In November 1969, Brigadier General Colt was honorably discharged from active duty, and in June 1978 he joined the New York Army National Guard where he served until September 1985. At that time, Brigadier General Colt transferred to the United States Army Reserve where he served as: Deputy Commander, 94^th Regional Support Command; Chief of Staff, 77th Regional Support Command; Commander of the 301st Area Support Group at Fort Totten, New York; Deputy Chief of Staff for Training and Chief of Unit Training, Headquarters, 77th Army Reserve Command; and Commander of the 5th Battalion, 5th Field Artillery at Fort Tilden, New York. On 20 June 2001 he was assigned as the Commanding General of the 77^th Regional Support Command.

In addition to completing the Infantry Officer Basic Course, Brigadier General Colt has completed the Field Artillery Officer, Military Intelligence Officer, and Quartermaster Officer Advance Courses, the U.S. Army Command and General Staff College and the Army War College. He holds a BA in English from Fordham University, an MBA in Organizational Behavior and a PMC in Information Systems from Iona College.

Major General Colt's military awards include the Legion of Merit, Bronze Star Medal, the Meritorious Service Medal with two Oak Leaf Clusters, the Army Commendation Medal with two Oak Leaf Clusters, the Army Achievement Medal, Vietnam Service Medal with two service stars, the Republic of Vietnam Honor Medal First Class, the Vietnam Campaign Medal, the Republic of Vietnam Gallantry Cross with Palm Unit Citation Badge, a Meritorious Unit Commendation Medal, and the Combat Infantryman Badge.