Q. My husband passed away in 1996 as a CSRS, and I collect a survivor annuity. I did not elect health insurance at that time, as I had insurance with my employer. If I lose my job, can I pick up insurance with the annuity? A. No, you cannot.
Monthly Archives: July, 2012
Q. I am a 48-year-old 1811 with 22 years of service as a special agent. Do I have any retirement options other than serving another two years with the FBI or in another agency as an 1811? If in the next year, I obtain a non-1811 or non-law-enforcement Senior Executive Service position with another agency, how will that affect my retirement? A. Since you have at least 20 years of covered service, you could take any other job and be able to retire when you reach your minimum retirement age, which would be 56. Those 20 years would be calculated…
Q. I am 56 years old with five years in FERS and government health care. If I left early on a buyout or a reduction in force, would I be able to keep government health care? Would I be restricted from working for a government contractor? A. You wouldn’t be able to keep your coverage under the Federal Employees Health Benefits program. However, you would receive 30 days of free coverage in your plan. You would then have the option of extending your coverage for up to 18 months under the temporary continuation provision of law, for which you’d pay 100 percent of…
Q. I am 62. I just started drawing Social Security. My only earnings per year are my pension and supplement to pension, which total $24,000. Does this count toward my total earnings allowed per year on my Social Security? My wife still works but is not old enough to draw Social Security. Do her earnings count against my Social Security? A. I think you are asking about the annual Social Security earnings limit. That limit only applies to a Social Security recipient’s earnings from wages or self-employment. It doesn’t apply to other sources of income. Nor does what your spouse may be earning have any…
With the specter of higher pension contribution rates in a recently House-passed bill, employees are looking forward to lower take-home pay in exchange for the same benefits. As a result, many who are eligible to retire are seriously considering doing that. If you are one of them, there’s one piece of good news: Congress hasn’t yet managed to alter the law that provides annual cost-of-living adjustments to retirees. That’s a good thing, too, because COLAs are one of the best benefits provided to federal retirees and survivors. They help you to keep up with the pace of inflation. After a two-year…
Q. My dad retired from working as janitor at the post office. Recently, we have discovered he has not been paying any insurance. He has been diagnosed with Alzheimer’s. Is there a retiree life insurance policy? A. You’ll have to call the Office of Personnel Management’s Retirement Information Office at 1-888-767-6738 to find out what coverage your father took into retirement. You’ll need to provide the specialist with his full name, date of birth, Social Security number and CSA number. You’ll find the latter on any copy of the 1099-R form he used to file his federal income tax.
Q. I am a CSRS fed, planning on retiring at the end of 2012. I am debating either Dec. 31, 2012, or Jan 4, 2013. What is the effect of each date on my January 2014 cost-of-living adjustment. I know that if I retire Dec. 31, my COLA in January 2014 will be 11/12 of the consumer price index. If I retire Jan. 4, 2013, will my January 2014 CPI be 11/12 or 10/12 of the CPI? A. If you retire Dec. 31, you’ll be on the annuity roll in January 2013 and receive 11/12ths of the 2014 cost-of-living adjustment.…
Q. I am a CSRS employee who has applied for immediate retirement on Aug. 31. I currently have 310 days annual leave; 165 use-or-lose hours; 67 sick leave hours. What will be paid and what will not be paid? If I am denied to take leave or comp time because of mission demands, what will be the result for the time accumulated? A. Unused annual leave will be projected forward as though you were still on the rolls and paid at the hourly rate in effect at that that time. Any unused compensatory time will be paid at the overtime…
Q. I was a federal employee under CSRS for almost 11 years and left to pursue a state job that I am now retired from. I immediately got back into the federal system under CSRS Offset and have repaid almost all of the retirement funds that I withdrew when I first left. I am considering overpaying back into the retirement system by about $8,000 and retiring with 20 years of service. Do you have any idea what percentage I might receive if I do this? I understand normally with 20 years, the amount is usually about 38 percent. I was…
Q. I am a 54-year-old federal government employee with 18 years of service (come October). I plan to retire at age 62, and am curious about whether or not to buy back four years of military time. I got out of the military in November 1980 and am curious how much this would cost. A. To find out how much you would owe, complete Form RI-20-97, Estimated Earnings During Military Service, and mail it to the finance office for your branch of service along with a copy of your DD 214, Report of Transfer or Discharge. When you get a…