Q. I have eight years and 10 months of federal time and 20 years of active-duty service for which I’m receiving military retired pay. Can I buy or use a portion of my military time to make up 10 years? Would that increase my retirement substantially? I’m told I would receive retirement going back to age 62 to now — I’m 64. A. You have a choice. You can continue to receive your military retired pay and continue to work until you have 10 years of civilian service, or you can make a deposit to get credit for your 20…
Browsing: military retirement pay
Q. I have 26 years as an Air Force Reserve technician; I have been offered an Active Guard Reserve tour that would give me 20 years’ active duty in five years. Will I lose my civil service retirement if I retire on the military side with 20 years, or will I be able to draw both since I have worked both? A. If you will be receiving military retired pay, to get credit for your years of active-duty service in your civilian annuity, you’ll have to make a deposit to the retirement fund and waive that pay when you retire.…
Q. I work for the government under FERS. I retired from the military after 20 years but did not buy back my time for retiring from the federal government. I will be 62 next year and will also have five years working for the federal government. Will I be allowed to draw a retirement from VA and Social Security and also continue to draw my military retirement pay? A. Yes.
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 am a retired naval officer and have been a civil servant for 15 years. When I ultimately retire from the civil service can I continue to receive my Navy retired pay as well as a civil service pension? A: Yes.
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)…
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…