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Thread: New Retirement Talk Page

  1. #1

    Default New Retirement Talk Page



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  3. #2

    Default Re: New Retirement Talk Page

    Hi- is there a thread for military pension (USNR), and federal pension retirement?

    Anyway, here's my situation:

    1. I am 60 years old. I have 22 years USN Reserve which includes 9 years of active duty. I bought back my military time. I submitted my application for military retirement in January, 2019, but as of 6/21/2019, it is still being processed.
    2. I also worked for a federal agency for 32 years (which includes the 9 years military buyback) and applied for federal retirement in April 2019 and also still being processed as of 6/21/2019.
    3. Today, I received an email from OPM asking if I am already receiving military pension. I called her and asked her how does my military pension impact my federal pension? She said both agencies cannot pay for the same time served (I guess she meant the 9 years of active duty that I bought back). I asked her to explain further, but she said she is not that familiar with it. And after she reviews my packet, it will go to the next level who is familiar with this scenario.
    4. Has anybody retired from the "reserve", and bought back military time? Was your military pension or federal pension reduced and not as you expected?
    5. A month prior to submitting my retirement applications, I called DFAS ans asked how much I expect to receive for my military pension with 4300 points. I was given a rough estimate of $1000+/-. I also checked my federal agency website regarding my estimated annuity and it showed $1800+/- plus Supplement of $800+/-.

    With the above estimates, I decided it was time to retire. Now, I am not sure I did a thorough research and I am afraid that either military or fed annuity might be reduced.

    Anybody with this experience?
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  5. #3

    Join Date
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    Default Re: New Retirement Talk Page

    It is my understanding that the Military Buyback Program is a benefit for all veterans with "active duty military service" time to receive credit for their military service time to be added to thier years of civil service time with the federal gov't and increases their retirement annuity. What this person told you is the exact opposite of the intent of the Military Buyback Program. I think this person is confusing Military Buyback with WEP (Windfall Elimation Program) which reduces your social security benefit because you are receiving a federal annuity.

    I bought my military time back and retired from federal service when I turned 55. My only issue was that my HRO wanted to ensure I had bought my time back and if I had not, was given the opportunity to do so prior to outprocessing. There reasoning for doing this was that it would increase my federal annuity.

    As for the military retirement you are paid, based on your rank at retirement, number of years of military service both active duty and reserve and your total number of points accumulated during your career. Any other retirement (federal, civilian, social security) is not factored into your benefit.

    Applying for federal retirement, I can understand how long it is taking. I retired in January and received my first annuity check in September. I did begin receiving a partial retirement in April, something like 80% of OPM's estimate and received a lump sum for all back pay in November.

    As for your military retirement, that is strange. I applied on my 60th birthday and received my first check 2 months later.

    Applying for federal retirement has always been a long process with excuses from OPM like lack of manpower, lack of training, transitioning from CSRS to FERS and CSRS Offset. They were working on cutting down the processing times when I retired 8 years ago but have made very little progress during that time. I am sure some of the retiree's here at TSPTalk can attest to that with their own horror stories. With the experience you have described, I just hope it has not now infected the military retirement process. That should be quick and painless.

    I hope you are successful with resolving your issues as transitioning into retirement and securing "all" your benefits can be a daunting task and very stressful. Good luck!!!

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  7. #4

    Default Re: New Retirement Talk Page

    Raven,

    You are lucky that your military pension was processed in 2 months. I submitted military application in January 2019 and my 60th is on March,2019. I inquired last week and this is what I received. Luckily, we have 6 months emergency money tucked away.
    No-ReplyUASKMNCC <No-ReplyUASKMNCC@ahf.nmci.navy.mil>
    To:***@yahoo.com



    Jun 17 at 11:25 AM



    Good day,



    Retirements are worked on a first in, first out basis. We would like applications, 10-12 months before their effective data and try to process them within 6 months of receipt. There is a spectrum of processing time based on accuracy of the forms received. Your package was received on 4 FEB 2019. We appreciate your continued patience and understanding while our office works through our current backlog. Once your retirement with pay is processed you will be entitled to backpay in accordance with the eligibility date of your retirement with pay. Thank you!!



    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  9. #5

    Default Re: New Retirement Talk Page

    I also sent an inquiry with "Ask the Experts" about my situation. And his response is the same as yours, Ravensfan. Now, I feel a little better.

    Hi- I submitted my military (USN Reserve) and federal retirement applications in January, 2019 and April 2019 respectively. I bought back my military time. So far, both are still being processed as of 6/21. Today, I received an email from OPM asking me if I am already receiving military pension. I told them not yet and I asked what is impact of receiving military pension to my federal pension? She said that both agencies cannot pay for the same time served. I didnít know that my military pension as a USNR will impact my federal pension. Can you please enlighten me?
    REPLY



    • REG JONES on JUNE 21, 2019 9:52 PM
      Since you bought back your active duty time, that time will be included in determining your length of service and in your annuity computation. Your reserve retire pay has no affect on a civil service annuity. You can receive both with no reduction in either.
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  11. #6

    Join Date
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    Location
    Maryland
    Posts
    2,579

    Default Re: New Retirement Talk Page

    Glad to hear the "Ask the Experts" folks were able to help and confirmed what I said. As for the military part of your retirement, I picked up on the word "backlog". When I retired militarily in 2016 there was no such thing as a backlog. Approximately 6 weeks prior to my 60th birthday I was mailed a package from the military retirement folks with instructions to complete the enclosed "Request for Retirement" forms and return the completed forms to them as soon as possible. Then about a week after I turned 60 I received notification of the amount of my retirement and when it would be EFT'd to my bank.

    Apparently since I retired more and more folks are submitting their retirement applications and it has created a backlog. That is the same with OPM and your civilian retirement, only it has been going on for many, many years.

    Good planning on your part to have a little nestegg put away until you begin receiving your checks. That was smart!
    But first...Coffee

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  13. #7

    Default Re: New Retirement Talk Page

    After reading through this thread, I have a couple of questions that perhaps can be answered here. I hope I'm not hijacking anything.

    I work for the Federal Bureau of Prisons. I have a mandatory retirement coming up in June of 2020. It looks like I should start the paperwork soon? Even if it's mandatory?

    Does anyone know, more or less, when I will most likely get my first check?

    Thanx

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