Q. I am thinking about buying back my time on active duty, 22 years, to make a deposit so that I can retire early from the Foreign Service. If I do, will I lose any of my military retirement privileges. A. If you make a deposit for your active-duty service, just before you retire from your civilian job, you will also have to waive your military retired pay. Doing so will have no affect on any other entitlements you have based on your active-duty service.
Browsing: military buyback
Q: I have three periods of military service for which I am required to pay a deposit under “Catch 62.” The first period, 1969 to 1972, I paid for when it came due in 1986. This bought me a period of about 2.6 years. I was mobilized for Operation Desert Shield/Desert Storm in 1990 to 1991, and for duty in Bosnia in 1997, for eight and seven months, respectively. I plan to work off the additional time by delaying my retirement for 15 months or more. When I discussed this plan with our human resources office, I was told that…
Q: I’m a Civil Service Retirement System employee. Is there a time limit after I retire from my civilian job to buy back my military time and get annuity credit for it? A: To get credit for any period of active-duty military service in your annuity computation, you must complete the deposit before the final adjudication of your annuity by the Office of Personnel Management.
Q: I was active-duty Navy for five years, then worked for the U.S. Postal Service under the Federal Employees Retirement System for seven years, during which time I bought back my military time. After 9/11, I went back into military service (active-duty Army), and I will retire with 20 years active service. Who do I need to contact to get a refund of my deposit with the USPS? A: While you can’t get a refund solely of your deposit for active-duty service, you can get a refund of all your contributions and deposits to the retirement fund. Download a copy…
Q: Where do I send my form for buying back my military time, and how do I find out how much it will cost? A: To make a deposit for any years of active duty service, you’ll need to complete a copy of Form RI-20-97, Estimated Earnings During Military Service, and mail it to the military finance center for your branch of service along with a copy of your DD 214, Report of Transfer or Discharge. When you get that information, take it to your payroll office along with a copy of your DD 214 and a Standard Form 2803…
Q: Do my nine years of active-duty Air Force service that I bought back count toward computing my FERS retirement date from the U.S. Postal Service or do they only count toward my retirement-pay percentage? I thought when I bought my military time back it counted toward my retirement-eligibility date. A: Since you made a deposit for your active-duty service, it will be used in determining your length of civilian service, which will affect your annuity computation date and your annual leave category, and in your annuity computation when you retire.
Q: I am a law enforcement (6c) FERS employee who plans to retire at the end of 2012 with 25 years of Law Enforcement (6c) coverage. I also have two years and two months under regular FERS before I entered my covered LE Position and I bought back three years of military time. I know how my covered LE(6c) time will be calculated. My question is how will my two years and two months of regular FERS and my three years of bought-back military time be calculated and included in my annuity? A: Everything above those 20 years of law…
Q: In a recent column you wrote: Fourth, if you receive military retired pay, set up another meeting with your counselor, ideally six months before you are ready to retire. You’ll want to assess the impact of military retired pay on your civilian annuity. Under limited circumstances, you may be able to receive both. However, in most cases, you’ll have to waive military retired pay. I am age 53, retired from the military for 11 years, getting military retired pay now. I am also a GS-13 with 8 years in. I was specifically told by CPAC when I was hired…
Q: I am thinking about buying back my time on active duty (22 years) to make a deposit so that I can retire early from the Foreign Service. If I do, will I lose any of my military retirement privileges? A: If you make a deposit for your active duty service, just before you retire from your civilian job, you will also have to waive your military retired pay. Doing so will have no affect on any other entitlements you have based on your active duty service.
Q: I retired Sept. 29, 2010, under discontinued service as a National Guard Technician and am eligible for an immediate annuity. My military service was from September 1977 through April 1984 (6 ½ years) and my tech service time was from Aug. 11, 1985, through Sept. 29, 2010 (just over 25 years). My military time has been bought back. I was born in 1959 and was 51 years old and 3 months when I retired. Will I get the FERS supplement? A: Yes, you’ll be eligible for the special retirement supplement when you reach your minimum retirement age, which is 56.…