Q. I’m currently on active duty and will soon have 16 years in. I want to know if I can resign, take a federal/civil service job for four years and then “retire” to get a “20 year retirement”; I am 40 years old now. 1.) Is this possible? 2.) Would it require a “buy back”? 3.) How would the retirement pay be calculated? 4.) Would the benefits be the same as a 20 year military retirement? The goal would be to get a 20-year retirement in four years so I could pursue another career after that. I would also join…
Monthly Archives: August, 2010
Q. I am a 59-year old GS-9 Step 4 working for the Board of Veterans Appeals in Washington, D.C. I had six years in the Marine Corps from 1971-1977, and have nearly five years as a GS-9 with the BVA. I have bought into the FERS retirement system and am wondering what my retirement would be if I elect to retire with 14 years total government service at 63 years of age. I know that I can also receive Social Security for the rest of my life in addition to my government retirement. I haven’t increased the amount, through my salary, that the federal government is placing…
Q. The House passed a bill granting sick leave credit to federal retirees. Is this bill in effect now? A. Yes. Under Public Law 111-84, any FERS employee who dies or retires on or after Oct. 28, 2009 through Dec. 31, 2013, will get half credit for any unused sick leave. They’ll get full credit if they die or retire on or after Jan. 1, 2014.
Q. I am 57 years old. I have 38-plus years of federal service, (four military, 34-plus CSRS). I am considering retirement, but I have a complication. My wife was just diagnosed with stage four colon cancer. The outlook overall is not good. Our question is about the survivor annuity. If we choose to cover her in the event that I die first, then we would receive a reduced pension. What happens if she should pass on first? Does my pension stay reduced or is it restored to 100 percent of what I would have received without the survivor annuity? A.…
Q. I am CSRS and contributing to the CSRS Volunteer Contributions. I am curious, that when I retire and use this saved money for additional annuity it should be tax-free, since I have already paid federal tax on it. Can you confirm this please? I do understand that when I get the additional retirement CSRS annuity it will not be added into my regular annuity, but rather be a separate annuity and not subject to increase for annual COLA. Mostly, I want to confirm that I will not be paying federal tax on VC money again. A. While the money…
Q. I am currently working in the U.S. Postal Service under CSRS for 32 years. I will be 62 in January and have paid into Social Security for more than 10 years (forty quarters). Social Security sends me yearly letters stating how much I can draw at retirement. Will I be able to draw at 62 if I’m still working at the post office. Am I eligible to draw any Social Security at all if my CSRS is over $14,000? A. You would be able to apply for Social Security benefits while you are still working but it wouldn’t be…
Q. I plan to retire in June 2011 after 42 years of service with the POD/USPS. Currently, my wife is insured through her employer. Her health insurance will not carry over into retirement and we wish to add her to my retirement health insurance. What do I need to do before June? A. If she isn’t currently covered by your own FEHB enrollment, there’s nothing you can do until the next health benefits open season, which will begin in November. At that time, you can elect the self and family option of your health benefits plan
Q. What are the conditions that govern federal employment after CSRS retirement? I am planning on retiring soon with 32 years and may have an opportunity to work part time for the agency I am currently employed with. (Department of Veterans Affairs). A. Unless you are hired into one of those rare positions that would allow you to receive both your annuity and the full salary of your new job, the salary of that job would be offset by the amount of your annuity. For example, if your annuity was $50,000 and the salary of your new job was $80,000,…
Q. I want to retire at the age of 55. At this time I will have 35-plus years in with the U.S. Postal Service. Will I be able to receive monthly annuity checks from TSP without a penalty? I will be 55 years old in 2021 … when should I retire under FERS and not take a huge hit? A. You may want to retire at age 55 but you won’t be able to do that. As a FERS employee who was born in 1966, your minimum retirement age is 56 years and 4 months. Because you would have at…
Q. I am so confused about the deposit for post-1956 military service. I am a widow 53 years old who has been receiving a survivors annuity (CSRS) since my husband’s death in 2006. At the time the annuity was approved, I received a letter from OPM asking me if I wanted to make the deposit and was told that my annuity would be reduced by an estimated $193 monthly at age 60 if I did not make the deposit, and I was found eligible for Social Security benefits. I did not reply as I was totally confused and could not get any answers. I recently sent a letter…