Posted on Mar 26, 2021
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A former student from many years back came to see me and asked me this question. I don't know the answer. He wants to know if he does ten years with another government agency if he will be able to retire and collect. I told him to call the V. A. and ask and he said he did but nobody could, or would answer the question.
Department of Veterans Affairs (VA)
Retirement
Finance
Posted >1 y ago
Responses: 15
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For retirement, yes. You can "buy back" your time. Basically you pay into the system to grant you the extra. Every federal agency knows how to do this, and if the VA folks he talked to were clueless, it is because he was talking to the wrong folks. He needs to talk to the HR folks at whichever agency he is considering joining.
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SSG Edward Tilton
I did that and bought back 8 years which gave me 20 with the VA. It wasn’t a lot but it helps
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For both FERS and CSRS, OPM has a whole book about it:
Complete information pertaining to military service can be found in the CSRS/FERS handbook at http://www.opm.gov/retire/pubs/handbook/C022.pdf
Complete information pertaining to military service can be found in the CSRS/FERS handbook at http://www.opm.gov/retire/pubs/handbook/C022.pdf
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You should inform your former student that they won't be able to collect a pension at 20 years like with a military retirement. They'll still have to wait till age 60 or so to retire but their ten years will still be credited towards the retirement pay.
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The comments made are spot on. IF he/she decides to buy back the time it is based on a formula of his/her time in service and rank. This can be a huge benefit if he/she was a low rank and buying in at a higher GS level.
Also, look at the specialized tracks that are not GS. These pay far better and the benefits are superior to that of a typical GS.
Also, look at the specialized tracks that are not GS. These pay far better and the benefits are superior to that of a typical GS.
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Cpl Johnny Willis
Specialized track - you mean like - a speciality degree? For instance, if I was a certified psychologist - like that?
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SPC Steve Bright
Cpl Johnny Willis - Yes and no. THe specialty positions are with the agency. So take a financial regulator and they have positions listed that are NOT GS but listed as something else. My agency lists the positions as OR. The pay bands are very wide, top pay is substantially higher, extra benefits. SOME of those positions require very specialized experience but ANY position within that agency is normally under the specially rating. An Admin is say an OR 41 which is like a a GS 9 but pays out as a GS 10 or 11 plus another $15k to $20k in benefits. Several of my coworkers are IT or procurement and they are vets with typical vet experience. In my area, which is research, I am the only vet out of 20 - 30 senior positions and there is only one other vet but this is because of the requirements: several degrees, experience in the specific field, etc. My point is that non-specialized people do get into these positions and the benefits are well worth keeping an eye out for them.
The Fed is another example. There are also positions with the nuclear agency (don’t recall their name). These positions are harder to get but well worth it ESPECIALLY if retiring with the increased pay and benefits.
The benefits at a financial regulator include an additional 401k that is far superior to the TSP, additional match and contributions, lower health insurance, free dental, free vision. Etc.
If you see a position that is NOT a GS position, jump at it. It could easily be one of these positions.
The Fed is another example. There are also positions with the nuclear agency (don’t recall their name). These positions are harder to get but well worth it ESPECIALLY if retiring with the increased pay and benefits.
The benefits at a financial regulator include an additional 401k that is far superior to the TSP, additional match and contributions, lower health insurance, free dental, free vision. Etc.
If you see a position that is NOT a GS position, jump at it. It could easily be one of these positions.
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Cpl Johnny Willis
SPC Steve Bright Great info and breakdown. Thank you for taking the time to write that up and share!! Very useful!
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Short answer, yes the time can be added and credit provided.
Long answer, it’s a process and research should be done.
https://www.opm.gov/retirement-services/fers-information/creditable-service/
Long answer, it’s a process and research should be done.
https://www.opm.gov/retirement-services/fers-information/creditable-service/
Welcome to opm.gov
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As far as the USPS is concerned you can buy back your military time for retirement. It will not get you any seniority for bidding purposes but your time will count towards retirement date and amount you get paid at retirement. Minimum Retirement Age 59 1/2 + 20 years or any age with 30 years. Also an added benefit is your total federal time counts towards your annual leave credit regardless of whether you buy back your military time. The HR office has a computation of service credit they fill out and send to OPM for how much you will have to pay back and it can be deducted from your pay from day 1. Once you go over 5 or 10 years before you buy your time back they tack on a pretty hefty interest rate on what you will have to pay to buy your time back
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SGT Chris Padgett
I bought my time back when I started at the P/O. Best decision I ever made.
At ten years in, I developed bradycardia, I would pass out on my mail route.
It was the perfect storm of timing as well, this was when Obama was talking about cutting mail to three days delivery and the P/O began offering early retirements.
With my health issues, my tome I bought and the early out, I'm currently getting paid not to carry the mail and I love it!
BUY YOUR TIME BACK!
At ten years in, I developed bradycardia, I would pass out on my mail route.
It was the perfect storm of timing as well, this was when Obama was talking about cutting mail to three days delivery and the P/O began offering early retirements.
With my health issues, my tome I bought and the early out, I'm currently getting paid not to carry the mail and I love it!
BUY YOUR TIME BACK!
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SGT Robert Wager
SGT Chris Padgett I went out on disability retirement 9 years ago... don’t miss a single day of it
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Yes he would have to buy back that time and then they add it onto his federal civilian time. I just did that.
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The Office of Personnel Website has information on Civil Service Retirement. http://OPM.gov has a special section for Veterans. You can request your military time be credited toward Civil Service Retirement. The Post Office may be a different matter because they are not a Government entity. They have their own retirement program. https://uspostaltest.com/post-office/careers
U.S. Office of Personnel Management - www.OPM.gov
OPM works in several broad categories to recruit, retain and honor a world-class workforce for the American people.
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Yes, I combined my military pension with the pension from working at the VA. I had been awarded the retirement by the ABCMR (Army Board for Correction of Military Records 30%)strangely I wound up still paying into my wife’s SBP. IT IS REALLY COMPLICATED
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