Q. My question is regarding federal pensions. I know you must complete five years of federal service to be vested in the federal government’s pension program, and three years to be vested in the Thrift Savings Plan. According to the Federal Employees Retirement System handbook, military years bought back are treated as creditable years of civilian service, and therefore would count toward retirement. Does that mean if you only had three years of federal service and bought back seven years of military time, you would have 10 years of creditable service? If I leave the federal government after this year,…
Monthly Archives: February, 2012
Q. I’m told employees stop getting the government contribution to their retirement at 41 years, 1 month, of service, but can get a lump sum when they retire. This doesn’t quite make sense to me. Is there any other option? I will reach this much service time in February 2012. I am age 67, in the Civil Service Retirement System, and plan on continuing to work. A. Here’s the story. When a CSRS-covered employee has worked for 41 years and 11 months, he’s earned the maximum annuity based on actual service that’s allowed under law: 80 percent of his high-3.…