The following is a question submitted by a Federal Times readers about retirement and other issues facing the federal workforce. It is answered by Reg Jones, a charter member of the senior executive service and a Federal Times columnist since 1995.
Question: I’m a retired Marine Corps MSgt, I’ve paid $14,000.00 towards buying back my military active duty time. I’ve done the calculations and I don’t believe the buy back will benefit me. I’d like a refund. Can you walk me through the process to receive a refund?
Reg’s Response: There are only two ways you can get a refund of your deposit. First is if you resign from the government and ask for a refund of all your retirement contributions. Second is when you retire, elect not to have your active duty service used in the computation of your annuity, and ask for a refund of your deposit.
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Reg Jones is the resident expert on retirement and the federal government at Federal Times. From 1979 until 1995, he served as an assistant director of the U.S. Office of Personnel Management handling recruiting and examining, white and blue collar pay, retirement, insurance and other issues. Opinions expressed are his own.