Q: Civilians working for Air Force Materiel Command could be getting buyout and early retirement offers. Some may be eligible for packages of up to $25,000. Is this offer going to be provided to all the Air Force Commands? If so, when? A: We haven’t heard anything. But as a guess, the likelihood is close to zero.
Monthly Archives: June, 2011
Q: Mr. Jones included something in his column appearing in the June 6 issue that has alarmed me and I’d like some clarification. Mr. Jones implies that military retired pay is somehow affected by the initiation of a federal civilian retirement annuity, except under “limited circumstances.” I am a federal employee and have been since 2007. After buying back my military academy time, I have retirement credit as of 2003. I am drawing military retired pay that I earned for service between 1983 and 2004. I plan to retire from federal civilian service in 2028. Under current rules, wouldn’t I…
Q: I have a friend who is eligible for retirement but wants to continue to work part time for the federal government in the same area. How is their retirement calculated for part time work? A: Tell your friend to go to www.opm.gov/retire/pubs/handbook/C055.pdf and scroll down to Subchapter 55B. Although this information originally only applied to FERS employees, thanks to a change in the law, it now also applies to those covered by CSRS.
Q: What are the rules concerning getting paid a lump sum for unused comp time (overtime credit) after retirement? Is there a limit on how many hours you can get paid for? Does the balance of annual leave have any effect on comp time balance? A: Compensatory time must be used within 26 pay periods. If you retire and have any compensatory time remaining, it will be paid at the hourly overtime rate in effect when you earned it. Such a payment is not affected by any lump sum payment for unused annual leave to which you may be entitled.
Q: I was reading the June 6, 2011, Personal Advisor and in planning for retirement, item four, it was stated that if one received military retired pay that they needed to make an appointment with the retirement counselor. It was stated that “under limited circumstances you may be able to receive both (military retired pay and one’s retirement annuity). However, in most cases, you’ll have to waive military retires pay.” That certainly got my attention. I served in the Navy for 25 years before joining the VA as a physician in September 2000. My Navy retired pay is fairly substantial. I would…
Q: I am a 49-year-old FERS employee with 27 years of service and am currently eligible for a VERA & VSIP. I am considering resigning or retiring for another non-federal position to remain in my current location. I would like to lock in my retirement and benefits eligibility, yet avoid all the reduction of purchase power the early retirement with no COLA until age 62 will result in. What is my best option to accomplish this? Am I eligible for a postponed retirement through VERA, and will that enable my eligibility for my health care, LTC, and life insurance? A: Because you…
In my June 6 column, I talked about the importance of planning ahead if you want your retirement application to have a better chance of speeding through the process and getting you on the annuity roll. However, what you do to smooth your way into retirement is only part of the process. In this column, I’ll talk about how your agency processes your retirement application. It’s your human resources office’s responsibility to review your retirement application to make sure you are eligible to retire on the date you have set and determine whether you are eligible to continue your health…
Q: What is the status of VERA/VSIP being offered in September and December 2011? Has it been approved? When will we know if we are eligible to receive the incentive and retire? A: We haven’t heard a thing. Nor are we likely to hear anything before you do.
Q: I know there is a military time buy back process so military time can apply toward civilian retirement. If I have federal time, can I apply that toward a military retirement if I join the military? Or does it only go one way? A: No, you can’t apply your federal civilian time toward a military retirement. It only goes one way.
Q: I am sure that you have answered this question before — it seems so basic to me — but I could not find a comparable Q&A on your site. Here goes: I have 11 years, 2 months, 20 days of active Air Force service, no Guard or reserve (retired from Guard but I believe it’s irrelevant; no active time other than for training). I have been tentatively hired by DECA as a GS 4 (awaiting clearance paperwork). I don’t know anything about federal retirement plans, as I am not in one yet. How will the “buyback” of my time…