Q. I worked for the federal government from 1980-1982 with a break in service for approximately six months and returned from October 1982 through October 2000. After leaving federal service, I received a refund on my money that I put in but did not receive any interest. I have now returned to federal service since June. I am enrolled in the CSRS offset program and I have three questions. Do I have to pay back the monies I took out to get credit for those years of service? What is the interest rate? Since I am in CSRS Offset, will…
Monthly Archives: November, 2011
Q. I worked from 1980 to 2000 with 18 years under CSRS and two years under FERS. Will I be able to begin receiving my retirement annuity at age 60 since I worked for 20 years? A. If you had 20 years of creditable service and did not take a refund of your retirement deductions, you will be eligible for a deferred annuity at age 60.
Q. What is the difference between a survivor benefit and a full survivor benefit? A. Unless blocked by a court order assigning all or a portion of a survivor benefit to a former spouse, by law a retiring employee is required to provide a full survivor annuity to his or her spouse, unless the spouse agrees to a lesser amount or none at all. A full CSRS survivor annuity would be 55 percent of the retiree’s basic annuity before any deductions are taken out. For FERS it would be 50 percent. For CSRS a lesser survivor annuity can be any dollar…
It’s time once again to make a decision about your health benefits coverage. Open season for the Federal Employees Health Benefits Program is Nov. 14 through Dec. 12. Those of you who are already enrolled will have the opportunity to change your health care provider, and those of you who are eligible but not yet enrolled will be able to do so. Having an annual opportunity to change plans to meet your health and financial needs is one of the real pluses of FEHBP. And if you aren’t enrolled, being able to sign up for coverage isn’t an opportunity to…
Q. I am approaching age 65 and have some questions concerning Tricare for Life, Medicare, and FEHB. For background, I am a retired reservist and current FERS GS employee with Blue Cross Blue Shield FEHB and Tricare Standard for my wife and me. I am currently 63 and my wife is a few months older. She is not eligible for Social Security as she is a school teacher and the state of Louisiana opted out. I plan on working a few years past my 65th birthday but need some guidance on the best course of action when I become Medicare-eligible.…
Q. If a widow of a retired Postal Service employee has been receiving a death benefit over the years, is there any insurance policy or minimal expense towards final arrangements of the widow? Retirement was 1977 with 30 years of service. Certainly, employee benefits and packages have changed; is there a suggested website or source I can read what may pertain to my situation, I’m not sure where to start? A. Your only entitlements were a survivor annuity, the proceeds of his Federal Employees’ Group Life Insurance when he died (if he elected to pay for that coverage), and the right to…
Q. I’ve seen some guidance that Part D is not necessary with our FEHB coverage. One of my prescriptions has a co-pay of $70. Seems it wouldn’t take to many of those to make the double coverage pay for itself. What do you think? Are there any comparison tables for the various options and combinations? We currently have family Blue Cross standard. One thought was whether it would pay to downgrade to BC basic while buying Part B and/or Part D, which would lower our monthly Blue Cross premium by $165. With the coordination of benefits that may be a good tradeoff. A.…
Q. I transferred from NAF to FERS in 2001. When I accepted the new position I was assured that my NAF retirement would be transferred to FERS. I am now being told that it was not and that I can only get a refund of my FERS contributions. The fact that I was misled at the time of my resignation does not bear any weight in the final decision/appeal? A. You can always appeal that decision; however, because the law is clear, the odds of your being successful are slim.
Q. I am a CSRS employee, 62 years old, with 34-plus years of service. How do I figure out the amount of the VERA incentive that I will be offered? A. First let me clear up a misunderstanding. No financial incentives are included in a Voluntary Early Retirement Authority (VERA) offer. If you are instead referring to the Voluntary Separation Incentive Payment (VSIP) program, then it all depends. That’s because your agency has the option of offering the lesser of: 1. An amount equal to the amount of severance pay you would be entitled to receive, as computed under 5…
Q. As a CSRS offset annuitant I worked for the government from 1968-1985, at which time the agency was abolished and I withdrew my retirement in a lump sum. I worked in the private sector for five years and returned to the government in 1990. In 2001 there was a reduction in force and I now receive discontinued service retirement. Overall, I have 22 years of Social Security, 12 of those under CSRS offset. My first question: Will I be subject to the windfall elimination provision at age 62? Second, will I have the option of leaving my private-sector years of earned Social Security with…