short answer: prior to 1989, you could/can buy back actual hours worked for retirement. that is when you retire, you could, maybe have those years added on, you get one percent for every year worked.. there is legislation, every few years lol, to change the law so all fed. part time after 1989 can be purchased.. plus interest of course..Can someone explain what buying back years of RCA time means. I tried Google but am not understanding exactly what it entails.
I bought back 4 years Military after I had been working at Po for about 12 years and it cost me around $900 would have been less if I had done it right awayCurious about those veterans who can buy back their time... how much per year of buyback does it cost? Is it worth it? I’d be curious just for an example if someday we all are able to do buybacks.
I also bought back Military Time, the calculations also involves how much was made during the time period that is being bought back. I was at a higher pay grade for the time period I bought back (2 Yrs) & it cost me $1775!I bought back 4 years Military after I had been working at Po for about 12 years and it cost me around $900 would have been less if I had done it right away
Its a win - win for both USPS & the retiring employee. There would be a spike in Table One retirees and huge savings for the USPS due to the increase in new Table Two Carriers.Imagine the number of retirees if we were able to buy back time, I am dreaming. I so desire to get out of this job, still dreamin. Probably will happen the day I retire.
I did a buyback of my 3 years in the army. My military pay for that time was about $14,000. To receive the credit I paid $450 immediately upon going regular as they charge interest if you wait. That $450 investment added roughly $2040 a year to my retirement check.Curious about those veterans who can buy back their time... how much per year of buyback does it cost? Is it worth it? I’d be curious just for an example if someday we all are able to do buybacks.
Based on your formula of taking your total RCA hours and dividing by 2080 and to be able to buy back time I would gain almost 8 years towards my retirement, that would be excellent!12345 illustrates how USPS fails to win with allowing buybacks, he gets his money back in a matter of months. I bought back time from up to 40 years before. Think I didn't get a too generous deal? I got over 6% of high three for earnings probably below that. If the time frame is narrower, naturally the loss for USPS would be less, but they would need to consider years as being something other than consecutive months, like only counting months that you exceeded say 120 hours, or more likely dividing your total paid hours by 2080. Given the fact that prepaying the future costs of retirement are such a drag on USPS I can't see them adding to it. Think they'll let retirees buy back their RCA time too? Maybe I'd need to live another 7 months afterwards before I was getting their money only. Great deal, sign me up!
A very reasonable demand is for all postal employees be included in TSP, not just career, not sure how that can be twisted in to an unfair giveaway.
The fact that some or many hours come from overtime should almost be irreverent, because if you are working as a part time relief carrier whom gets frequent and substantial overtime on a reoccurring basis, they should have long ago created a full time position even if it does not fit current job descriptions.8 years !! They'd have to cap the annual hours at 2080 per. Otherwise, I'd get 6 instead of 4.5 due to all the OT. I'll be pragmatic and gladly accept the 4.5 years.