Does 3 years of Military Time that was “bought back”along with 17 years of civilian Federal Service count toward 20 years of creditable service making one eligible for a FERS 1.1% multiplier if that person retires after age 62?
Am I legal? I am wondering about this because of what was stated in your article, Retired Reservists Can Legally “Double Dip”.
The alphabet soup of government acronyms got a couple new ingredients over the past year and a half: the FERS (Federal Employees Retirement System) was joined by FERS-RAE in January 2013 and by FERS-FRAE in January 2014. What are these new acronyms and what changes do they indicate?
You may be able to acquire more FEGLI coverage by providing medical evidence of insurability or by experiencing a “qualifying life event” (QLE).
Your FERS or CSRS annuity will continue for the rest of your life, and the amount of your annuity is determined by your high-3 average salary and your years of service. The amount that you contributed to FERS or CSRS doesn’t matter.
The authors point out that as few as six hours of sick leave can increase your retirement annuity.
A common misconception about federal employee retirement benefits is that you and your spouse must have been enrolled in the Federal Employees Health Benefits Program for five years in order to have family coverage in retirement. The authors offer some clarifying details.
It is a common misconception that anyone receiving military retired pay cannot also receive federal civilian retirement credit for their military service. However, a significant exception applies to people receiving military retired pay based on reserve service.
In the second article in the series, the author goes into some additional detail about the three basic aspects of the high-3 average pay calculation.
The high-3 average pay is a basic component of an employee’s retirement contribution that federal employees often find confusing. The author offers some detailed explanation to take the mystery out of it.
