Q: I served 11 years, 8 months as active duty in the USAF. I served from 1983-1995 and was honorably discharged. I joined the Army Reserve Nov. 6, 2009, and am currently still in the reserves. I have elected to take a position with Indian Health Services Hospital, and I have some questions about retirement. 1) I was told I would have to buy back my 11 years and 8 months within three years, otherwise interest would be added on. How much would I have to pay to buy my time? I was an E5 when I was discharged. 2)…
Browsing: military buyback
Q: I retired from the Army after 21 years as a Chief Warrant Officer 2, which was a reserve commission; the component I retired from was United States Army Reserve (USAR) and I currently receive a retirement pension/pay. I am currently a government employee. If I buy back my military time and apply it to my civilian time (FERS), do I forfeit my military retirement pay? I believe I am receiving reserve retired pay based on my discussion with DFAS. A: If you are receiving reserve retired pay and make a deposit for any periods of active duty service, it will…
Q: Mr. Jones included something in his column appearing in the June 6 issue that has alarmed me and I’d like some clarification. Mr. Jones implies that military retired pay is somehow affected by the initiation of a federal civilian retirement annuity, except under “limited circumstances.” I am a federal employee and have been since 2007. After buying back my military academy time, I have retirement credit as of 2003. I am drawing military retired pay that I earned for service between 1983 and 2004. I plan to retire from federal civilian service in 2028. Under current rules, wouldn’t I…
Q: I know there is a military time buy back process so military time can apply toward civilian retirement. If I have federal time, can I apply that toward a military retirement if I join the military? Or does it only go one way? A: No, you can’t apply your federal civilian time toward a military retirement. It only goes one way.
Q: Does it ever make sense for a FERS employee to buy back 20 years of military time for credit toward a FERS retirement? What if the employee decides later to leave federal civilian service before retiring. A: Whether it makes sense is a personal matter, often based on simple arithmetic. If you make a deposit, you’ll have to spend some money. In return, both your length of service and annuity would be increased. You’ll have 20 more years of civilian service and your annuity would be 20 percent higher. However, as a rule, you’ll have to waive your military…
Q: I am getting ready to retire with 42 years of creditable service at age 64. At age 62, I did not have enough quarters to qualify for Social Security benefits other than medical. However, I did pay the military buyback prior to age 62. Since Social Security benefits other than medical will not be paid due to not having sufficient quarters at age 62, is the retiree entitled to a refund of any kind for the money for the military buyback? If so, is it the amount that was paid into the buyback? A: Just to make sure that…
Q: Since I’ve been buying back my 20 years of military service toward a FERS retirement, would I qualify for the MRA (56.5 years old) and would at least 10 years of federal service actually equal 30 years of total service for calculations on the SRS? Or would the system only use the 10 years of federal service and MRA, which according to your column would disqualify me for SRS? A: Only actual civilian service is used when calculating the special retirement supplement. Therefore, if you retired at your MRA with at least 30 years of service (actual service and…
Q: I’m 39 with 18 years of military service (6 active, 12 reserve). I’ve been working for the government as a GS employee under the FERS plan for 12 years. I’ve read and heard the benefits associated with buying back my active-duty military time, but I am confused as to whether it will cause me to have to remain in the reserves longer to make up for the active time I’m buying back. My initial plan was to have two retirement checks, one from my federal service and the other from my military service that I would collect at age…
Q: I have worked for the DHS for a little more than four years, and have four years of military time which I bought back. I am 59 years old and would like to retire sometime around 62. I have been in one of the health care plans, but would like to use it when I retire. My wife had a cheaper plan where she worked, so I never switched over. When I was hired, I was never told of the need to be in the plan for five years before I retired. Why would this have any affect on…
Q: I am a reservist with roughly 12 years of active-duty time. I am transitioning to GS and don’t understand the military buyback program. My biggest concern is regarding what happens to my Air Force retirement if I buy back my time. My plan would be to retire from the Reserve a few years down the road while still being a GS. Would I be able to have two separate retirements? I was under the impression that you can only have two federal retirements if you were previously retired from the military, then began civil service. I want to stay…