Q: If I am going from a federal job to a state job, does my federal time carry over to the state retirement plan? I reside in Illinois. A: You’ll have to ask someone in your state employment office; however, the likelihood is that it doesn’t carry over.
Monthly Archives: October, 2010
Q: I have a situation with a Civil Service Retirement System retired employee who was charged and convicted of workers’ compensation fraud. Part of his plea agreement states that he must pay back over $100,000 in restitution. His defense attorney proposed in court that the government should attempt to get the entire amount paid to the courts utilizing the money that was paid into his pension, which is being paid out by the Office of Personnel Management. Is this possible? Can a retired employee petition or apply for large sums of money to be extracted from his retirement? We found…
Q: I have a situation with a Civil Service Retirement System retired employee who was charged and convicted of workers’ compensation fraud. Part of his plea agreement states that he must pay back over $100,000 in restitution. His defense attorney proposed in court that the government should attempt to get the entire amount paid to the courts utilizing the money that was paid into his pension, which is being paid out by the Office of Personnel Management. Is this possible? Can a retired employee petition or apply for large sums of money to be extracted from his retirement? We found…
Q: An employee told me that if you retire (under the Civil Service Retirement System) with your full 41 years, 11 months, or more of service, and have more than one year of sick leave, you have the option to receive the cash payout for the sick leave instead of taking the extra 2 percent. Is there any truth to this rumor? A: No, there isn’t. Unlike annual leave, sick leave has no cash value. On the other hand, it can be added to actual service time after you become eligible to retire and used to increase the amount of…
Q: I have over 30 years of federal service — military plus civil service. From 1977 to 1990, I was under the Civil Service Retirement System. Then I took a 2 1/2-year break from federal employment. When I came back into civil service, I was put under the Federal Employees Retirement System. When I returned to civil service after the 2 1/2-year break, shouldn’t I have remained under CSRS instead of being placed under FERS? A: As a rule, when you returned to work for the government, you should have been placed in CSRS Offset (CSRS and Social Security), with…
Q: I am planning to retire in two months after 30 years of federal service. I will continue with the Blue Cross Blue Shield No. 105 health insurance plan. I also have premium free Medicare A coverage. My present thinking is to not enroll in Medicare plan B. I am 69 and have been drawing Social Security benefits while working. When I retire, I understand Medicare A will become my primary coverage during hospitalization. It is not clear to me the situation regarding doctor’s office visits. Will the office visit continue to be covered by my BCBS plan? Does the…
Q: I am a Federal Employees Retirement System employee who will be retiring in June 2011 at the age of 66 years, 3 months. At that time, I will have 20 years of federal service. I have the option of taking Social Security benefits when I turn 66 in March or waiting until I actually retire in June. My inclination is to take the benefits when I turn 66 when there is no penalty, since I will be at full retirement age. Am I correct in this decision or am I missing something? A: You are correct. Once you have…
In this column, I’ll point out key dates that affect your entitlement to retirement benefits. Two dates determine if you can retire. The first is your birthday. It controls whether you have reached the right age to retire. For most Civil Service Retirement System employees, that’s 55. For most Federal Employees Retirement System employees, it ranges between 55 and 57, depending on your year of birth. The second key date is your service computation date. For many employees, this is the day you were first employed by the federal government. For others, it’s an earlier date based on credit for…
Q. I plan on retiring Jan. 31, 2014 with one year of sick leave available. My age will be 56 with 30 years civil service. Under FERS this will count to my annuity at the 100 percent rate. My question is, what will get me the most bang-for-the-buck, start using a lot of sick leave or going straightt for the annuity? A. This is mother speaking: “Son, it’s attitudes like yours that give federal employees a bad name.” Sick leave may only be used for approved purposes. Using it just because you want to, whether for financial or other reasons, is a violation…
Q. I am confused and the booklets don’t make it very clear. I will be 56 in January 2011. At that time I will have 26 years and four months of service. I am a FERS employee. It was my understanding that I may be eligble for early out under the provision of 25/Any Age. Our agency has recieved an Early Out Authority from OPM. Since I am at MRA, will I have to pay any penalty for retiring before I have reached 59 — the year I will reach 30 years of service (i.e: the fractional amount for every…