Q: I retired under CSRS in 2005 after 23 years with the Secret Service as an 1811 LEO. Private employment has permitted me to acquire enough earned SS credits to qualify for $1,028 per month at 62 years of age. My wife has also been privately employed for 35 years and has earned Social Security credits to qualify for $923 per month at 62. What impact will GPO and WEP have on my Social Security benefits? Does it make a difference if I apply for Social Security benefits before my wife (I’m six months older) with respect to survivor benefits?…
Monthly Archives: February, 2012
Q: I am 68 and a CSRS retiree. What are the advantages of enrolling in Medicare Part A when I am already covered under the FEHB? A: You want some advantages? First, it’s free. You already paid for it through payroll deductions while you were working. Second, the combination of Medicare Part A and your FEHB plan will reduce or eliminate most of the deductibles and out-of-pocket charges for hospital care. Third, because the two programs don’t always cover the same things or in the same way, they tend to complement each other, giving you better coverage at lower cost.
Q: I am 7 days short of my 40 years of service, But with the sick leave , it puts me at 40 years, 3 months. Do I get a 40-year pin and certificate? A: Whether you get a pin and a certificate is up to your agency. However, these forms of recognition are only given to employees who have actually completed a service milestone. While unused sick leave can be added to your length of service when you retire, it can’t be used to increase your service time while you are still working.
Q: I am a 55-year-old recently retired postal employee and I receive a CSRS annuity every month. I plan to collect Social Security benefits when I reach age 62. I have been working part time and paying into Social Security as well as working my full-time position for approximately 30 years. What will the reduction to my Social Security be because I am a CSRS retiree? A: Because you are receiving an annuity from a retirement system where you didn’t pay Social Security taxes, you’ll be subject to the windfall elimination provision. The WEP will reduce your Social Security benefit…
Q: I have an employee that enrolled in the FEHB plans effective Jan. 2, 2011, and has worked for the government for approximately 30 years. My agency is undergoing a VERA/VSIP announced in September. However, I found out that my agency did not request a preapproved waiver to include the health insurance. Can you tell me if this employee will be eligible to carry her health insurance into retirement? A: In order for her to continue her FEHB coverage, your agency needed to attach a memorandum to her retirement application stating that she met the requirements for a pre-approved waiver…
Q: I worked under CSRS for 18 1/2 years, ending in 1987, and withdrew my contributions at the time.I have worked in private industry paying full Social Security for 29-30 years (work totally separate than my CSRS work.) I have recently rejoined the government and was placed in CSRS-Offset retirement.I am 62 and plan to work another three to five years under the CSRS-Offset system (time frame somewhat relative on whether I buy back my previous retirement credit.) I am deciding on redeposit (with interest, of course) to obtain the 18 1/2 years of CSRS retirement credit I formerly had.…
Q: Upon joining government service, I exercised the option to buy back my military service of more than 24 years and paid military deposit of a little more than $3,386. I plan to retire from government service in two or three years, but I am having second thoughts about it now because of the prospect of losing my military benefits, whether all of them or just some, I have no idea, and would like to know. If I’d lose my military ID card, Comstore, NEX and pharmacy privileges, then I would like to reverse or cancel my buyback option. Questions:…
Q: My activity is offering VSIP/VERA. I am 56 and have 22 years in service under FERS. Do I get the 5-percent penalty if I accept the offer? Am I allowed to withdraw monthly on my TSP? Can I receive the Social Security supplement? A: You won’t be penalized for being under age 62 if you are approved for early retirement. And, because you were born between 1953 and 1964, you’ll be eligible to receive the special retirement supplement.
Q: I retired from the Air Force with just more than 20 years. I began work as a temp employee GS-11 for two years, then term for four more. I am now 45 with just more than six years with CS. I am not a permanent employee, but am contributing to a FERS retirement. Is it possible to combine my AF and CS retirements and if so, how would I go about it? A: You can get credit for your active-duty military service by making a deposit to the civilian retirement system and, at retirement, waving your military retired pay.…
Q: I worked four years in a supermarket and another 20 years in the U.S. Air Force, bringing my U.S. Social Security years worked up to 24.I returned to Spain and began working and now have 20 years in the Spanish Social Security system which gives me another retirement. I paid taxes on my U.S. earnings at the time and now pay taxes on my Spanish earnings. If you are paying taxes does the WEP come into play? A: Yes, you will be subject to the windfall elimination provision if you have fewer than 30 years of substantial earnings under…