Q. I retired in 2002 with 32 years of service and receiving a CSRS annuity. I am 65 and do not have the required 40 quarters to collect Social Security. My retirement annuity is being reduced for “full surviving spouse’s annuity.” Will my wife, who is 61 and plans to draw Social Security next year (over $600 a month), be able to draw her full Social Security and the CSRS survivor annuity, even though I was not eligible for Social Security, if I pass away before her? A. Yes, she will be able to receive her full, earned Social Security…
Monthly Archives: June, 2012
Q. When I am 47 years old, I will have 20 years of coverage under 6c law enforcement pay and 25 years of federal service (FERS). Will I be able to retire, or do I have to wait until I am 50? A. You will have to wait until you are 50. Only those with 25 years of covered service can retire at any age. Noncovered service can’t be used to meet that 25-year requirement.
Q. I am a CSRS employee and was offered an early retirement by July 31 by Voluntary Separation Incentive Payments. I will be 53 in November. If I take this offer to leave two years and four months early, am I losing — as opposed to waiting the two years and four months until age 55. They are giving $20,000 in two lumps — $10,000 in December 2012 and the other $10,000 in December 2013. A. If you retire before reaching age 55, your annuity will be permanently reduced by 2 percent for every year you are under age 55…
Q. Three questions regarding CSRS retirement: 1. I read that in 2010 and 2011, there was a six- to 12-month delay before retiring employees actually receive their full pension. I’m not sure if a partial pension was received in the meantime and how much. Is this still true for employees retiring in 2012? I am under CSRS and planning on retiring the end of July or early August. I understand it’s best for me to retire at the end of a month or within the first three days of a month to receive my pension check the following month. I…
Q. I have been receiving my husband’s annuity but got hurt at work and now receive workers’ compensation. Because of this, my survivor annuity has been canceled. Is this correct? A. Yes, you have to make a choice. If you elect workers’ compensation and it is later canceled, you can once again receive your survivor annuity.
Q. I am under FERS. I turn 65 on Nov. 20 and will have completed 12 years and one month as a federal civilian. My service computation date is Oct. 10, 2000. Is it possible for me to retire effective Nov. 28, or do I have to wait until the end of the pay period? I will have over 300 hours of annual leave to sell back on Nov. 28. Because my hourly pay is $69, will that $20,700 affect the annual limit from Social Security limit in 2013? I will be applying for Social Security starting on my 65th…
Q. As part of an Equal Employment Opportunity Commission settlement, my agency wants me to accept a federal disability retirement and is willing to put me on administrative leave while waiting for approval. I am a federal law enforcement officer with 21 years service, and my high-3 is about $128,000. I recently had a spinal fusion. I will get around $70,000 in disability retirement the first year, and if I get denied by Social Security, I can ask to continue at 60 percent rather than 40 percent, which would give me $70,000 per year. This would work out better than…
Q. I’m a CSRS employee. When I retire and sell my annual leave, will Social Security be deducted from my lump-sum payment? A. No.
Q. I have civil service retirement with the Postal Service. I have been informed that if I do not pay back the Social Security I did not need to pay when I was in my five years of military service, then once I am eligible for Social Security, the payback will start being deducted from that. I thought once that withdrawal started, it would not stop, even after it was paid up. Is this true? And if I pay it back in full now, my Social Security will not be touched for that at all. Is that correct? I am…
Q. I am retiring under CSRS with 34 years of service. My spouse will still be working as a federal employee and retire in eight years with a 20-year full pension under FERS. Is there any advantage to taking the survivor benefit for my spouse, or is it better to elect not to take the survivor benefit? If I pass away, would it be considered double-dipping for my spouse to collect the survivor benefit from my retirement? A. Let me clear up two points. First, federal employees are required by law to provide a full survivor annuity for their spouses.…