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Military Service Buy Back. If you’re currently a civilian employee who was previously enlisted in the military and were honorably discharged, you may be eligible to buy back your military service time to be added to your years of civil service with the government. On This Page: What is Military Buy Back? How Do I Buy Back My Military Time?
Creditable Military Service Buy-Back for FERS Federal employees who are veterans can receive retirement credit for military service once they make a deposit into a civilian annuity covering their military service.
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.
MyFEDBenefits offers a military buy back calculator and guidance on how to buy back military time to help increase your federal retirement benefits.
Are you a FERS or a CSRS? The first step in a military buyback is to find out how much you were paid each year of your military service. If you have your military pay records – that is the best.
If you decide to pay it back, review your FERS or CSRS buy back options. 5. What happens when you buy back your military time? The eligible military service time is added to their retirement date immediately upon finalizing their buy back process. The buy-back process MUST be completed prior to filling out their retirement papers for processing ...
The Federal Employees Retirement System (FERS) military buyback program is a benefit that allows military retirees to purchase credit for their military service time towards their FERS retirement annuity.
As a general rule, military service in the Armed Forces of the United States is creditable for retirement purposes if it was active service terminated under honorable conditions, and performed prior to your separation from civilian service for retirement.
If someone is not receiving military retirement pay, they are most likely eligible to buy back their military time to be included in their federal service. This is how it works.
Federal employees are able to buy back their military time and have the option of making military deposits for creditable military service to increase their annuity. The rules are different for CSRS and FERS employees and you should understand the impact on your annuity.