Military buyback and increased multiplier

0

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?

A. Yes, because you paid a deposit for those years of service, they’ll be included when computing your annuity. And because of your age and service, it will be computed using the more generous multiplier.

Share.

About Author

Reg Jones was head of retirement and insurance policy at the Office of Personnel Management. Email your retirement-related questions to fedexperts@federaltimes.com.

Leave A Reply