Did you know that if you work for the federal government that your military time counts towards your retirement?
No. It’s not automatically given to you though. You have to do what’s called a Military Deposit.
It’s pretty easy really. Take all your base pay and add it up. Now take that figure and multiply it by 3%. For example:
= $ 4,500.00
Let’s say that you had 15 years in the service. Well, for $4,500.00 you can buy those 15 years!!!! For only $4,500.
Pretty good deal isn’t it?
Here’s a quick overview of how it works:
You must already be a federal employee.
You fill out the proper form and send it to DFAS for their verification.
They add up all your military time and do the multiplication for you.
They send you back the form.
You send it to your CPAC (Civilian Personnel Action Center) so they can put it in your file.
You hand-write a letter to DFAS outlining how much you want taken out of your pay every 2 Weeks and the date you want it to start on.
You’re done. Now once your balance reaches zero you automatically gain those 15 years towards retirement.
Or. You can do step 1 above and pay your balance in full all at once AND AUTOMATICALLY GAIN 15 YEARS TOWARDS FEDERAL CIVILIAN RETIREMENT.
Now that’s a great deal isn’t it?
That’s just one of the benefits of working for the Federal Government.
For more visit my website: http://www.govtjobsecrets.com
That’s all for today.
See you again tomorrow.