Q: I am 50 with 30 years of service. Will I be penalized if I take the early buyout at age 50 or at any age before my MRA of 56 years? If I draw my retirement at age 50, will I be entitled to receive my FERS supplement at age 56? A: Yes, as a FERS employee you would be eligible to retire without the age penalty. That’s because you are at least 50 and have at least 20 years of service. As for the special retirement supplement, you’d be eligible to receive that when you reach your minimum…
Monthly Archives: December, 2011
Q: I live in Minneapolis but for the past few years have worked in Madison, Wis. I rent a room during the week and return home to Minneapolis on weekends. My agency is going through a reduction in force. Will my Interagency Career Transition Assistance Plan eligibility apply to my home area of Minneapolis, my office location in Madison, or both? A: Your position of record will determine your competitive area for RIF purposes. If your permanent location is Madison, that’s where your eligibility will be. If it’s in Minneapolis and you are either on temporary duty or some other…
Q: I left a Federal Reserve bank for a position in the federal government. Public Law No: 106-168 permits former Federal Reserve bank employees to receive credit in FERS if a former bank worker becomes a federal employee. Am I eligible to receive service credit for retirement in FERS for my years of service at a Federal Reserve bank? Or must my service have been with the Federal Reserve Board of Governors to qualify? A: You would have had to be an employee of the Federal Reserve Board of Governors to qualify.
Q: I am a letter carrier who is eligible for retirement. What is the maximum amount of annual leave I can receive as a lump-sum payment? A: You can receive a lump-sum payment for a maximum of 440 hours.
Q: I was employed by the Postal Service from 1956 to 1968. In 1986, I was re-employed by the postal service. Am I included in the CSRS Offset? I wonder because I was re-employed after 1983, when anyone hired then went into FERS. A: Because you had at least five years of CSRS service when you were re-employed by the federal government, you were automatically placed in CSRS Offset.
Q: I am a CSRS Offset employee. I plan to retire in the next couple of years. However, I was told that OPM contacts the Social Security Administration for my benefit information once I turn 62. OPM will then deduct from my retirement all, or a portion of, what I would receive from Social Security. It is more beneficial for me to wait until age 66 to apply for Social Security, but OPM will make the deduction when I turn 62. Is there a certain percentage of the Social Security payment that OPM will use in computing the deduction? Why…
Q: I took early federal retirement under CSRS offset at age 50. Must I also take early Social Security at age 62? A: It’s up to you to decide if you want to apply for Social Security at age 62. Whether you do or don’t, at age 62 your CSRS annuity will be reduced (offset) by the amount of Social Security benefit you earned while covered by CSRS Offset.
Q: I’ve been in civil service for 16 months and I am currently in the process of buying back eight military years. What if I decide I do not want to stay in civil service more than another year or so. Am I throwing that money away? Should I stop my buyback? A: You are asking for an opinion, which I would be foolish to provide. What I can tell you is this: If you decide that you want to leave, you can get a refund of your retirement deductions and the deposit you made.
Q: I am a 62-year-old FERS employee. I am in a 27 percent locality pay area and have been for many years. There is discussion at my base about transferring our work to another base that has a much lower locality pay. I heard that if I transfer to the other base and then retire, my FERS annuity high-3 would be based on the lower locality pay. Since my pay is topped out, locality pay is the only thing that will change much. Is this “lower” high-3 calculation correct? A: Your annuity will be based on your highest three consecutive…
Q: I turned 62 in September. I have 29 years of service as a FERS employee. I’m thinking of retiring Jan 31. I work for the Federal Aviation Administration. Is there any possibility that the government will offer buyouts or early buyouts before I retire? Or is it a possibility that they will offer them later in the year? A: We have no information about potential early retirement opportunities or buyouts. Your best source of information about them will come from your own agency.