Browsing: military buyback

Q: I have five years of military service that I am considering applying to my federal retirement years. I have waited way to long to do this and am hoping I could use my Thrift Savings Plan monies to pay for the military service, similar to rolling over an individual retirement account. Is this possible? A: A rollover to the Federal Employees Retirement System or the Civil Service Retirement System for service is not allowed.

Q. I was hired this month as a GS under FERS.  I believe that I would like to buy back my military time (9.5 years with the Air Force) for retirement.  I spoke with someone yesterday who told me that I could use 401(k) / IRA monies to do this buyback.  Is this true? Where can I find the rules regarding the buy back? A. You can only use these funds for the buyback if you withdraw them from the retirement plan account first.

Q: I made a deposit to the Federal Employees Retirement System for 20 years of military service and have been working for the federal government for 10 years, which gives me 30 years of federal service. If I was to resign today, at age 50, would I continue to keep my military retirement pay until I reached my minimum retirement age (56) and could start drawing my FERS retirement? Will the FERS retirement consist of 10 years of Social Security Supplement, FERS and my Thrift Savings Plan payout, or would I have to wait on the TSP? A: Because you…