Q: I retired with 42 years of federal CSRS service. Two years later I was rehired by my former agency and have been paying into the CSRS system for 8 years. Can you tell me how they will recalculate my new pension, and will I receive a refund for all the money I paid into the retirement fund? A: Your annuity will be recalculated as if you had never retired, using the standard CSRS formula. Your high-3 will be based on your highest three consecutive years of average salary, whenever that occurred in your career. Since a CSRS annuity can’t…
Monthly Archives: June, 2011
Q: I have been on disability retirement and collecting Supplemental Security Income disability since 2001 at age 44, GS13/7 approximately 105,000 currently. I have 14 years LEO coverage at 1.7 percent per year, under the special formula and four years prior to my LEO position in a non-covered position at 1 percent. If nothing changes, at age 62, I will have 14 years of LEO coverage, four years of non-covered employment and 17 years of disability retirement. Specifically, what percentage will I get computing my retirement annuity at age 62 — 1.7 percent for 14 years and 1 percent for 21…
Q: Can you confirm that a FERS employee who retires from air traffic control, law enforcement, or fire fighting at their minimum retirement age with 30 years of service in the covered position will have their retirement calculated with all (30 years at 1.7 percent) as opposed to (20 years at 1.7 percent and 10 years at 1 percent)? In addition, lets assume only 15 years in the covered position and 15 years in a non-covered position that the calculation will be (15 years at 1.7 percent) and (15 years at 1 percent)? Lots of people believe that they need at least…
Q: I retired at the end of August 2010 and my agency is now offering a buyout for early retirement. Am I eligible for the buyout bonus? I meet the age and service requirements for voluntary early retirement. A: No. The sole purpose of a buyout is to entice employees to leave or retire. No incentive other than an offer of early retirement was needed to get you to retire. You can hardly expect an after-the-fact reward for having done so. Besides, the law wouldn’t permit it.
Q: I retired in 2007 on FERS disability after returning from Iraq where I spent about a year on special assignment for my federal agency. At the time, I had approximately 27 years of civil service (21 years, three months of federal civil service and six years of active duty military bought back). When I reach my minimum retirement age (56) next year can I switch to a regular retirement? That way I can work a little and not have an earnings limit of 80 percent. A: No, you can’t switch. However, when you reach age 62, your disability annuity…
Q: I am more than 55 years old, quit federal service more than 17 years ago, after 16 years under CSRS and never withdrew from my CSRS contributions. Question: If I return to work, I will be under FERS. Can I transfer CSRS money withheld into FERS and get credit in FERS “retirement benefit” calculations for the 16 years I worked under CSRS? What options are available? How many more years must I work to retire under FERS? If I work part-time, will it take longer? A: If you returned to work for the government you would be placed in CSRS…
Q: I retire from the bureau of prisons as a correctional officer in two years. My entire 20 years will be as a guard. When I retire, I will be 54 years old. Under the special law enforcement provision of Social Security, am I entitled to a partial draw from Social Security at age 54? A: Assuming that you are a law enforcement officer and are covered under the special provision that allows you retire at age 50 with 20 years of service, you would immediately be entitled to the special retirement supplement. The SRS approximates the Social Security benefit…
Q: I am a reservist and had 8 1/2 years of civilian federal service (under FERS) when I was recalled to active duty right after 9/11. I have been a reservist on active duty for the past 10 years and am still on leave without pay status (LWOP) with the agency I was recalled from. How long would I have to return to the agency in order to make a deposit on my 10 years of active duty? I have about 80 hours of leave on the books. Is there a certain time period that I would have to return to the agency to…
Q: I retired from the military, then became a civil service employee. My military time for retirement was based only on my commissioned time, i.e. from entry to extended active duty to the date I separated for retirement, but not including the ROTC summer basic training I received before getting the commission. For civil service retirement computation, can the six weeks of ROTC basic training be included since it was government employment, paid at the E-3 rate? Of course I would need to make a deposit for that time. A: No.
Q: With all the talk of Postal Service insolvency and possibly shutting down by 2012, will I lose my retirement annuity and health benefits if I continue to work and this happens? If so, and I wish to take my FERS retirement before this happens, am I still in danger of losing my retirement annuity and health benefits as a retiree? I am a FERS employee who is 60 years old with 23 years at the Postal Service and am eligible to retire with full benefits including the Social Security supplement till 62. A: The CSRS and FERS systems, Federal…