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To buy back military time, veterans must deposit money into a civilian annuity that covers their military service. The deposit is processed through DFAS or the veteran's agency's Personnel or Human Resources Office.
To help you make a decision on whether or not you would like to buy back your military service time, use the new Military Service Earnings/Buy Back Estimator tool. This tool will project your estimated earnings and the estimated cost of buying back your military service time.
Military Buy Back Field Definitions · Pay Entry Base Date (PEBD) is the date that denotes how much of your service is creditable towards longevity for pay purposes. It can be found in field 4 of your last active duty Leave and Earnings Statement (LES).
Information about the buy back process, as provided by the Office of Personnel Management (OPM) and the Defense Finance and Accounting Service (DFAS) of the U.S. Department of Defense, provide a somewhat generalized explanation of how to go about buying back your time.
What is “buying back” military time through DFAS? The process of buying back military time starts with the concept of a military service deposit (“MSD”). [2] . A MSD is a “payment made to the civilian retirement fund to allow creditable military service to be used toward retirement eligibility and in annuity computations.”
How long do I have to buy back my military time? You are applying to buy back your military service time within three years of civilian service and therefore, no interest will be charged.
Your Federal Pension is determined by your High-3 Salary, your Years in Service and your CSRS or FERS Pension Multiplier. If you buy back your military time – it will increase your Years in Service. And the more Years in Service you have, the larger your pension will be.
First, you need to request your official estimated earnings from the Defense Finance and Accounting Service (DFAS). To do this: Complete the Estimated Earnings During Military Service Request ...
DFAS has a very helpful page on Military Service Deposits. They also have a calculator that gives you an idea of what the buyback will cost. It isn’t that much and is well worth it to get the...
Military veterans who join the Civil Service and are eligible for the Federal Employees Retirement System (FERS) are eligible to buy back their military time a Military Service Credit Deposit. This gives them credit toward a FERS retirement, faster leave accrual, and other benefits.