Q: I am 50 years old and have a service computation date of April 30, 1986. I would like to know when I am eligible for retirement. I served in the Army from 1984 to 1992. I bought my time back from the military and have completed making a deposit for that time. I am also working in a position which has been phased out of my department. They do not have a position to move me into. Is retirement an option for me and if so how soon? A: Because you are age 50 and have at least 20…
Monthly Archives: February, 2011
Q: I’m a under FERS as law enforcement undergoing a Reduction in Force (RIF). I’ve been offered the Voluntary Early Retirement Authority (VERA) and the Voluntary Separation Incentive Payment (VSIP). I have a total of 25 years of creditable service, with nine of those years military time. I did buy that back and I am 47. I have received my Federal Retirement Benefits estimate (FRB). In the FBR it shows I would not be receiving a FERS supplement until 56. However, if I retire at 51 I would start receiving the FERS supplement at that age. I’m really confused as to…
Q: I am a CSRS retiree and have an FEHB plan. In March I will turn 65 and understand I should apply for Medicare parts A and B, but in June I am getting married and I want to be able to provide health insurance for my spouse, who is 57. Should I keep my FEHB coverage as well as enrolling for Medicare parts A and B. This seems to be the only way to make sure we’re both covered, although presumably very pricey. Are there any other alternatives? A: No, there aren’t any sensible ones. When you get married,…
Q: I am 60 and just started to think about retirement. I have 23 years of federal service. I will have worked under CSRS Offset for 16 years on July 2010. I have an opportunity to go back to my previous employers (private industry) and will have 21 years of service after I meet the requirement to work five years to make me eligible for their retirement. Suppose my CSRS retirement is $30,000 per year. Suppose my Social Security for my CSRS Offset time is $10,000 per year. Then my CSRS income is only $20,000. But since I want to…
Q: I have seen references to 2011 being a good year to retire. I assume it has something to do with pay period 26 ending Dec. 31 and accrued AL. Would you please clarify why 2011 is a good year to retire? I plan on retiring some time in 2011. A: There’s nothing to clarify. As I stated, 2011 is a good year to retire if you do so on Dec. 31, 2011, because you would not only be entitled to a lump-sum payment for all your unused annual leave, including the leave you earned in the last pay period,…
Q: I may become a re-employed annuitant for the FAA very soon. I retired six years ago from FAA as an air traffic control specialist after 23 years with a 50 percent CSRS annuity. Before I worked for FAA, I had three years of military service that I did not make a deposit for before retirement (since I was only going for the 50 percent minimum ATC retirement). If I comply with the supplemental annuity requirements (work full time, and deposit 7 percent of the unreduced salary for each year I work) and work for four or five years; will…
Q: I am a 47-year-old FERS employee with 25 years of creditable service. I am a GS-15, so my plan is to retire at 56 (my MRA) where I will have 34 years of experience. Is it correct to assume that at 56 I will get FERS (34 percent of my salary based on 34 x 1 percent) and the Special Retirement Supplement (SRS) that would approximate my Social Security? How would the SRS affect my Social Security payout once I hit 62 and can I defer Social Security payout to 67 to get the higher benefit if I have…
Q: My father was a federal employee for 30 years. He died Nov. 11, 2010. My mother predeceased him by eight years. I received notice in the mail that I was the beneficiary of his death benefit. There is the option of taking the lump sum. But when he put me down as a beneficiary I was his dependent because of multiple mental disabilities. I would like to apply for the annuity for a disabled child. I can trace the start of one my disabilities to when I was between 11 and 13. However, I have no documentation of it.…
Q: I retired in 2008 under CSRS retirement. I elected spousal a dollar amount to be paid out at my death. I didn’t include health benefits as my wife is a federal employee with her own health insurance. My spouse would like to waive the spousal annuity to be paid out at my death. What is the process? A: While your wife is free to decline the receipt of a survivor annuity when she reports your death to OPM, it is too late for you to cancel your election of a survivor annuity for her. You would have had to…
Q: I resigned my permanent position from Indian Health Service in 1992 because of an illness. When I resigned, I was 42 and withdrew my retirement, which was about $18,000. My SCD was Oct. 4, 1974. I came onboard with IHS in February 1995 and chose to be under FERS. I am still working and just turned 61 on Dec. 13, 2010. I am vested under the TSP funds and I am applying to catch-up borrowed money under this savings. Can I buy back the CSRS retirement money? A: Yes, you can make a deposit equal to what you withdrew…