Q. I served in the military on active duty for 14 years. I am in the process of buying back my military service as a credit toward retirement with the federal agency with which I am currently employed. Once my military service is paid, do I still have the option to retire after 20 years of service as I would with the military? How much of my pension could I expect?
A. With 20 years of service,. you could retire on an immediate, unreduced annuity at age 60. With 30 years of service. you could retire on an immediate, unreduced annuity when you reach your minimum retirement age. MRAs range from 55 to 57, depending on your year of birth. Your annuity would be based on your highest three consecutive years of average civilian pay (your high-3) and your years of service (civilian and military for which you’ve paid a deposit) using this formula:
.01 x your high-3 x years of service (.011 if you retired at age 62 with 20 years of service.)