Q. I am a FERS retiree and about to withdraw my Thrift Savings Plan proceeds via a fixed monthly amount. I consequently need my wife to sign a statement on the TSP-70 form to give up her right to the prescribed joint life annuity. However, my basic annuity (FERS retirement benefit) provides for survivor benefits. Will she still be eligible for FEHB survivor benefits? A. Decisions you jointly make about your TSP account will have no effect on her entitlement to a FERS survivor annuity.
Monthly Archives: August, 2012
Q. I am a 50-year-old, 25-year U.S. Fish and Wildlife employee hoping to get to full retirement in several years. I have developed Parkinson’s disease, however, and may be unable to successfully fulfill my current role as a biologist. If I take a lesser-grade job available, will my pay stay the same or will it drop? Also, if I go out on disability through this original job, can I get a random nonfederal job at a local business to keep active? A. If you take a lower-graded job, your pay would only remain the same if your current salary fell…
Q. I retired from federal service after 34 years, and now am looking at possible federal re-employment. Since I don’t have my latest SF-50, will my certified 2801 for time in service suffice as adequate supporting documents when applying for a federal position as a former federal employee? A. It would do just fine when you go for an interview. If you are hired, they’ll get your files from the National Personnel Records Center in St. Louis.
Q. I am a FERS GS0081 employee. Next year, I will have 31 years of service at 52 years of age. I was planning to work until I reached my mandatory retirement age of 57. But I have been told the federal government will only contribute to retirement for a maximum of 31 years. Is this correct? A. Whoever told you that is misinformed. As long as you continue working, both you and the government will continue to contribute to the retirement fund. And those years will be included in your annuity computation. Because you are a special category employee,…
Q. I worked for the Ammunition Procurement and Supply Agency in Joliet, Ill., from 1966 to 1973. They closed and moved and I did not move with them. Would I qualify for a federal pension now that I am 64? I remember receiving a severance pay at the time. A. If you left your contributions in the retirement fund when you left, you’d be eligible for a deferred annuity at age 62. If you didn’t, you wouldn’t be eligible for anything.
Q. Can early-out money be used to pay back refunded money? Since the Office of Personnel Management sends you the option either to buy time back or not, you would have the early-out money in hand. A. Yes, you can redeposit the amount you owe prior to the final adjudications of your claim by OPM.
Q. I have heard that, upon retiring, there is a 24-hour limit on selling back credit hours, and one could accumulate about 448 hours of unused annual leave, if done exquisitely; and that religious comp time may not be sold back. What about travel comp time? May that be sold back? Is there a cap? A. Compensatory time off for travel is forfeited: * If not used by the end of the 26th pay period after the pay period during which it was earned; * Upon voluntary transfer to another agency; * Upon movement to a noncovered position; or *…
Q. I worked for the federal government from September 1980 till August 1990 (one week shy of 10 years). I received a full refund of my contribution to CSRS. Can I redeposit the funds into my CSRS account? Is it worth it? A. You could redeposit that money, plus accrued interest, only if you returned to work for the federal government.
Q. I am active-duty Army, and I am considering not re-enlisting the next time it comes up. At that point I will be at 11 years, and I don’t want that time to go to waste. What federal jobs can I get into from which I can still retire after 20 years? I heard of a program for buying back your time but don’t know how this work or where to find more information on it. A. Eligibility to retire from the federal civilian service is based on a combination of age and service: age 62 with 5 years, 60 with…
Q. I am a new federal employee with 10 years of military service since 2002. I plan to buy my military service time toward retirement, but I want to wait until just before the interest starts to kick in at three years. Is there any reason I should pay the deposit now instead of waiting and earning interest on that money in the meantime? I had also considered using payroll deduction to buy back my time until I learned it wasn’t a pre-tax deduction. Aren’t FERS contributions normally pre-tax? Isn’t this an example of being double-taxed? A. Check with your…