Here's the retirement rule:
1. When you go into vMPF and "request retirement", AFPC will take 10 working days (2 weeks) to determine if you are retirement eligible. Once that is done, they will e-mail you a "retirement application".
2. Fill out the application and hit submit, then it will be sent to your commander.
3. You need 120 days from when your commander approves your retirement to your requested retirement date without a waiver. Approval is electronic once you fill out your application, provide his e-mail in the "Commander" block, and hit submit.
4. You may only retire at the beginning of a month, i.e., 1 Sep 11, 1 Oct 11, etc., so if your 120 days falls anywhere prior to that, round up to the first of the next month.
5. Commanders are authorized to give you up to 20 days of permissive TDY for job hunting. It's just like Terminal Leave, and is added to your terminal leave.
6. Get TAP class scheduled and completed ASAP. It's a federal requirement that can't be waived. (Transition Assistance Program)
Delta asked for my DD 214 for the interview, I said I didn't have it, but I did have an established retirement date, and that was OK. You don't get the DD 214 until after the end of your terminal leave & permissive TDY.
If you put in your papers and don't get hired, I'll bet the AF will take you back. The wording is that it has to be in the best interest of the AF to bring you back, and as they are 2,000 pilots short and getting worse, I think they'll consider it.
Delta will probably hire 800 pilots this summer, and they love military pilots.
So your min lead time will probably be 4 1/2 to 5 months.
I started my process around 15 Jun 10, interviewed 6 Jul 10, terminal leave began 25 Aug 10, indoc training on 6 Sep 10, A320 training beginning 14 Oct 10, retired effective 1 Nov 10, so I'm current & qualified in the process you'll be going through!