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Retirement Planning


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Roger.D  
#21 Posted : Monday, September 9, 2019 6:24:20 PM(UTC)
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Originally Posted by: TRW Go to Quoted Post
Update: 9 Sep 19.

HR received my payoff letter and posted a digital copy to my EOPF (electronic personnel folder).

So far though, no changes/adjustments have been made (yet) to any of my Service Comp dates.




If the dates don't change, be sure to call HR in about a month. No more than 3.

I waited about 13 years. Didn't have an issue getting it corrected as everything was in my eopf.

You don't want to wait until the week before retirement to get it corrected.
TRW  
#22 Posted : Monday, December 16, 2019 5:12:19 AM(UTC)

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UPDATE:

Well after not seeing an adjustment on my "service comp-retirement" date, I finally called CPAC. We no longer have any (knowledgeable) local HR people as they have all been centralized in huge regional centers in Norfolk, San Diego, etc.

Here is verbatim answer I got:

"Your service computation date (SCD) adjust when you go to retirement. The service computation date will be recalculated once you submit your retirement package and all your benefits will be recalculated including annuity computation, service computation, and high-3 salary computation."

This doesn't sound right, but it wouldn't be the first time the Navy broke the mold and did something different than the other services.

My only response back to them, for now, is going to be "but without having/knowing my actual SCD-retire date, how can I accurately do any retirement planning?"

I've been around here long enough to know some people plan things down to the day.

This doesn't sound right. Any insight anyone can provide will be appreciated.

TheRealOrange  
#23 Posted : Monday, December 16, 2019 5:27:25 AM(UTC)
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Originally Posted by: TRW Go to Quoted Post
UPDATE:

Well after not seeing an adjustment on my "service comp-retirement" date, I finally called CPAC. We no longer have any (knowledgeable) local HR people as they have all been centralized in huge regional centers in Norfolk, San Diego, etc.

Here is verbatim answer I got:

"Your service computation date (SCD) adjust when you go to retirement. The service computation date will be recalculated once you submit your retirement package and all your benefits will be recalculated including annuity computation, service computation, and high-3 salary computation."

This doesn't sound right, but it wouldn't be the first time the Navy broke the mold and did something different than the other services.

My only response back to them, for now, is going to be "but without having/knowing my actual SCD-retire date, how can I accurately do any retirement planning?"

I've been around here long enough to know some people plan things down to the day.

This doesn't sound right. Any insight anyone can provide will be appreciated.

I have made two service credit deposits: one for military time; and one for pre-1989 civilian time. In each case, my SCD for Retirement was changed to factor in the service credit. In fact, I was advised to keep checking the SCD for Retirement to ensure it was correctly recalculated.
TRW  
#24 Posted : Monday, December 16, 2019 6:56:22 AM(UTC)

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I'm going to give her a few days to respond to my comments and concerns. The problem is, because everything is being done by e-mail, they just stop answering yours when they feel they have provided you their proper answer.

Anyway, one thought was, and I asked this, am I being treated differently because I am a military retiree who sold back his time as opposed to someone who just did 3-4 years in the military and got out.

I know there is at least one exception to the use of military time for military retirees and that is it can't be used to obtain the minimum number of years to retire at 55 from a civil service position which may be the sticking point.

postalvet  
#25 Posted : Monday, December 16, 2019 7:19:24 AM(UTC)
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Originally Posted by: TRW Go to Quoted Post
I'm going to give her a few days to respond to my comments and concerns. The problem is, because everything is being done by e-mail, they just stop answering yours when they feel they have provided you their proper answer.

Anyway, one thought was, and I asked this, am I being treated differently because I am a military retiree who sold back his time as opposed to someone who just did 3-4 years in the military and got out.

I know there is at least one exception to the use of military time for military retirees and that is it can't be used to obtain the minimum number of years to retire at 55 from a civil service position which may be the sticking point.



you retire without this being settled and it will be a million times harder to fix.

keep up the pressure. contact the next higher level manager and contact your congressperson for help.
Was a carrier no matter what

Just Cause & gordonG & roger.d say



just cause loves karen

keep the insults coming
smithandjones  
#26 Posted : Monday, December 16, 2019 9:12:13 AM(UTC)

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This sounds reasonable and I hope it works for you. A couple of thoughts for anyone considering this in the future:

1. Factor in taxes when calculating how long it will take to recoup the $16,900 payment? That may prolong the period by 1/3 or more.

2. A bird in hand is better than 2 in the bush. You already earned the military pension. A buy back is a gamble in the sense, in this case, that assumes you will work X more years. If you decided to quit earlier (or became disabled) the calculation would be different.

Carry on and good luck! Oh - and my SCD date was modified without issue.
TRW  
#27 Posted : Monday, December 16, 2019 3:53:20 PM(UTC)

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Originally Posted by: smithandjones Go to Quoted Post
This sounds reasonable and I hope it works for you. A couple of thoughts for anyone considering this in the future:

1. Factor in taxes when calculating how long it will take to recoup the $16,900 payment? That may prolong the period by 1/3 or more.

2. A bird in hand is better than 2 in the bush. You already earned the military pension. A buy back is a gamble in the sense, in this case, that assumes you will work X more years. If you decided to quit earlier (or became disabled) the calculation would be different.

Carry on and good luck! Oh - and my SCD date was modified without issue.


Were you retired military or just served in the military and sold back some years.

I think that is what the difference is going to be.

TRW  
#28 Posted : Tuesday, December 17, 2019 1:36:31 PM(UTC)

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Here is what I found on the OPM website and it applies to my situation:

"You cannot receive credit for any military service in your FERS retirement computation, if you are receiving military retired pay, unless you were awarded the retired pay:

- Due to a service-connected disability either incurred in combat with an enemy of the United States or caused by an instrumentality of war and incurred in the line of duty during a period of war, or
- Under the provisions of Chapter 1223, Title 10, U.S.C. (pertaining to retirement from a reserve component of the Armed Forces).

However, you can elect to waive the retired pay and have the military service added to your civilian service in computing your FERS annuity. In addition to waiving your military retired pay you MUST pay a deposit for your post 1956 military deposit prior to separating from your agency in order for it to be creditable in your FERS retirement case."

Neither of those exceptions listed apply to me.

This is why I have to wait till I submit my retirement package to get my service comp dates adjusted.
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