Q: I am considering retirement after I have 30 years of service in two years. I will be 54 then. Can I begin drawing an annuity when I reach MRA (56) without penalty? Is there anyway to sustain FEHB coverage? Will I receive COLAs in the future under this scenario?
A: You can’t retire at age 54. What you could do is resign from the government and apply for an age penalty-free deferred annuity at age 56. You would be entitled to any cost-of-living-adjustment made after you reach age 62. Note: You would not be able to re-enroll in the Federal Employees Health Benefits program. No one who retires on a deferred annuity can do that.
2 Comments
I am retiring from the BOP under fers. My wife and I divorced after 16 years of federal employment. She was awarded a portion of my retirement for that 16 years. She has remarried immediately after our divorce. Is she still entitled to the portion of my retirement.
We aren’t qualified to answer questions about benefits following a divorce. You’ll have to consult an attorney.