FERS retirement questions

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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.

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About Author

Reg Jones was head of retirement and insurance policy at the Office of Personnel Management. Email your retirement-related questions to fedexperts@federaltimes.com.

2 Comments

  1. Lonny Fruge on

    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.

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