Military to DoD Civilian Buy Back for Retirement - TCCoA Forums
 
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post #1 of 3 (permalink) Old 06-04-2008, 09:34 AM Thread Starter
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Military to DoD Civilian Buy Back for Retirement

Or why you should get off your arse and get that payment made...

Military Service Time: 8/1/1982 to 7/31/1986 (3 years, 11 months, 29 days)
Total Earnings: $ 36,576.30
Required Deposit (before interest): $ 1,097.00 (3.00% of salary, rounded off)
Start of interest-free period: 1/1/1987
Retirement System: FERS

Interest Accrual Date - Interest - Balance
- - -1/1/1990 - - - - - - $ 100.10 - $ 1,197.10
- - -1/1/1991 - - - - - - $ 104.75 - $ 1,301.85
- - -1/1/1992 - - - - - - $ 112.28 - $ 1,414.13
- - -1/1/1993 - - - - - - $ 114.90 - $ 1,529.03
- - -1/1/1994 - - - - - - $ 108.94 - $ 1,637.97
- - -1/1/1995 - - - - - - $ 102.37 - $ 1,740.35
- - -1/1/1996 - - - - - - $ 121.82 - $ 1,862.17
- - -1/1/1997 - - - - - - $ 128.02 - $ 1,990.20
- - -1/1/1998 - - - - - - $ 136.83 - $ 2,127.02
- - -1/1/1999 - - - - - - $ 143.57 - $ 2,270.60
- - -1/1/2000 - - - - - - $ 130.56 - $ 2,401.15
- - -1/1/2001 - - - - - - $ 141.07 - $ 2,542.22
- - -1/1/2002 - - - - - - $ 162.07 - $ 2,704.29
- - -1/1/2003 - - - - - - $ 148.74 - $ 2,853.03
- - -1/1/2004 - - - - - - $ 142.65 - $ 2,995.68
- - -1/1/2005 - - - - - - $ 116.08 - $ 3,111.76
- - -1/1/2006 - - - - - - $ 136.14 - $ 3,247.90
- - -1/1/2007 - - - - - - $ 133.98 - $ 3,381.87
- - -1/1/2008 - - - - - - $ 164.87 - $ 3,546.74
- - -1/1/2009 - - - - - - $ 168.47 - $ 3,715.21

That is what happens when you don't pay back your military time for retirement within the first three years and then wait a "few" years...

Had I payed it back within the first three years it would have cost me $1097...

Nobody to blame but myself..

It is worth $333 per month for life. So I have to live at least a year after I retire to break even...

Just passing along to anyone that is in the military that may go into Civilian service afterwards.

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post #2 of 3 (permalink) Old 06-04-2008, 10:05 AM
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$300/month?!?!?! I guess I need to wander over to personnel... I was under the impression I didn't have any paybacks to make??? My service time is right in there with yours though. We're not talking Social Security right? Of course I've got a few more years before I can sleep in on Mondays...

Did you start out under FERS or CSRS? Voluntary switch or mandatory?

Sometimes, we just need to remember what the rules of life really are:
You only need two tools: WD-40 and Duct Tape. If it doesn't move and should, use the WD-40. If it shouldn't move and does, use the duct tape.
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post #3 of 3 (permalink) Old 06-04-2008, 11:01 AM Thread Starter
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I started under FERS and wasn't give an option. The rules under CSRS may be completely different.

Here are some good links:
http://federaljobs.net/retire/militarybuyback.htm
http://federaljobs.net/retire/milita...BACK_RESOURCES
http://fedcalc.com/
http://www.fedcalc.com/servlet/com.q...073eacb5970da3

When I did the calculations I figured a "salary at time of retirement" of $100K and a top 3 of $100K... I figure by 2019, I dang well should be making that much!!! Then I just did the calculation with and without the extra 4 years of military service.


Here's how it works:
Get a copy of your DD-214
Complete form RI 20-19 (www.opm.gov/forms/pdf_fill/RI20-97.pdf ) and submit it and a copy of your DD-214 to the appropriate military branch (addresses are on the form).
They complete the form and mail it back to you (in a month or so) with the total amount you earned.
Complete form SF 3108 ( http://www.opm.gov/FORMS/html/sf.asp) (the military time is on page 4, not page 2/3)
Send copies of your DD-214, completed RI-20-18, and SF 3108 to your agencies HR people.

They will then send you a bill with payment options.

It is a little time consuming, but nothing real hard unless you have lots of different services.

97 Lincoln Mark VIII LSC (Chip'd, 3.73 T/L... so far... )
97 Ford Aspire (Slow, but getting 36 mpg (f'n Ethenol!! )
84 F250 Dually w/6.9L Diesel (7.3L IDI pending)
73 Mercury Cougar Convertible w/351C 4V (Partially Restored)
69 F100 LWB w/460 Engine
76 Glastron Carlson 23' Jet Boat w/460 CJ Engine
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