Q. I have seen a lot of responses, but none answers my question directly. I would like to retire at 56 under FERS. I will have 26 years in the government. I have asked this question about the penalty and am still very confused. If I retire at 56, will I be penalized for every year under 60 or 62 and is it accumulative to equal 35 percent of my retirement if age is less than 62 years old? I know you have been asked this a thousand times, but I am trying to get some clarity. A. Because you…
Monthly Archives: December, 2010
Q. I will be retiring in 2011 with 38 years CSRS from the post office. My wife will be retiring in a couple of years but most of her retirement would be Social Security. How would the windfall elimination affect us? Even if we filed separately? A. The windfall elimination provision applies only to the Social Security benefit of someone who is receiving an annuity — in whole or part — from a retirement system, such as CSRS, where he didn’t pay Social Security taxes. If you will be entitled to a Social Security benefit based on your own work record,…
Q. I am considering requesting LWOP for an extended period. I am a postal employee with 25 years of postal service and seven years of prior goverment service for a total of 32 years. My question: When you go into a LWOP status, what are the restrictions, if any, on what you can and cannot do? For example, can you work a part-time job while on LWOP? Would you still be covered for health insurance while on LWOP status? What is the procedure for requesting all of this? A. To learn more about the affect of leave-without-pay on your benefits, read…
Q. Regarding your very informative retirement article published on Nov. 15, (Federal Times), could you please tell me when this same scenario will be happening in the coming years? You see, for those of us who are not yet eligible to retire in 2010 or 2011, the information will be very useful in planning for our retirement year/date. A. Here are the leave year ending and beginning dates through 2020: Leave Year Ending Date Beginning Date 2012 January 12, 2013 January 13, 2013 2013 January 11, 2014 January 12, 2014 2014 January 10, 2015 January 11,…
Q. I am thinking of retiring in June 2011 at 55 years of age with 37 years of service. Is there going to be an VSIP/VERA scheduled for 2011 with the federal government, especially at Hill Air Force Base Utah? I received a letter stating that I qualify for this incentive. A. When early outs and buyouts are offered, we don’t learn about it any sooner than the affected employees do. You and we will have to wait and see.
Q. I have approximately 34 years with the federal government. I am under CSRS. I have paid for Blue Cross Blue Shield health insurance since I was initially employed. I will be retiring within the next couple of months. While employed, the government has paid for a large portion of my health insurance premiums, and I pay a much smaller portion. When I retire, will the same paying cenario continue, i.e., the government pays a large portion and I continue paying a smaller portion? A. There won’t be any change in the percentage of premiums shared by you and the…
Q. I am a federal employee under FERS. I paid my military deposit for eight years of active duty. I heard at a pre-retirement seminar that when they calculate the FERS annuity, they use a 4 percent (instead of the 1 percent) for the years we paid military deposit. Is this correct? A. Absolutely untrue. Military service for which a deposit is made is treated no differently than regular civilian service.
Q How can I find out the difference between the two plans. I understand the Basic plan is cheaper than the standard for which I am paying $400.97 a month for the family plan as a retired DoD employee. A.If you don’t already have a copy of the plan brochure, you can download one at http://opm.gov/insure/health/planinfo/2011/brochures/71-005.pdf. With that information in hand you can compare the benefits offered and both the co-insurances and deductibles.
Q. I am in federal law enforcement and, therefore, covered under the special retirement criteria. I cannot seem to get a straight answer for this question. On Sept. 2, 2011, at age 47, I will have 25 years of federal service (22 as an LEO and three as a non-LEO). Everything I read states 25 years of federal service at any age. Is it 25 years of law enforcement only, or do I qualify as long as I have 20 years of federal law enforcement and five years from any other federal time? My HR person recently prepared a retirement…
If you are a retiree who was upset when you didn’t get an annual cost-of-living adjustment in 2010, I can imagine how you feel now that you’ve learned that you won’t get one in 2011, either. Neither will Social Security beneficiaries. Actually, I don’t have to imagine because I’m in the same boat. I’m a federal retiree, and I’m also receiving Social Security benefits. The only reason I’m not writing angry letters to my members of Congress is because I understand both the law and the process used to implement it. Let me share that information with you and see…