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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.
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.
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.
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.
Buying back your military time to count towards your Federal Retirement might make sense for you. Learn the basics of Military Buyback for federal service.
Military Service Credit for Military Service performed after 1956. To receive FERS credit for military service performed after 1956, you must pay a deposit.
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.
Breaking Down the Military Service Buyback. July 26, 2024 Chris Kowalik. When it’s possible, when it’s worth it, and when to avoid it altogether. ELIGIBILITY: identify certain military service that may help you to be eligible to retire from federal service sooner.
MyFEDBenefits offers a military buy back calculator and guidance on how to buy back military time to help increase your federal retirement benefits.
The Military Buyback Program allows qualified veterans who have had past or present active duty military service time to use that time as a military service credit toward their total number of years spent in FERS service.