Blended Retirement System

[Pags]

And, mods, suggest a possible new thread, but does anyone know of what the implications are if one switches to BRS and intends on working with the Federal Government and want to buy into the FERS retirement (Am I even using the right terms? Can someone who has been there done that explain how this process even works?)

I couldn't find anything online but I imagine the process would be similar. The stuff in your TSP would be yours to keep. If you got a civil service job you'd then get a civil service TSP. if you like you can combine them.

I imagine you could buy back your service time to put towards FERS time in service. If you did 20 you'd have to do the math to see if it'd be worth "buying back" into FERS (retire as an E-6 and then make GS-15 would probably make sense to get full time credit as a GS-15).

 

[Flash]

And, mods, suggest a possible new thread, but does anyone know of what the implications are if one switches to BRS and intends on working with the Federal Government and want to buy into the FERS retirement (Am I even using the right terms? Can someone who has been there done that explain how this process even works?)

If you separate, or even retire, from the military you can buy into FERS retirement by paying 3% of your base salary from your entire time in the military to get full credit. You have three years less one day to pay it off without having to pay interest but it is a low rate. Another important point, your time is creditable for leave purposes too if you separated. For retirees only 'campaign' time is creditable for leave purposes.

One important note, if you buy into FERS you don't give up any of your retirement if you are a reservist, only if you have an active duty retirement. So if you retire from the reserves and from the government the time on active duty and in the reserves counts the same as if you never did FERS. Pretty good deal if you ask me.

The switch to BRS should affect none of this.

 

[DanMa1156]

@Flash thanks for the gouge. Rumor mill while at USNA was that time as a MIDN there counted towards Federal Service (FERS, if you buy in). Where could I confirm or deny this?

 

[Pags]

@Flash thanks for the gouge. Rumor mill while at USNA was that time as a MIDN there counted towards Federal Service (FERS, if you buy in). Where could I confirm or deny this?

Internets has all the answers:
http://www.fedweek.com/reg-jones-experts-view/service-academy-time-and-leave-accrual/

 

[DanMa1156]

Internets has all the answers:
http://www.fedweek.com/reg-jones-experts-view/service-academy-time-and-leave-accrual/

So, it seems like it does, with no questions asked for those without an active retirement.

 

[Flash]

@Flash thanks for the gouge. Rumor mill while at USNA was that time as a MIDN there counted towards Federal Service (FERS, if you buy in). Where could I confirm or deny this?

Internets has all the answers:
http://www.fedweek.com/reg-jones-experts-view/service-academy-time-and-leave-accrual/

As Pags already pointed out, it actually is creditable for FERS. Here is an OPM link that specifically mentions it for CSRS but not for FERS, not sure why the discrepancy in that or the other link but I know a member of this board who got his time from Annapolis credited so it is still a thing for FERS. Of note, the USMMA is not included in the lost of academies that count for fed retirement.

 

[DanMa1156]

As Pags already pointed out, it actually is creditable for FERS. Here is an OPM link that specifically mentions it for CSRS but not for FERS, not sure why the discrepancy in that or the other link but I know a member of this board who got his time from Annapolis credited so it is still a thing for FERS. Of note, the USMMA is not included in the lost of academies that count for fed retirement.

So far, all my experience is that the one guy I know claims he needs to do 20 years of time at his 3 letter agency to get a FERS retirement, and claims that his 10 years of time in active military service will get him to 30 and then he can retire. The links you all have (graciously, thank you) posted seem to suggest otherwise, that (in my case), my 4 years of USNA + 10 years of active service would mean I need to do 6 years for the Feds after a 3% buy in from my military base pay, and I could, if I choose, retire at 20 years with a FERS retirement. Does that seem correct?

 

[Flash]

So far, all my experience is that the one guy I know claims he needs to do 20 years of time at his 3 letter agency to get a FERS retirement, and claims that his 10 years of time in active military service will get him to 30 and then he can retire. The links you all have (graciously, thank you) posted seem to suggest otherwise, that (in my case), my 4 years of USNA + 10 years of active service would mean I need to do 6 years for the Feds after a 3% buy in from my military base pay, and I could, if I choose, retire at 20 years with a FERS retirement. Does that seem correct?

Not quite in most cases, the minimum retirement age is 57 for us and you have to have 30 years service to retire in most cases unless you agency offers early retirement due to downsizing. There are some exceptions if you are older but they probably don't apply to you, the other seperate category for retirement is for air traffic controllers, law enforcement and firefighters who can do just 25 and retire at any age or 20 at age 50, and they get higher pension credit every year up to 20 too (1.7% vs 1% for most others).

The decoder ring for all that info is here. It is part of the larger OPM website on FERS here, it is a wealth of info and will answer most of your questions. If you still have some though, fire away.

 

[DanMa1156]

Not quite in most cases, the minimum retirement age is 57 for us and you have to have 30 years service to retire in most cases unless you agency offers early retirement due to downsizing. There are some exceptions if you are older but they probably don't apply to you, the other seperate category for retirement is for air traffic controllers, law enforcement and firefighters who can do just 25 and retire at any age or 20 at age 50, and they get higher pension credit every year up to 20 too (1.7% vs 1% for most others).

The decoder ring for all that info is here. It is part of the larger OPM website on FERS here, it is a wealth of info and will answer most of your questions. If you still have some though, fire away.

Thanks so much!!!