. No, because you will be retiring at your MRA with more than 30 combined years of service.