Q: I have 31 years of credible federal service and am 51 years of age. I would like to take an early retirement. I have been told I can take a “deferred retirement” until 2010 (56 years of age) without penalty. However, I cannot locate any formal OPM documents that clearly state this is accurate. Your thoughts would be greatly appreciated. A: The information you are looking for will be found at www.opm.gov/retire/pubs/handbook/C045.pdf. Assuming that you are covered by FERS, you would be able to receive a deferred retirement at your minimum retirement age. If you are covered by CSRS, you wouldn’t be eligible…
Yearly Archives: 2011
Q: I know that the FEHB rules changed regarding coverage of dependents up to the age of 26, but what about the FEDVIP rules (vision and dental)? A: As specified in law, the change in age applied only to the Federal Employees Health Benefits program.
Q: I am currently receiving military retirement pay for service with the U.S. Navy from 1960 to 1980. I began drawing my full Social Security pay at 65 years and 10 months. I began working under CSRS in 1980 and am planning on retiring in 2013 or 2014. My question: Since all of my time for my Social Security was from my military service and not CSRS service, will I be under either the GPO or WEP provisions when I do retire from CSRS? Can I receive all three of my retirements without any penalties of GPO or WEP? A:…
Q: Is there a time limit on when you have to hold that salary rate for it to be counted for a good year? Here is an example: If I get awarded a QSI (quality step increase) in the month of October and hold that rate for three months before my next step goes into affect in January, will that rate I received in October for three months be counted as a good high-3 figure? A: Your question is based on a false premise. A high-3 is calculated by adding up the base salary you received for each pay period…
Q: I am a 57-year-old FERS annuitant who retired in 2010 with 33 years of service. I am considering going back to work part-time for my former agency (Dept of Energy) in a position that will allow me to receive both my annuity and the full salary of the new position. In addition to my FERS annuity, I am also receiving a special annuity supplement of about $12,000 per year. Normally, if I become employed and earn a salary I will lose $1 of the special annuity supplement for every $2 I earn over the IRS limit of about $14,100 per…
Q: I’m retired from the Army and my wife has the age and years to retire if her office offers early retirement. Can you tell me if there is any chance if the Department of Labor might offer early retirement in 2012? A: No, I can’t. Even a fortune teller would shy away from answering that question.
Q: I was hired and worked for the DoD for about 30 years. I’m currently collecting retirement under the CSRS system, however I have slightly more than 40 quarters paying into Social Security. I worked prior to my stint in the government. I keep receiving notices I’m about to receive $691 in my annual SS letters. I know very well I will not receive much money from them but I wonder if the Windfall Elimination Provision applies or the Government Pension Offset applies to my situation. I think I might receive some money. I was born in February, 1946. A: You…
Q: I am a postal employee planning to retire in 2011. I have added my 22-year-old daughter back on to my health insurance as allowed by the new health care reform act. Can I still maintain her on my insurance with self and family after I retire until she is 26? A: Yes, until she reaches age 26.
Q: My question is if one does not withdraw the Voluntary Contributions Program (VCP) upon retirement, what rate of interest will it earn? I have been told that if you do not withdraw the VCP, the so called basic interest of 7 percent is not the interest but rather the rate of repaying the principle. Thanks. A: Interest only accrues to the date you leave government, retire, or transfer to a position not covered by CSRS of FERS, whichever is earlier. On the other hand, if you separate from the government with entitlement to a deferred annuity at age 62,…
Q: I worked for the government from 1966-1972 (six years) and withdrew my CSRS retirement at that time. From 1972 to 1988 I worked in private industry and paid Social Security. I returned to civil service in 1990 and was automatically enrolled into CSRS Offset. I retired June 30, 2010 with 26 years of credited government service and applied for my federal pension and Social Security. When the Social Security Administration calculates my offset, is my service outside government taken into consideration? The papers I received showed only 20 years of government service for their calculations, so I’m assuming that…