Q. If I choose no reduction for Basic, can I change my multiples in option B to reduce coverage at any time during retirement? I would like to lower by one multiplier at each five-year interval beginning with five at age 55. A. According to OPM, “Unless you have assigned your insurance, you may cancel it at any time. If you cancel your Basic life insurance, you are canceling all your Optional insurance as well. If you elected 50 percent or No Reduction for your Basic life insurance, you may cancel this additional coverage at any time. If you have…
Monthly Archives: November, 2011
Q. I am a 54-year-old postal worker in CSRS with 28.5 years in and a retirement date of April 2013. I still lack approximately 3.5 years to get my quarters in for Social Security. When I worked before the post office, I probably averaged about $3 an hour for the quarters I have in. I heard about the penalty involving Social Security because of me being CSRS, but do not quite understand. Would it be worth it for me to go back to work after I retire somewhere else just to get my quarters? A. While the windfall elimination provision…
Q. I am a current FERS employee with prior active-duty military service. When I began federal civil employment, my Service Computation Date (SCD) was established as Dec. 18, 1984. Three years ago, I made a complete payment for military service deposit, i.e., I “bought back” my military time. My SCD has remained the same since then. Should my SCD have been recomputed? Regarding my retirement, what benefit(s) did I gain by buying back my military time? A. If you were nonretired military, you should have received full credit for your active duty service for leave accrual purposes when you were hired.…
Q. After a 30-year military career, I started a second federal career under the FERS retirement system four years ago. I currently carry Tricare with a supplement for myself and spouse and was advised that this is considered as being enrolled in FEHB as pertaining to the five-year enrollment requirement to carry FEHB into retirement. Due to the increasing difficulty in finding providers willing to accept Tricare and Medicare, I’m looking at picking up an FEHB plan at the next open enrollment and then carry that plan into retirement in about three years. I understand Tricare becomes the secondary insurance…
Q. On March 26, I will be 62 years old. I work for the Postal Service and am thinking about retiring ,My question is this: My wife is 67 and drawing her Social Security. If I retire from the Postal Service, will I be allowed to take spouse benefits? Also, how much will the Social Security be cut because I am drawing CSRS? My monthly gross amount from CSRS will be about $2,781 but that’s before health insurance and spouse benefits. I am also able to draw Social Security but I have only the 40 quarters. My wife is drawing…
Q. When I retire, I will select a survivor benefit for my wife. After retiring, if she passes before I do, is it true that if I contact OPM it will restore by annuity to the amount it would have been had I not elected a spousal benefit? If so, is there a specific window of time in which I need to advise the OPM of my wife’s passing? A. No, there is no specific time frame for notifying OPM. However, it would make sense to do it sooner rather than later.
Q. In the event of a future buyout or within the next three months or so (February 2012): I am 58 years of age and will have 29 years and five months of service. My sick leave will be a little more than 200 hours. Will it be worth taking the buyout, or will my monthly annuity be reduced for the loss of the seven months shy of 30 years of service and if so, what will be my loss (1/6 percent of a percent for each month or 1 percent in total)? A. Let’s get one thing straight. Your…
Q. I am trying to find out if my temporary federal government employment during the 1990s can be credited toward my service computation date. When I was young, I worked briefly for two different federal government agencies as a stay-in schooler. Later on, I worked for another government agency and did not stay there long either (not as a stay-in-schooler). Later on after I left the military, I went back to the federal government for a year before I was hired at another agency. My service computation date is based off my military service and my other two federal employers. …
Q. I spent 11 years on active duty as USNR. I then spent another 10 years in the Commissioned Corps of the Public Health Service, but was never assimilated into the Regular Corps (thus the equivalent of reserve status). I collect a military retirement and now work for the government under FERS. Since all my active-duty time was as a reserve officer, can I buy back any of my time, even though I collect a pension? I was told as regular military you can’t, but as a reserve status, you should be able to. A. Reserve service is rarely creditable…
Q. I started my government career in April 1985. FERS was enacted in 1987. Why am I in FERS and not CSRS? A. Because you would have had to have five years of CSRS service before Jan. 1, 1987 to remain under CSRS. Since you didn’t, you were automatically covered by FERS, and your CSRS service was converted to FERS service.