Q. I’ve been in federal service a little over a year. If I decide not to stay in federal service, is all the money I’m spending to buy back military time being wasted? A. If you stay for a full five years and then leave, you’d be eligible for a deferred annuity, and the military service for which you made a deposit would be included in your annuity computation. If you stay for less than five years, you wouldn’t be eligible for any retirement benefit. Therefore, you’d be better off asking for a refund of both your Federal Employees Retirement…
Browsing: military buyback
Q: I’m 52 and started civilian service in March 1983. I never paid back my military service time. With interest, I owe more than $9,000. Is it worth paying this to get four more years added to my CSRS retirement? I’d like to think I’ll retire at age 55. A: I don’t know if it would be worth it to you. I do know that having four years added to your length of service would increase your annuity by 8 percent. You’ll have to do the math and make a decision.
Q: I’ve been in civil service for 16 months and I am currently in the process of buying back eight military years. What if I decide I do not want to stay in civil service more than another year or so. Am I throwing that money away? Should I stop my buyback? A: You are asking for an opinion, which I would be foolish to provide. What I can tell you is this: If you decide that you want to leave, you can get a refund of your retirement deductions and the deposit you made.
Q: I worked from 1977 to 1980 under CSRS. I withdrew my retirement and my time from active duty, under AGR Title 32 from 1980 to 1985. In 1985, I became an excepted employee for the National Guard until 1995. In 1995, I went to work for the USDA until now. I am now 53. I wanted to make sure my records were accurate and pay back the retirement and active-duty time. According to USDA from 1977 to 1980, I am under CSRS; 1985 to 1990 I am CSRS Offset, 1990 to present I am FERS. Can I pay back…
Q: I had some active-duty time for which I paid the deposit so it would count toward retirement after age 62. I had one period of 5 1/2 months that my local civilian personnel office said I didn’t have to make a deposit since I was on LWOP-US for this period. Even the CSRS Retirement Facts 3 dated October 1997 said the same thing. I received a letter from OPM shortly after I retired stating that since I didn’t make a deposit required under Public Law 97-253 for this time, my annuity will be recomputed to eliminate credit for this…
Q: I am 44 and I have 20 years in a 6C covered position and I am considering moving into a noncovered position. By not remaining with the covered position until I am 50 or have 25 years of a covered position, how will this affect my retirement? Will I be able to receive my pension when I am 50 and continue to draw a paycheck from the noncovered position? If not, how long would I have to go until I could retire? What hit would I take in the percentage in my annuity? I have never bought back my…
Q. I was honorably discharged after nine years of active military service (1988 through 1997). Upon separation, I received a voluntary separation under the provisions of the Special Separation Benefit. Through this program, I received a lump-sum payment of $38,000 in 1997. I believe this is considered retirement pay. I have just received an employment offer for a GS position. Is it possible for me to repay my SSB separation benefit and the deposit amount for my military pay to receive creditable military service time in the Federal Civilian Service? Under FERS, I believe I am required to repay 3…
Q. My husband served eight years active in the Navy and stayed in the Guard for 20 years. He just turned 60 and is receiving his Navy retirement check. He is also employed under FERS and has already paid back his military time. Our question is: Can he draw his military retirement check along with his retirement check from civil service, which will be figured using buyback military time? If he has to choose and keeps his retirement check, will they give him back his buyback amount? A. He will receive both retirement checks, with no reduction in either. As…
Q. I am a current FERS employee with prior active-duty military service. When I began federal civil employment, my Service Computation Date (SCD) was established as Dec. 18, 1984. Three years ago, I made a complete payment for military service deposit, i.e., I “bought back” my military time. My SCD has remained the same since then. Should my SCD have been recomputed? Regarding my retirement, what benefit(s) did I gain by buying back my military time? A. If you were nonretired military, you should have received full credit for your active duty service for leave accrual purposes when you were hired.…
Q. I spent 11 years on active duty as USNR. I then spent another 10 years in the Commissioned Corps of the Public Health Service, but was never assimilated into the Regular Corps (thus the equivalent of reserve status). I collect a military retirement and now work for the government under FERS. Since all my active-duty time was as a reserve officer, can I buy back any of my time, even though I collect a pension? I was told as regular military you can’t, but as a reserve status, you should be able to. A. Reserve service is rarely creditable…