First Lieutenant Olcott was a veteran of World War II. In Korea, he was the pilot of a B-26B Invader bomber with the 13th Bomber Squadron, 3rd Bomber Wing. On 15 October 1951, while on a night intruder mission, his aircraft was struck by ground fire northwest of Nanch'onjom and contact was lost. He was listed as Missing in Action and was presumed dead on 28 February 1954. His remains were not recovered. His name is inscribed on the Courts of the Missing at the Honolulu Memorial.

Medals, Awards & Badges

Distinguished Flying Cross
Purple Heart
Air Medal with Oak Leaf Cluster
World War II Victory Medal
National Defense Service Medal
Korean Service Medal
Republic of Korea Presidential Unit Citation
United Nations Service Medal
Republic of Korea War Service Medal
Air Force Pilot Badge