Q. I would like to retire at between 56 and 58 with deferment until I reach age 60 and can draw my reserve retirement. I am a gray area reservist with 20 creditable years of total service. This includes four years and two months of active duty that I bought back after I accepted a FERS position. I have been with FERS for 20 years, including buyback. Will I still be able to draw both retirements since my military retirement is a reserve retirement? In 2017, I will have 25 years, and I would like to retire no later than…
Browsing: military buyback
Q. Having retired in 1995 with 20 years of active-duty service in the Air Force with a 40 percent VA work-connected disability, I’m a FERS employee as of April 2000, and I intend to retire in January 2018. I’m considering buying back my military time; once my deposit has been paid in full, and I retire from FERS with a combined 37 years of creditable service, will I keep my monthly VA amount? Lastly, while I’d be forgoing my AF pension, will other privileges remain intact?
Q. I have 24 years of reserve military service (Army, not National Guard). I have not retired. I have never been deployed, nor have I been activated for more than 90 consecutive days. I work for the Department of Veterans Affairs, and upon hire, I was told by human resources that there is a formula to determine how much reserve time I can buy back. The representative said it would be either 4 to 1 or 6 to 1 (every 4/6 years reserves will equal 1 year of buyback-eligible time). I transferred stations and went to my current HR and…
Q. I’m in FERS and have bought back my 10 years’ active-duty military time from Army and Marine Corps service. I have 26 years’ reserve time and retired from reserve service in 2009. I’m 50 and won’t start collecting reserve retirement until I am 60. Will I have to waive my reserve retirement if I retire from civilian service before age 60 or once I retire from federal civil service?
Q. I will be retiring from civil service under CSRS with 40 years of service. I will also be drawing my reserve retirement next year when I turn 60. I have three years and nine months of unpaid military service, and it would cost approximately $26,000 to buy back the service. I know when I turn 62, the Social Security windfall elimination provision will reduce my Social Security annuity. I have less than 20 years of significant earnings. I’m wondering if it is worth paying the $26,000 to buy back the three years and nine months.
Q. I am an active-duty member of the Air Force with five years of service. I am planning to stay in for five more years to transfer my post-9/11 education benefits to my kids. I am looking to get out of active service at the 10-year mark and would like to remain working for the federal government. How would my years of service count toward retirement if I began to work for the Veterans Administration versus switching service branches (i.e. public health services corps)?
Q. I plan on retiring at age 65, when I will have completed 15 years of federal civilian service. I have also paid the deposit on six years and four months of active-duty military service. Can I add the active-duty service to my 15 years of federal civilian service to qualify for the 1.1 percent of high-3 average salary for each year of service formula for those Age 62 or Older at Separation With 20 or More Years of Service?
Q. I retired from the FAA in 2003 with 21 years of service, and I receive 50 percent of my base pay. I also am qualified for Social Security. I bought back my military service. I know my Social Security benefits will be lowered as I receive a pension from OPM. I am planning on taking my Social Security benefits when I turn 62. Will I still receive my 50 percent pension from OPM?
Q. I retired in 2010 with 40 years of service, including four years of military service (1972-1976) that I did not pay back. While I am 62 and don’t qualify for Social Security yet, I recently received a notice that I now qualify for survivor benefits. Will this affect my CSRS annuity? Second, is the one-time Catch 62 check at age 62 in law or process? My concern is that if it is process, then it could easily be changed because of the budget situation to check every year after age 62 or when you start to draw Social Security…
Q. My husband had 16 years of military service (no retirement received). He is now 65 and may soon be employed in civil service. At age 70, he would have about 21 years of federal employment and military combined. Is he then eligible for retirement at age 70?