Welcome Guest! To enable all features please Login or Register.

Notification

Icon
Error

Military


Post your thoughts and opinions here about current military-related news topics.

Options
Go to last post Go to first unread
mcdonellm  
#1 Posted : Tuesday, January 26, 2010 8:50:50 AM(UTC)
mcdonellm

Rank: Newbie

Groups: Registered
Joined: 1/26/2010(UTC)
Posts: 12



Normal
0




false
false
false

EN-US
X-NONE
X-NONE













MicrosoftInternetExplorer4





























































































































































/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-qformat:yes;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;}


I will be separating from Active Duty with 15 years and 2 months time in service.  I am a bit
confused by the benefits/ramifications of buying back military time for FERS.  I am looking into and planning on
doing 5 years with the Air Force Reserves to finish off my 20 creditable years to qualify for Retirement at 59 years of age.   I will be 34 when I separate and
foresee me working as a FERS long enough to earn a Retirement check through that as well. 


1.)     If my
intent is to finish my 20 years to qualify for military retirement, is there
any reason at all to contemplate buying back my military time (15 years) to count towards FERS calculations?  I would
think not, but seeing if there may be an instance where this might be beneficial for some reason?


2.)    Since I have 15 years in the military, I shouldn’t have to buy back for annual leave accrual purposes correct?  Should get the 8 hours per pay period from day one as a FERS employee?


3.)    Does buying back military time act as “Seniority” protection for FERS in case of a RIF?  Or would that time not be considered unless, or even if I bought back my time?


Thanks for any help with these questions!!!




sctr199  
#2 Posted : Tuesday, January 26, 2010 11:47:27 AM(UTC)
sctr199

Rank: Newbie

Groups: Registered
Joined: 10/20/2008(UTC)
Posts: 10

There are two ways that I know of to make your military time count towards FERS retirement. The first, as you are comtemplating, is to buy back your military time by making the military deposit. The second way would be to waive your military retirement and have it count as the military deposit. That decision is made when you file your retirement application though.

I also left active duty at just under 15 years and spent another 6 in the reserves, retiring at age 45. I retired ealier this year at age 58 from the USPS under FERS. One of the mistakes I made was to delay making the deposit until just before I retired from the USPS. As a result,  I had to pay MUCH more back, as the basic percentage I ended up paying back had grown substantially over the years due to interest accruing.  I worked for the USPS for 19 years, but retired with 34 years of FERS service because of making the military deposit. Before making the deposit I calculated that my increased annunity after making the deposit would pay back the deposit in about 3 years, so it was worth it.
 
Assuming you are able to hire into a Federal job, you may want to make the same estimates. I would recommend you not wait as long as I did. At any rate, as far as I know you will be able to get your deposit back if you leave federal employment prior to reaching retirement age.
 
My intuition tells me that buying back your military time would be worthwhile if done right away since you had so much active duty time.
jennysue1973  
#3 Posted : Saturday, May 08, 2010 5:57:46 AM(UTC)
jennysue1973

Rank: Newbie

Groups: Registered
Joined: 5/6/2010(UTC)
Posts: 6

I agree, it is definitely beneficial to buy back your military time.  I am in the process of buying back my 13 yrs 9 months of military time.  I know I won't get it all pd back before the interest starts accruing (over 8K to pay back), but I will have several years to pay back before retiring. 
sarahUVA  
#4 Posted : Wednesday, May 12, 2010 4:30:45 AM(UTC)
sarahUVA

Rank: Newbie

Groups: Registered
Joined: 5/12/2010(UTC)
Posts: 1

I don't know if this info will be helpful or not but I am a new civilian and in the AF Reserves.  After doing some reserach through the AF Civilian benefits website I came across this statement:
 
Employees who complete a full career in the military reserves receive reserve retired pay at age 60. Receipt of reserve retired pay does not effect the crediting of active duty military service under CSRS or FERS. In other words, members of the reserves may receive credit for active duty military service under CSRS and FERS without waiving their retired pay from the reserves.
 
Generally, if you receive military retired pay based on a retirement from active duty military service, you may not receive credit for military service under CSRS or FERS unless you waive your military retired pay. If you waive military retired pay, you waive just your monthly check. You do not waive military survivor benefits, health coverage, or other benefits provided by the military. If you are receiving VA benefits in lieu of all or part of your military retired pay, you may keep the VA benefits even if you waive military retired pay for CSRS or FERS purposes.

If your military retired pay is based on a combat-connected disability (or caused by an instrumentality of war during a period of war), or you are retiring from the reserves, you may continue to receive your disability or reserve retired pay and still have your active duty military service credited under CSRS or FERS.

If you decide to waive your military retired pay to combine your civilian and military service, you must submit a waiver request to the military finance center at least 60 days before you retire.

mcdonellm  
#5 Posted : Wednesday, May 12, 2010 11:53:22 AM(UTC)
mcdonellm

Rank: Newbie

Groups: Registered
Joined: 1/26/2010(UTC)
Posts: 12

Thanks Sarah, I think that does help. 

Just so I think I can understand this all:

If/when I secure a civil service/federal job I can buyback my "Active Duty" military time (3% of my pay for my career--by the 3rd anniversary of hiring w/o interest).  By doing this I am not actually taking those years away from computation of my military time that I am buying back, but I am buying the right to use the years in calculating my federal service time?  So I will have 15 years "Active Duty" years counting towards my Reserve Retirement AND 15 years calculated towards my Federal retirement as well???  AND each successful Reserve year will count towards my Retirement so I can retire from the Reserves in 6 years AND then when eligible Retire from the federal and get BOTH retirements (Reserves on 60th birthday)a nd federal when eligible?

Thanks for all your insight guys!!!

18 days to Civilian!!!

martyb  
#6 Posted : Wednesday, May 12, 2010 9:40:16 PM(UTC)
martyb

Rank: Senior Member

Groups: Registered
Joined: 11/3/2006(UTC)
Posts: 3,507

Was thanked: 1 time(s) in 1 post(s)
1. You will start out on day 1 with 8 hrs per pay period Annual Leave, because you are not retired from active duty.
 
2. Once you get the rest of your military time via the reserves, the total points you receive for the reserve time will be added to the points you get for the active duty time (15 yrs x approx. 365) to arrive a total that will be formulated for your reserve retirement pay at age 60.
 
3. You will have to do the math as far as buying back your ad time.  It will be worth 1% per each year you buy back, based on your annuity at retirement.  In other words, each year you buy back will add 1 year to your total for FERS retirement calculation.  Under FERS, 1 year is worth 1% of the total.  Unless you go over a certain number of years(not sure how many, I'm under CSRS).  So..if you DO decide to buy the time back, do it now, before any interest begins to accumulate.  Only you can decide if it's worth it.  I'd say that to me, it probably would be since you haven't yet racked up any interest penalties.  If you were retired from active duty, I'd say no way, but in your case, I'd think it'd be worth the buy-back.  Also...retiring from the reserves will have no effect on your civil service retirement.  You will have a nice military retirement because of having so many points from your active duty years.  Best of luck to you.
martyb2010-05-13 05:45:44
Forum trolls to 0%
Guts  
#7 Posted : Saturday, May 29, 2010 3:12:40 AM(UTC)
Guts

Rank: Senior Member

Groups: Registered
Joined: 5/19/2002(UTC)
Posts: 817

Wow, that will be a very nice resevere retirement check at 60 indeed!
Yes, you will be able to enjoy both reserve and fers retirements  using
active duty service time.
..... also, your bought back military time will not count towards rif credit.
A body of men holding themselves accountable to nobody ought not to be trusted by anybody." --Thomas Paine<br /><br />
McGooHMM764  
#8 Posted : Sunday, August 15, 2010 12:44:06 PM(UTC)
McGooHMM764

Rank: Newbie

Groups: Registered
Joined: 8/15/2010(UTC)
Posts: 15

This answered my question! I have almost 18yrs of Active duty. I can retire as a reservist. I can apply the active duty time both to a federal retirement and a reserve retirement. Of course I have to buy into the federal system. 

So I could buy back 18 years of Active duty time, work as a civil servant for 12 years and retire with 30 federal years at 60. I can also begin collecting my reserve retirement at 58 because I was activated for two years. 

rabbitdog99  
#9 Posted : Thursday, August 19, 2010 1:15:36 AM(UTC)
rabbitdog99

Rank: Senior Member

Groups: Registered
Joined: 2/13/2008(UTC)
Posts: 396

McGooHMM764 wrote:

This answered my question! I have almost 18yrs of Active duty. I can retire as a reservist. I can apply the active duty time both to a federal retirement and a reserve retirement. Of course I have to buy into the federal system. 

So I could buy back 18 years of Active duty time, work as a civil servant for 12 years and retire with 30 federal years at 60. I can also begin collecting my reserve retirement at 58 because I was activated for two years. 

I am pretty sure you have to be 60 to start receiving pay if you retire from the reserves regardless of how much active duty time you have.  You also have to have a certain number of years in the reserves in order to be able to retire while from the reserves.  This may have all changed, it's been a while since I've been through it. 
Pick  
#10 Posted : Thursday, August 19, 2010 1:46:46 AM(UTC)
Pick

Rank: Senior Member

Groups: Registered
Joined: 2/6/2010(UTC)
Posts: 2,204

There are provisions to retire before age 60 based on deployment time.  I'm assuming that McGool already have a combination of reserve and active duty to give him 20 good years.
mcdonellm  
#11 Posted : Wednesday, February 16, 2011 1:35:41 AM(UTC)
mcdonellm

Rank: Newbie

Groups: Registered
Joined: 1/26/2010(UTC)
Posts: 12

I believe for the Reserve Retirement you have to have at least 6 years in the Reserves!!!  I enlisted in the Reserves for 6 years to get me to the over 20 and 6 years in the Reserves.
frankgonzalez  
#12 Posted : Wednesday, February 16, 2011 1:38:58 AM(UTC)
frankgonzalez

Rank: Senior Member

Groups: Registered
Joined: 8/8/2008(UTC)
Posts: 2,238

Was thanked: 3 time(s) in 3 post(s)
Pick wrote:
There are provisions to retire before age 60 based on deployment time.  I'm assuming that McGool already have a combination of reserve and active duty to give him 20 good years.
Not to retire.  You still need 20 good years to retire, but the deployment time lowers the age from 60 when you actually start getting a pension  for a reserve retirment.
Pick  
#13 Posted : Wednesday, February 16, 2011 1:41:41 AM(UTC)
Pick

Rank: Senior Member

Groups: Registered
Joined: 2/6/2010(UTC)
Posts: 2,204

frankgonzalez wrote:
 Not to retire.
 
Correct - I should have said begin drawing your pension.
Rss Feed  Atom Feed
Users browsing this topic
Guest
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.


This page was generated in 1.612 seconds.