Q: I retired from the Air Force after serving 20 years. I have been working for the federal government for 10 months and I am under the FERS system. If I buy back my military time, do I lose my military retirement pay immediately or when I retire again from the federal government? A: If you make a deposit for your period of active-duty service, you don’t have to waive your military retired pay at the same time. You can wait until shortly before your retire from your civilian job to do that.
Browsing: military buyback
Q: How can I get proof that I did buy back my four years of military service so I can ensure my FERS retirement date is accurate? I bought back four years of active duty years ago but never got any documentation indicating so. I have a dollar figure on my LES that indicates a deposit was made, and the military deposit worksheets showing I made an application for a deposit. I’m getting the runaround from state HRO, personnel and finance. They all claim the other office takes care of it, but no one knows who really is in control…
Q: I started a federal job four months ago and I want to buy back my active duty military time. I will be eligible to retire from the reserves in September 2011 with 20 good years. I have 13 years and nine months active duty and the remaining is all reserve time. Now, everyone tells me I cannot buy back and put my active duty time toward my federal retirement and retire from the reserves because it is double dipping. I am being told by sea lawyers that I can only use the active duty time once, either for retirement…
Q: I entered 1811 service at 36 after five years of military time and six years of non-1811 federal service. I have bought my military time in. Am I correct in calculating the following for retirement: 20 x 1.7 = 34 percent 6 x 1.0 = 6 percent (non-1811 federal service) 5 x 1.0 = 5 percent (military time) Total: 45 percent of high three. A: Yes.
Q: I had eight years of active duty after being honorably discharged from the Army in 2001. In 2008, I got a federal government job. I began to buy back my military time. I am leaving the federal government after years, but before I finish buying my time back. What are my options for the money? I do plan on coming back to the government some day. Can I just leave the money in there or will it be automatically refunded? Can I continue to contribute to it even though I am no longer a federal employee? A: When you…
Q: I have spent 11 years on active duty and I immediately went to work for the federal government under the Federal Employees Retirement System. At this time I have a total of 32 years (22 years federal services and 10 years active duty). If I buy back my military time, may I retire at age 57 without any penalty? If not, what is my earliest retirement age without penalties under FERS? A: Yes, if you make a deposit for your years of active duty service, you’ll be able to retire at age 57. And there won’t be any penalties.
Q: I have five years, four months active duty that I believe I can buy back toward a federal retirement. I also have eight years as an engineer/paramedic for Marin County. Can I buy back any of my county time as a firefighter? A: No, you can’t.
Q: Can current federal employees buy back Army National Guard time? I have federal employees that did 20-plus years in the Army and Air National Guard. They have retired from the National Guard and now work for the government. Some of these employees were placed on active duty (title 10) for certain deployments and are inquiring about also buying back that time. One employee had heard that National Guard time was somehow prorated when it comes to buying back time. Any truth to this, and if so, where can I read about it? A: As a rule, service in the…
Q: Is it possible to buy back only a portion of military service and not have to waive military retired pay. I have 21 years active duty and receive military retired pay. I also work for the federal government. In order to have my military service count toward civil service retirement, leave, etc., I would have to buy back all my military time plus waive my military retirement pay (some benefit …). Is it possible to buy back 10 years of military service and keep my military retired pay? A: No, it isn’t possible.
Q: I served eight years on active duty in the Army and then went into the National Guard. While in the National Guard, I began working for the federal government. I bought back the eight years of service in the Army and plan to draw a federal pension as well as a National Guard retirement. Will either retirement offset the other? A: No, there wouldn’t be any reduction. You’d get the full amount of each retirement benefit.