“I worked for the federal reserve bank for several years and believe I pulled my money out from my retirement account because I thought I would not come back to the federal service. 20 years later and I’m back. I’ve purchased my military time and was looking to add the time from the Federal Reserve bank. Can I buy back or be credited this service if I return the money that I took from the retirement account?”
Unfortunately, employment in a Federal Reserve Bank isn’t creditable for retirement purposes. Therefore, you can’t make a deposit to get credit for that time.
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Reg Jones, a charter member of the senior executive service, 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.