Q: I served 16 years of active-duty military, then separated and took a federal job and paid my military buyback in full. If I decide to leave the government before I retire, can I have my military buyback refunded to me? A: Yes, but only if you accept a full refund of all your retirement contributions. Doing so would void your right to a future retirement benefit.
Browsing: military buyback
Q: Is the only way to buy back military time is to pay the whole amount to FERS in a lump sum? I thought if you were still working, you could have it deducted in installments from your federal civilian pay each month. I also thought if you put in your retirement paperwork and still wanted to buy back military time, and you couldn’t afford the lump-sum payment just as you were about to retire, you could buy back the time by receiving a smaller monthly retirement until the time was paid back. When the amount was paid in full,…
Q. I am currently a GS career-conditional (1½ years) employee. I have 10 years of military time that I would like to buy back. If I buy back my military time, would that increase my time as a GS employee (10 years + 1½ years = 11½ years). Would that change my status from career-conditional to career status? Or would I be buying back my military time just for retirement? A. Making a deposit for that period of active duty service would increase your years of service as a civilian employee; however, it would not change your status from career-conditional to career.
Q. I am currently a federal employee under FERS. I am also a retired reservist eligible to receive retired military pay when I reach 60. Right now I’m age 50. I would like to buy back three years of active time toward federal time. Do I have to waive my military retirement pay when I reach 60? A. No, you don’t. Only those who are receiving military — not reserve — retired pay are required to do that if they want to get credit for that time.
Q. I am a federal employee and a Marine Corps veteran. I am considering buying back my 3.5 years of active-duty service. However, I am also considering going into the Marine Reserve. Should I buy back my active-duty time toward my civil service retirement if I am going into the Reserve? Or would I lose the points for retirement in the Reserve? A. Making a deposit to get credit for your active-duty service would have no effect on your reserve points
Q. I have two years of military service that I bought back. How does this time count in regard to FERS retirement? Does it count toward meeting FERS retirement civilian service eligibility requirements as one of your answers seemed to indicate? Does military service count in the annuity calculation if you don’t buy the time back? A. It all depends. If you are covered by FERS, you won’t receive any credit for your active-duty military service unless you make a deposit for that time. If you are covered by CSRS and were first employed on or after Oct. 1, 1982, you’ll…
Q. You clearly state in your blog that buying back active service and putting it toward FERS will not affect reserve retirement. Can you pinpoint references? Where can I find that in writing? A. Employees receiving reserve retired pay are not required to waive that pay. See 10 U.S. Code, Chapter 67.
Q. I am currently working as a General Schedule employee, and I have bought back my eight years active duty. It is paid in full. If I go back on active duty, would I get that deposit paid back to me, or do I lose it? A. It would only be paid back in you separated from the government and asked for a refund of all your retirement contributions. Doing so would void all future entitlement to a retirement annuity.
Q. I’m buying back 10 years and became a regular rural carrier in 2004. Does this mean, in 2014 I’ll be considered a 20-year mailman and at 30 years and minimum retirement age (55 years), I can retire? What exactly would I be collecting? A. When you reach your minimum retirement age and have 30 years service, you will be eligible to retire. Your Federal Employees Retirement System annuity will be calculated using the following formula: 0.01 x your high-3 x your total years of service (actual and active-duty military for which you’ve paid a deposit).
Q. I am 64 with 3½ years in the Federal Employees Retirement System. I realize I need five years in FERS to qualify for a FERS pension. I bought back two years of military service time. Do these two years, added to the 3½ years in FERS, allow me to retire with a FERS pension? A. No, they don’t. You need to have five years of actual FERS service to be eligible for an annuity.