Q: The congressional supercommittee proposed eliminating the FERS supplement. The committee failed to reach agreement, but I can’t help but think these proposals will surface again. Had they been successful, would this elimination have applied to all employees retiring under FERS after enaction of their proposals? Or would it only have applied to new hires with less than five years of service? What if an employee retired under early out provisions before enaction? I’m 53 with 30 years of service and won’t be eligible for the FERS supplement until October of 2014. If the proposed action would have passed or…
Monthly Archives: February, 2012
Q: I am an active-duty retiree and served 26 years continuous active duty, retiring in 1997. I am employed under FERS. I am in the process of establishing a military deposit account and understand that the amount of the deposit must be paid in full prior to submission of a retirement application in order to receive credit for my active-duty time for federal retirement. I would like to know if there are any provisions in law that allow enlisted retirees to receive military retirement and federal civilian retirement for the same periods of service. I am also in receipt of…
Q: I completed 19 years of active-duty service in the Army. I completed my time in the Texas National Guard for retirement. At age 60, I started receiving my military retirement check. I am a federal civilian employee with 11 years under FERS. I have received my statement (amount) of buyback of military time. I want to be sure I will retain my military retirement check. Buyback will give me a total of 30 years for civilian retirement when I pay the deposit. I just want to confirm I will receive both retirements with no reduction. A: If you make…
Q: I have been unable to identify if there is an exception to the windfall elimination provisions that will allow me simultaneous entitlement to a CSRS annuity and to full or non-reduced Social Security benefits. I assume that Social Security benefits are not subject to reduction under the windfall elimination provisions if the credits earned were earned as a federal employee and during the time period (15 years) in which the credits were earned, I made no payments into any other retirement system. I think that benefits earned under the CSRS system were earned during a time period (20 years)…
Q: I am a FERS employee who plans to retire Nov. 30 or Dec. 31 this year or Jan. 15, 2013. My Service Computation Date is May 15, 1982. Which one is the best date to retire? I will be 59 on Aug. 20. I also read an article about losing annuity supplement if it exceeds the maximum amount of $14,160 annually (not my Social Security benefit unless I retire at 62). A: I can’t advise you. What I can do is give you some facts that may help you make a decision. First, the 2012 leave year ends Jan.…
Q: I am 79 with 40 years of service with the post office. I was told that if I resigned that I would be able to get a lump sump from my retirement so all the paperwork was done. Now I’ve been told that because of my age and that I have more than 30 years with the post office that I cannot resign. I would have to retire per the law. I need to get the lump sum to save my house which is in foreclosure. What can I do? A: Unfortunately, there’s nothing you can do. Because you…
Q: I am a CSRS employee who plans to retire on or about Jan. 3, 2013. Is this a safe date to maximize my annual leave accruals and still be paid for the January retirement payment? A: Yes, because the 2012 leave year ends on January 12, 2013. And, because you are a CSRS employee, you can retire up to the third day of a month and be on the annuity roll in that month. Note: Your first month’s annuity will be reduced by 1/30 for every day you are still on the rolls as an employee.
Q: I worked for the government for three years a long time ago and returned recently. I will be eligible to retire at 62 in about three years. I plan to work until 67, if possible. When should I pay back the withdrawals I took from my CSRS retirement? Is it better to do it sooner or later, assuming that I have the funds available? A: Making a deposit sooner than later is the better option because interest continues to accumulate on the amount owed.
Q: I am a FERS employee who has more than a year of accumulated Sick leave. Under the current rules, I can get credit for 50 percent until 2014 when I can get 100 percent credit. What’s the first day I can retire to get the 100 percent credit, and how does that fit with the best day to retire to take advantage of getting paid for the maximum amount of annual leave 240 carry over, plus the maximum accumulated during the last year? Can I get both or will I have to make a choice? A: You can get…
Q: I work for the government under FERS. I retired from the military after 20 years, but did not buy back my time for retiring from the federal government. I am a GS13 and will be 62 next year and will also have 10 years working for the federal government. Will I get some sort of retirement? Will I be allowed to draw a retirement from the the federal government and also continue to draw my military retirement pay? A: To be eligible for a FERS annuity at age 62, you would only need to work for five years. If…