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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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JonnerDude  
#1 Posted : Tuesday, January 19, 2021 12:19:22 PM(UTC)
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This should be easy to answer but I wanted to know other's experience with buying back their military time.

I am currently still buying back my military time (12 1/2 Years). After being in the government for only 3 years I was recognized for over 15 years of service? I imagine that they are already computing my SCD for the years that I have bought back but none of my pertinent paper work shows that SCD yet. Has anyone else had this happen. It just feels strange for them to say I have been there for 15 years when it has only been 3 years of Federal service. Thanks.
frankgonzalez  
#2 Posted : Tuesday, January 19, 2021 12:42:30 PM(UTC)
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Originally Posted by: JonnerDude Go to Quoted Post
This should be easy to answer but I wanted to know other's experience with buying back their military time.

I am currently still buying back my military time (12 1/2 Years). After being in the government for only 3 years I was recognized for over 15 years of service? I imagine that they are already computing my SCD for the years that I have bought back but none of my pertinent paper work shows that SCD yet. Has anyone else had this happen. It just feels strange for them to say I have been there for 15 years when it has only been 3 years of Federal service. Thanks.
Gotta disconnect the time you will be paid for at retirement from the time qualifying you for retirement. To qualify for retirement from civil service requires you meet specific windows as a civil servant. Once you meet those, THEN the additional time you bought back is added to your retirement calculation.

Also, your SCD for leave will be different than retirement due to the automatic addition of mil time for leave (at no cost to you), but the kicker for retirement only comes into play once you have made the full deposit (which must be done BEFORE you retire...lots of caselaw on this part!). HR will have all the dates in your record (actual time as a civil servant, added mil time for leave, deposit for mil time for retirement purposes, etc).

You should have voted Cthulu...the greatest of all Evils
TheRealOrange  
#3 Posted : Tuesday, January 19, 2021 12:44:43 PM(UTC)
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Originally Posted by: JonnerDude Go to Quoted Post
This should be easy to answer but I wanted to know other's experience with buying back their military time.

I am currently still buying back my military time (12 1/2 Years). After being in the government for only 3 years I was recognized for over 15 years of service? I imagine that they are already computing my SCD for the years that I have bought back but none of my pertinent paper work shows that SCD yet. Has anyone else had this happen. It just feels strange for them to say I have been there for 15 years when it has only been 3 years of Federal service. Thanks.

The Service Computation Date (SCD) for Leave often is totally different than the SCD for Retirement. Unless you are retired from the military, your military service "should" automatically count toward the accrual of annual leave. So, you should have been accruing 6 hours, rather than 4 hours, of annual leave from the first day of your federal employment. You need not make a service credit deposit for leave accrual purposes. Conversely, you must make a service credit deposit for your military time to count for retirement purposes. My SCD for Retirement changed only after my service credit deposit was processed. My SCD for Leave has never changed, and is the same as my federal employment entry on duty date. You should check both SCDs to make sure they are correct.
roger.d  
#4 Posted : Sunday, January 24, 2021 10:20:32 AM(UTC)
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Quote:
Retirement eligibility can be confusing with military service. You need a minimum of 5 years of civilian service to be eligible for a civilian retirement annuity. However, after the 5 years is met, the military service is creditable towards years of service for all the other voluntary retirement eligibility requirements: MRA +10; MRA +30; 60 years old with 20 years of service; and even the VERA requirements - age 50 with 20 years of service or any age with 25 years of service. Review all eligibility requirements for FERS and CSRS retirement.


https://www.federalretir...t/creditable_service.htm
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Tanker1497  
#5 Posted : Friday, January 29, 2021 1:39:05 PM(UTC)

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"Gotta disconnect the time you will be paid for at retirement from the time qualifying you for retirement. To qualify for retirement from civil service requires you meet specific windows as a civil servant. Once you meet those, THEN the additional time you bought back is added to your retirement calculation".

Does military years count towards federal retirement?
Under both CSRS and FERS, federal employees who have served on active duty in the military can have their years of military service counted for retirement eligibility and pension benefits. ... For employees enrolled in FERS, the required deposit is 3.0% of their total basic military pay.

Pretty sure once you buy it back it adds to total time eligiblity for retirement. Not added after you reach 30. I bought back time they change my start date and retirement date. Then the gave me AL for the time I bought back.
someoldguy  
#6 Posted : Friday, January 29, 2021 2:41:17 PM(UTC)
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Originally Posted by: Tanker1497 Go to Quoted Post
For employees enrolled in FERS, the required deposit is 3.0% of their total basic military pay.
The calculation is not quite so simple... the amount changes slightly depending on the year that service was performed... but that's a good approximate estimate.

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