Q: I currently work for the federal government. I previously worked for a state hospital back in the ’70s. Will/can that state time count towards my retirement? A: No, your work for the state hospital won’t count.
Monthly Archives: July, 2010
Q: I understand the federal government is beginning to consider offering early outs. Can you confirm this? A: No.
Q: If I retire on Dec. 31 at the age of 56 with more than 20 years in law enforcement, would I immediately be eligible for any cost-of-living adjustment for retirees paid at the beginning of the new year, or would I have to wait another full year for the increase? A: No, you wouldn’t be eligible for any cost-of-living increase in 2011. You would receive your first COLA increase in your January 2012 annuity payment. The amount would be 11/12ths of that increase. To receive the full COLA, you would have to retire no later than Nov. 30, 2010.
Q: I know that unused annual and compensatory leave is paid in a lump sum upon retirement. Are unused credit hours also paid out as lump sum? A: Yes. Up to 24 credit hours may be paid in a lump sum at the hourly rate of pay you were earning on the day you retired.
Q: I retired four years ago as a state university extension service employee in the Civil Service Retirement System retirement as well as state retirement. My health benefits were and continue to be through the state retirement system. I now have an opportunity to work part-time for another Agriculture Department agency. If I become a part-time employee of that agency, will it affect my CSRS benefit? A: As a rule, the salary of your new position would be reduced by the amount of your annuity. You’ll need to check with the new agency to see if there would be an…
Q: I became fully eligible for Social Security at 66. I am now 67 and will work until I am 68. For each year, limited to five years, Social Security will increase the benefit by 8 percent a year if drawing Social Security is deferred. Is there a similar provision for Federal Employees Retirement System retirement? A: No. However, a FERS employee who attains age 62 and retires with at least 20 years of service will have the first number in his annuity formula increased from 0.01 to 0.011. The new formula would then be 0.011 x high-3 x years and full months of…
Q: How would I apply for credit or buy-back other federal service time (specifically Tennessee Valley Authority time) under the Federal Employees Retirement System? A: You would need to take a refund of the retirement contributions you made to TVA and deposit them, with interest, if applicable, in the Civil Service Retirement and Disability Fund. Your personnel office can help you complete the paperwork needed to do that.
Q: I was an attorney for the Justice Department from 1998 to 2001, and then an attorney at IRS from 2001 to 2005. Then I quit the government, quit practicing law and completely changed careers. Here, five years later, I’m considering looking at federal employment again. My questions are: 1. What exactly is career status? 2. Do I have it? 3. Does it matter? 4. Does it apply even if I’m applying for a job that has little at all to do with my former career? A: In the federal government, anyone who is hired into a career-conditional position in…
Q: I plan to retire in December 2011. I will have 42 years in the Civil Service Retirement System with the U.S. Postal Service max annuity is 80 percent, but I will have 18 months of sick leave on the books. How will I be compensated for the sick time? A: At 41 years and 11 months of actual service, you will have reached the maximum annuity of 80 percent. The Office of Personnel Management will offer you the choice of receiving a refund of the additional month’s retirement contributions or using them to buy a little additional annuity. Like…
Q: I switched over to the Federal Employees Retirement System in 1986, with less than five years of service, and I withdrew my money from the Civil Service Retirement System, but not all of it. What happened to the money that I did not receive? A: You were automatically covered by FERS because you had fewer than five years of CSRS service, so that time was automatically converted to FERS service. Since the retirement deductions needed to pay for FERS service were less than those for CSRS, what you received was a refund of the difference.