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Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


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teevol  
#1 Posted : Wednesday, March 23, 2011 7:28:01 PM(UTC)
teevol

Rank: Newbie

Groups: Registered
Joined: 3/23/2011(UTC)
Posts: 2

I just recently bought by military time back.(12 years)  However, I have only been in the federal service for about a year and I am thinking of moving to another job outside the federal service. 
So my question is... What happens to my buyback?  If I leave it in the federal service then can I still recieve retirement benefits at the proposed retirement age?  Or do I get that money back?
rabbitdog99  
#2 Posted : Wednesday, March 23, 2011 11:17:57 PM(UTC)
rabbitdog99

Rank: Senior Member

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

I don't think you can get any retirement because you haven't got 5 years of civilian service.

 

You are eligible for a deferred annuity if you meet one of the following age and service requirements:

  • You have completed at least 5 years of creditable civilian service, then you are eligible for a deferred annuity beginning the first day of the month after you reach age 62
  • You have completed at least 10 years of creditable service, including 5 years of civilian service, then you are eligible for a deferred annuity beginning the first day of the month after you reach the Minimum Retirement Age (MRA)*

I think, but I'm not sure, you can get a refund.

 

You might want to post this question on the Federal Employees Benefits Q & A forum above.  The moderator, Mr. Zurndorfer, will probably have the best answer for you.

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