How to Buy Back Military Time: A Step-by-Step Guide
Buying back military time is a process that allows eligible service members to trade in unused leave days or holidays for additional days off with pay. This benefit can be incredibly valuable for military personnel, especially those approaching retirement or separation from the military. In this article, we’ll explore the ins and outs of buying back military time, including eligibility requirements, benefits, and step-by-step procedures.
Eligibility Requirements
Before diving into the buying back military time process, it’s essential to understand who is eligible for this benefit. Here are the key requirements:
• Service members: Only active-duty, retired, and reserve service members are eligible to buy back military time.
• Unused leave days: To be eligible, service members must have unused annual leave (days off with pay) remaining.
• Holidays: Service members must have unused holidays remaining.
• Rank and paygrade: While there is no specific rank or paygrade requirement, service members typically need to have enough experience and stability to justify taking extended periods of leave.
• Command approval: Service members must receive approval from their chain of command before proceeding with the buying back process.
Benefits of Buying Back Military Time
Before we delve into the procedure, let’s explore the benefits of buying back military time:
• Extended leave: Buy back your unused leave days to extend your vacation time, study for the holidays, or simply recharge your batteries.
• Increased pay: Buying back military time can lead to higher earnings, especially for senior non-commissioned officers or officers who have built up a substantial amount of unused leave.
• Career benefits: Taking extended periods of leave can lead to improved performance, increased motivation, and a more satisfied career in the military.
How to Buy Back Military Time: Step-by-Step Procedure
To buy back military time, follow these steps:
- Check eligibility: Verify that you meet the eligibility requirements outlined above. Ensure you have enough unused leave days and holidays to buy back.
- Obtain command approval: Obtain approval from your chain of command before proceeding with the buying back process. This is crucial, as command approval may depend on unit workload, readiness requirements, and other factors.
- Request a buy back: Complete the Military Leave and Earnings Statement (DD Form 2607) or the Army, Navy, Air Force, and Coast Guard forms. Submit your request to your commanding officer or designated point of contact.
- Get approval: After submitting your request, you’ll need to wait for your commander’s approval. If approved, they will forward your request to the relevant agency (e.g., DFAS or JPAAC).
- Confirm payment: After payment has been processed, confirm your buy back through your Personnel Records Office (PRO).
Calculating Buy-Back Value
To estimate the value of buying back military time, use the following calculations:
- Annual Leave (Days off with Pay):
- 5 days/year: $400 – $500 per day
- 10 days/year: $1,400 – $2,500 per day
- 15 days/year: $3,300 – $4,500 per day
- **Holidays (FTE, federal time-off):
- 12 hours: $120 – $180
- 24 hours: $240 – $360
- Retirement benefits: Note that these values can vary greatly depending on the individual’s specific circumstances. Consult a finance professional or the appropriate authorities for exact calculations.
Consequences of Buying Back Military Time
While buying back military time can be beneficial, there are potential drawbacks to consider:
• Reduced take-home pay: Pay deductions for purchased leave will be taken from your regular paycheck.
• Retirement benefits: This may affect your future retirement benefits; consult a finance professional or the appropriate authorities to determine potential impacts.
• Commandal pressure: Requesting an excessive number of leave days might create a negative perception of your professionalism or unit availability.
Conclusion
Buying back military time is a valuable benefit for service members looking to extend their leave, increase their pay, or balance their personal and professional responsibilities. By following the steps outlined in this article and understanding the potential benefits and drawbacks, service members can make informed decisions about whether buying back military time is right for them.
Remember to:
• Check eligibility: Ensure you meet the requirements for buying back military time.
• Get command approval: Secure approval from your chain of command before proceeding with the process.
• Request a buy back: Complete the necessary forms and submit them to your commander or point of contact.
• Confirm payment: Verify your buy back through your PRO.
With careful planning and consideration, buying back military time can be a smart decision for service members seeking greater work-life balance and improved career opportunities.
