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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.
First, let's get the facts straight about buying back your military time. You have a 24-months interest-free grace period that begins on the day you're hired as a civilian federal employee under the Federal Employees Retirement System (FERS) or the Civil Service Retirement System (CSRS).
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.
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.
Can You Buy Back Time With No Interest? There is an interest free ‘grace period’ of two years. If your military service was before your federal career, the grace period generally starts the day you were hired under FERS or CSRS.
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.
You can make a deposit for creditable Federal Employees Retirement System (FERS) service you performed before 1989 during which retirement deductions were not withheld from your pay. Interest is charged from the midpoint of periods of service and is compounded annually.
I applied to buy back my military service or military leave without pay from my agency, but my annuity hasn't changed. Where can I find the status of my application? If you're a federal retiree, contact us to check the status of your request.
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.
With more than 30% of all federal employees having some sort of military time, knowing if you should buy back your service time is more important than ever. And I have seen how this one decision can make a dramatic difference in when and how federal employees can retire.