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Q493: Newly approved benefit for Honorably discharged veterans who are members of a state retirement system can now purchase service credit for up to three years of military service performed. Please explain in layman terms.
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A1: I am speaking on how it works in Ohio. If you had 4 years of military time the pension board calculates earning and interest based on your beginning wage with the government entity. For me that meant $24,000 for 4 years. If you purchase military time it counts as time toward your retirement. If you are required to do 25 years to retire and you bought 4 years of military time you only need to work 21 years and the 4 purchased years augment your time. (CC) 8/4/20
A2: I suggest you check with your state retirement system to see what is allowed. Some cities and counties have their own retirement plan and do not participate in a state retirement system. Some states grant veterans part or all of their service time to be counted in their retirement time at no charge. Most retirement systems have a web site where you can get a lot of information. Over the years retirement plans have changed so be sure you have up to date information regarding what your retirement system allows. Hope this helps. (DB) 8/4/20
A3: See an Accredited VSO from the Am Legion, Am Vets, VFW, DAV or another Veterans Service Organization in your State. Each state has different rules. Only use a VSO from State only. (GH) 8/4/20