Q: I was born in 1953 and have 20 years military service and 10 years of civilian service. Can I combine these and retire at age 55? If so, how much would it cost to buy in? A: To find out what it would cost you to make a deposit for your active duty service, you’d need tocomplete Form RI-20-97, Estimated Earnings During Military Service and mail it, along with a copy of your DD-214, to the finance office for your branch of service. When it comes back, you need to take it, a copy of your DD-214, and copy…
Monthly Archives: February, 2011
Q: I am a FERS federal employee planning to retire in five years. I have carried FEHB self-only since I was hired in 1998. I am planning to retire in five years and wish to add my spouse (currently with a single , nonfederal health plan) to my health plan before my retirement. Am I required to carry my spouse on my plan for five years before my retirement as well as myself? A: No. You may switch to self and family coverage during any open season. Regardless of how long your spouse was covered, that person would be able…
Q: I am considering disability retirement due to my medical condition. I am 52 with 25 years of service and under FERS. I understand the 60/40 rule. What happens to the FERS social security supplement? Do I not receive that at all or does it start up at my MRA. A: Disability retirees aren’t eligible for the special retirement supplement.
Q: I am 52 years old with 27 years with the Postal Service (FERS). How would it affect me if I accepted the VERA? Would I get the Social Security Supplement upon acceptance, and how would it affect my TSP, as I would need to start withdrawing it immediately upon accepting the VERA? A: You wouldn’t be eligible for the special retirement supplement until you reached your minimum retirement age, which in your case would be 56.
Q: If the Postal Service offers a VSIP (buyout) would an employee be able to collect that money and choose disability retirement? A: No.
Q: How is the amount of repayment determined when you change grades as a rehired annuitant? I retired on March 31, 2010, from IRS-CI, FERs law enforcement. I received a lump-sum payment based on a GS 14-10. I was picked up as a rehired annuitant with DHS as a special agent GS 13-10, criminal investigator. I had to repay back my annual leave. They are telling me that I have to pay back the unused portion at the rate I received it (GS14 level). When you do the calculation I pay back more than $2,200 that I will never get…
Q: Are the people who serve as congressmembers and senators also affected by the government pension offset? Or have they exempted themselves in the legislation? Also do all provisions of the legislation affect their spouses the same as any other federal retiree? A: Members of Congress aren’t excepted from those provisions. They apply to anyone who fits the criteria.
Q: I retired on Dec. 31, 2010, and received the lump sum compensation for unused leave days. The amount exceeds the $14,160 allowed to earn before Social Security reduction. Will my Social Security benefit be reduced because the lump sum I received? A: No, the Social Security earnings limit only applies to earnings from wages and self employment.
Q: If I am 53 and will have 35 years continuous service with a federal department in June of this year, can I retire when my 35th year is completed without any deduction to my pension? I am under the impression that I would receive 2 percent for each count year to a total of 70 percent. Or do I have to work until I reach 55 before I can apply for my pension? A: You won’t be able to retire until you reach 55. By the way, there is no 70 percent limit. By law your annuity can’t exceed…
Q: After leaving government during an RIF many years ago, I returned to government service in 2001. Who can I contact to find out if all my previous work time is creditable toward retirement time? I have worked in some term positions and have been told that time in a term position does not count toward retirement. A: If your service computation date is earlier than the date on which you returned to government service, then it means that you have already received credit for some or all of your earlier employment. Whether you did or didn’t get credit, you…