Monthly Archives: March, 2012

VERA

0

Q. I have 25 years with the Postal Service. Will I be eligible for the VERA when and if one comes available? A. If offered a voluntary retirement opportunity, any employee with 25 years of service can accept it. With 25 years, it doesn’t matter how old you are.

Comparability pay vs. market pay

0

Q. Is comparability pay the same as market pay? My payroll stub has market pay and basic pay allowances.  Are both “market” and basic pay used in determining the annuity amount? A. Because I don’t know what’s included under each of those headings, I can’t provide you with a direct answer. What I can tell you is that only pay from which retirement contributions are taken will be used in the computation of your annuity. To see what’s included and excluded from basic pay, go to www.opm.gov/retire/pubs/handbook/C030.pdf and scroll down to Section 30A1.1-2 Basic Pay.

Social Security and WEP

0

Q. I am a CSRS Offset retiree and have the required number of quarters worked for Social Security. If I file for Social Security at age 62, will the offset reduce my Social Security pension to zero? I was advised at a federal retirement seminar that when I file for Social Security, an offset would take place on my CSRS retirement. Is that true? Will my Social Security pension be adjusted? I turn 62 this year and plan to file for Social Security. A. Normally, the offset in your CSRS annuity would be matched by the Social Security benefit you…

Deceased father's pension

0

Q. My father remarried when I was 15. I was his only child. When he was 51 and I was 24, he was diagnosed with cancer. While he was in the hospital undergoing colon surgery, I was informed that he was changing his beneficiary status to his new wife. I received a small portion compared to the half that was originally on the form. I received a pension check for half of his pension one time after his death, and then his widow started to receive the entire amount. Besides the hurt this caused me, she remarried within a year and gave up his pension.…

Credit for military time

0

Q. I served four years in the Army and was medically retired. I am now a federal employee and am accruing four hours of leave per pay period. Because my retirement was not deemed “service-connected,” only the year that I spent in Iraq counts toward my service computation date. I am no longer receiving retirement payments because my Veterans Affairs Department disability is greater than my retirement amount. If I buy back my military time, will all of the years count toward my SCD and retirement? A. For nonretired members, full credit for uniformed service (including active duty and active…

VCP transfer into Vanguard Roth IRA

0

Q. I will have 40 years with the Internal Revenue Service in 2012 and plan to retire either this year or in 2013. I have been contributing to both the Thrift Savings Plan and the Voluntary Contributions Program. I plan to leave the TSP contributions to the G Fund alone and let it grow. The VCP is another matter. I have a Roth IRA with Vanguard and would like to transfer all of the VCP to the Vanguard Roth IRA. I know I am required to pay tax on the interest the VCP has earned in the year received. How do…

Retiring from a second job

0

Q. I am 73, have been drawing military retirement since 1982, and became a federal employee three years ago. Qualifying for the combined years of military and federal service would be impossible because the payback would be prohibitive. Does FERS allow for this circumstance, or should I resign knowing that no retirement from this second federal job is possible? A. Retirement from your civilian job is possible. As soon as you have five years of FERS service, you’ll be able to retire and receive an annuity based on that period of employment.

Disability and retirement calculation

0

Q. I was born in 1956 and I am at my minimum retirement age of 56. I have 14 years of civil service under FERS. I retired from the Coast Guard after 22 years. I have paid my redeposit in full to buy back my military time. I have not yet waived my retired military pay. I am filing for a FERS disability. If approved, would it be considered a voluntary retirement MRA + 36 years of service (14 FERS + 22 military), or would I receive 60 percent of annual salary first year, 40 percent thereafter until 62? A. If you…

Credit for first stint

0

Q. I worked for DoDDS schools from 1987 to 1990. At that time, vesting was five years with FERS. When I resigned, I believe I had to forfeit my retirement and was made to withdraw my Thrift Savings Plan. Would this have been correct for that time period with FERS? And DoDDS? I came back to work for DoDEA in January 2001. I called to make certain that I was going to get credit for those three years. I wanted to redeposit my TSP money but was not allowed to, and was told there was no provision for repayment. It…

1 2 3 14