Q: When talking about “Catch-62,” you have written: “[If a Civil Service Retirement System employee] was eligible for a Social Security benefit either at age 62 or at retirement, if it was after reaching age 62, those years of service would be deducted and his annuity recomputed downward.” What is the situation for CSRS employees after age 62 if they qualify for Social Security with work after retirement? A: There’s no problem at all. For those who are coming upon this subject for the first time, I’d better explain what we’re talking about: Anyone who served in the military after…
Browsing: military buyback
Q: I was retired medically from the Army with less than 20 years of service. My health improved enough for me to work at the U.S. Postal Service. I was then called back to active duty to complete my 20 years of service, serving an additional three years and eight months. I returned to the USPS in 2005. I retired from the Army with a military pension and Veterans Affairs Department disability of 50 percent. Can I still receive my military pension and VA disability and buy back only those years I returned to active duty to get credit for…
Q: Can a retired military member elect to buy back only a portion of his military time? A: If your active-duty service was continuous, the answer is no. If you were on active duty during separate, distinct periods of time, you can chose the period (or periods) of time for which you want to make a deposit.
Q: I just received my military service deposit amount plus accrued interest on my military time. The deposit amount for my service from August 1968 to August 1972 was $896, with $3,330.43 in accrued interest, for a total of $4,226.43. The accrued interest seems awfully high. The interest accrual history runs from October 1986 ($103.88) to October 2009 ($166.22). A: I can’t tell whether the final number you got is correct. What I can tell you is that annual interest rates have been high after Dec. 31, 1984. Before that, they were a flat 3 percent. After that, market rates…
Q: I will soon be accepting a GS-13 position with the Department of Homeland Security. I am retired military and understand the buyback system; my question pertains to leave accrual. How will leave accrual be determined if I choose (or choose not to) to buy back my military time? Also, I have two deployments for which I received an Armed Forces Expeditionary Medal. Is that time automatically approved for leave accrual? A: Unless you make a deposit for your active-duty service and waive your military retired pay, you’d only get leave accrual credit for those periods of service when you…
Q: I started as an enlisted soldier and recently was promoted to lieutenant colonel. I plan to retire from the military Feb. 1, 2013, which will give me 24 years and six months of active-duty service. I will be almost 43 at that time. I am considering obtaining a GS job, one prospective position is at the GS12 level, but am admittedly a little confused about the overall buyback program, and have the following hypothetical questions: 1. I understand I would have to work at least five years in the GS position to qualify for a retirement. Is this true,…
Q: I am retired military with 20 years of active duty. I am a GS-14 with two years of federal service. I am 47 years old. What would the benefit be to buy back my military time? A: If you made a deposit to the civilian retirement system for your 10 years of active-duty service, it would be added to your actual service time in determining your eligibility to retire and, when you retire, your annuity would be 10 percent higher than if you didn’t make a deposit. The deposit required would be 3 percent of your basic active-duty pay,…
Q: I am a federal firefighter (GS-081 series) covered by the Federal Employees Retirement System. I work for the National Park Service. My department is being abolished this year, with a local city department taking responsibility of fire supression. Reduction-in-force notices are coming out next month. I have 24 years and 8 months of federal firefighter service. Can I buy back retirement time from a nonappropriated fund Army job I held from January 1982 to October 1985, which I did not put into, and transfer it to my FERS retirement so I can retire with at least 25 years? A:…
Q: I have eight years of active-duty service and 10 years with the reserves. What part of that time counts toward the Federal Employees Retirement System? I was also recalled to active duty for an eight-month period and want to know whether I can add all this time. A: Your active-duty service in the armed forces will only count if you make a deposit to the civilian retirement fund. You have already received credit for any two-week periods of annual active duty for training, which for leave purposes have been treated as if you were still on the job. Reserve…
Q: I’m confused by what I’m reading regarding forfeiting military retirement pay. In some cases, your answer states the individual will not lose his military retirement pay if he buys back the time. Other answers say that the individual must waive his military retirement. Do only the 20-year active-duty retirees forfeit military retirement pay? I’m a reservist who will retire in three years at my 20-year total service mark, 11 of which were active duty. I’ve been offered a GS position that I am considering. I would like to receive credit for those 11 years, and it appears that my…