Apr 20, 2017
Using Military Service to Increase Your FERS Pension
"...There’s a provision in FERS that allows you to make a deposit, or “buy back”, your active duty military service—and that time will count as creditable service for FERS retirement. Creditable service is important because it’s used to figure out when you can retire with a FERS pension AND how much your monthly pension will be!
Military service with a deposit counts as though you worked under FERS during that time—years, months and days are added to your creditable service. This can really add up to a tidy sum in retirement!..."
Mar 25, 2017
Understanding Military Service Deposit Requirements
"...One of the least understood aspects of federal retirement policy involves capturing credit for military service. The military began deducting Social Security from military wages on January 1, 1957. Congress enacted a law in 1982 giving employees the opportunity to make a deposit into their civilian retirement system for active military time served after 1956.
Individuals who make the deposit are entitled to credit for the military service under both the Social Security system and the applicable civilian retirement system..."
Apr 2, 2012
Credit for Military Service
"...Not a day passes that I don’t get at least one reader asking if active-duty military service is creditable for civilian retirement purposes and what you have to do to get that credit...
For active-duty service to be creditable for civilian retirement purposes, you have to have served in the Army, Navy, Air Force, Marine Corps or Coast Guard. You’ll also get credit if you served as a midshipman at the U.S. Naval Academy or as a cadet in the U.S. Military Academy or the Air Force or Coast Guard academies. And you’ll get credit for any service when you were called to active duty or training duty while in the Army Reserve Officers Training Corps or the Naval Reserve Officers Training Corps..."
For active-duty service to be creditable for civilian retirement purposes, you have to have served in the Army, Navy, Air Force, Marine Corps or Coast Guard. You’ll also get credit if you served as a midshipman at the U.S. Naval Academy or as a cadet in the U.S. Military Academy or the Air Force or Coast Guard academies. And you’ll get credit for any service when you were called to active duty or training duty while in the Army Reserve Officers Training Corps or the Naval Reserve Officers Training Corps..."
Subscribe to:
Posts (Atom)
