Q. I’m a postmaster who has been offered the buyout if I retire July 31. At that time, I will have 26 years and 10 months of Postal Service time. I also have four years of military time that I have bought back, plus seven months of sick leave time. My total creditable service time is 31 years and six months. Under VERA, I would be eligible for the special supplement. but because I’m already eligible to retire, I must retire that way. Would I still receive the special supplement? I won’t turn 60 until Oct. 17. A. Because you…
Browsing: military buyback
Q. I am on active duty (Army). I will be retiring with 20 years of active service and receive my monthly retirement pay. If I take a government job, how does the buyback thing work? If I choose the buyback option, will my military retirement check stop? Could I buy back the 20 years of military service (without giving up my military retirement pay), work the government for 10 years, then retire and receive both my military and government retirement? A. You could make a deposit to get credit for your active-duty service; however, when you retired, you would have…
Q. I am a retired officer, age 64, and have been a federal employee for two years. I paid a deposit for three years, 11 months credit for time attending a service academy. Am I eligible to retire now with five years, 11 months of service, or do I have to actually be a federal employee for five years and then add the academy time? Not planning on retiring now. Just want to know the facts. A. You cannot retire until you are vested in the retirement system, which requires that you have five full years of actual FERS service.
Q. I am a postal worker who started my 25th year of service in May. I am buying back my military time of six years and will have it paid at the end of this year. I will be 49 this year. Since my minimum retirement age is 56, is there any chance of receiving the Social Security supplement between 50 and 55 if I retired under a Voluntary Early Retirement Authority? Must I be 56 regardless of the number of years of service to receive it? When I pay off my military time later this year, how is the…
Q. I have over 28 years of credible service as an Army reservist and therefore will qualify for retired reserve retirement benefits. I am also considering buying back my active-duty time. I understand from your blog that I am able to purchase back time without it reducing my reserve retirement services and that buying back time is only to reset my service computation date. Where can I find that in regulations? A. If you make a deposit to get credit for any period or periods of active-duty service, that time will be used to increase your civilian length of service…
Q. I am still uncertain on one nuance of the five years to be vested. I am working through the process to “sell back” my four years of Air Force Academy time. I started work this year (March 2012). When I hit March 2018, I will have six years of civilian time and four years of military credited time. Will I be eligible for a MRA +10 using the four military years? I will be past my minimum retirement age with over five years of civilian time and over 10 years of total creditable service. A. Yes, you can retire…
Q. I am in the process of buying back active-duty service time. I served in the Marines from 1982 to 1986, and started with the Postal Service in 1987. I am 47 years old. For the Marine Corps service, I received the PS Form 2805 with the initial amount due as $1,050.48 and interest of $2,612.74, totaling $3,663.20. I find out there was no penalty or interest during the first two years. This was never explained when hired. Is there an appeal process for the interest? Also, I have three other periods of National Guard active service being looked into.…
Q. I’m 57 years old, started with the Postal Service in June 1987, bought back five years and nine months of military time. What would be the difference in benefits between retiring if a VERA is offered and retiring before a VERA is offered? Would I be penalized on my Thrift Savings Plan? Can I get the Social Security supplement? Would I be able to collect Social Security supplement either way? Reg Jones: There wouldn’t be any difference. Since you already have the right combination of age and years of service, you can retire whenever you want to. Voluntary Early…
Q. I am a federal civilian (GS-13), and I am an O-4 in the Navy Reserve. I have chosen not to buy back my active-duty military service because I read on the Department of the Navy civilian human resources website that it would jeopardize my Navy Reserve retirement (i.e. might force me to merge or choose one or the other once I’m 60 and eligible for the Navy Reserve pension and my FERS). I do not want to jeopardize my Navy Reserve O-4 retirement (I worked too hard for 21 years to lose it.) I also do not want to…
Q. I was in the Air Force (1973-1978) for five years, one month and 13 days. Worked in private sector for a few years. Became a federal employee with total CSRS service credit of 30 years, nine months and 25 days at retirement. I bought back my military time, which enabled me to retire in 2009. I am three points shy from earning my 40 credits/points for Social Security. I am 58 years old and female. Would it benefit me to pursue getting the last three credits/points under Social Security, or would the windfall elimination provision eliminate any value in…