Q. I will be retiring within the next 12 to 18 months and have just requested information on contribution to the Voluntary Contributions Program. I plan on making several large contributions before retirement. Can I continue to contribute after retirement, leaving the VCP intact and continuing to increase? Or do I have to take the annuity or the lump sum of the VCP at retirement? And does retirement end further contributions/participation in the VCP?
A. Your opportunity to contribute to and receive interest on a Voluntary Contributions Program account ends on the day you retire. At that point, you have the option of receiving a refund of your contributions, plus any accrued interest, or using the money to purchase additional annuity. For the full story on the VCP, go to www.opm.gov/retire/pubs/handbook/C031.pdf.