Q. I am thinking of retiring soon, with 35 years’ service at 62 years old. My wife is 72 and bedridden and has Part A Medicare and Medicaid and is still on my FEHB. I have been told I should have her apply for Part B Medicare and drop her from my FEHB. She will have parts A and B Medicare and Medicaid, and from a letter she received recently, she is covered also under Part D prescription. Is taking her off my insurance the thing to do, or will I end up with many out-of-pocket expenses? I also believe…
Monthly Archives: August, 2012
Q. I am gathering information for my federal agency to ascertain how much it will cost me to buy back some or all of my military time. I can’t imagine that my case is unusual, but I haven’t found anyone in my agency who knows or is forthcoming enough to respond to my questions until I have all my documentation in hand. I would really appreciate the answers to a few things before I present them with my paperwork. I have had several periods of long- (up to four years) and short-term (single days) active duty over a 30-year career…
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…
Q. I am contemplating buying back 20 years’ military time (I am retired military drawing a pension) at a cost of approximately $14,500. I will receive approximately $500 a month more should I buy back the military time and retire under FERS. I understand my military retirement check will stop when I retire from the federal government. Are any of my other retirement benefits (Tricare, commissary, exchange, dental insurance, VA disability) affected? Please cite an official publication where this information is located as well. A. It’s my understanding that you will lose none of your other military benefits if you…
Q. I have worked 9½ years in the post office. Now I am active-duty Army. Can I buy back the years from the post office or add my 10 years and eight months to post office retirement? A. Your years of service with the Postal Service cannot be combined with your years of active-duty service. On the other hand, if you return to work for the federal government, you can make a deposit to get credit for your active-duty time in determining your total years of civilian service and used in your annuity computation.
Q. I am a federal employee under CSRS and am considering retiring. I have 37 years of service and will be 59 this year. My husband was also CSRS, retired and passed away in 2000. I receive a survivor annuity from him under CSRS. Will my annuity from my husband decrease if I retire? A. No. You’ll be able to receive both without a reduction in either.
Q. I researched online, and I think if I go part time for my final year or two of employment, it could affect my high-3 salary calculation (due to final low-salary years not being the ones used to calculate the high-3) but it would NOT affect my total years of service (i.e., I’d get credit for a full year of employment even if that year was part-time work). Is that right? A. You’d get full credit in determining your total years of service; however, your annuity would be reduced to account for that portion which was part-time. To learn how…
Q. I am an EAS employee in FERS with 23 years of service at age 63. I have been enrolled self-only in the Federal Employees Health Benefits plan for 4½ years. Should I be terminated through a reduction in force, would I still be able to carry my coverage into retirement although I am short of the five-year enrollment requirement. I understand that there are certain exemptions to the five-year rule. I did not plan to retire until I reached 65. A. You’d receive a pre-approved waiver of the five-year requirement because you would meet the criteria: You were covered under…
Q. I have 11 years total service (eight years military buyback and three years federal civilian employment) and I am 49 years old. If I leave federal employment at age 51 (with a total of 13 years service, five as a civilian employee), can I apply for deferred MRA+10 retirement and receive my pension and health care benefits when I turn 62? Or do I need to be my minimum retirement age (57 years old) when I leave federal employment? A. To retire under the MRA+10 provision, you’d have to be 57, your minimum retirement age. To avoid the 5…
Q. I am currently (and have only been) active-duty Navy and will be retiring within the next six months. I am confused about FERS. On some posts, I read that people waive military retirement. In others, I read that people receive military retirement and civilian government retirement. I want a civilian government job. What options do I have available to me? A. Nearly everyone who has retired from active duty and takes a civilian job with the federal government has a choice to make. He can either make a deposit to the civilian retirement system to get credit for that service and,…