Q. I retired from the Navy last year (I have 20 years in) and am receiving my pension. I took a GS-12 job and am under FERS. I’ll be 39 in a few weeks. If I wanted to retire at age 57, what would be my monthly payout? For how long? I understand that there is a three-tier system using the Thrift Savings Plan and Social Security. Am I allowed to draw on those at age 57, or do I have to wait until age 62? Reg Jones: You could retire at age 57 under the MRA+10 provision (minimum retirement age…
Monthly Archives: September, 2012
Q. I’m a federal employee with 22 years’ service, GS-15, turning 60 this month, in FERS, and deciding whether to retire Dec. 29, 2012, or Jan. 12, 2013. I understand I will be paid a lump sum for my leave over and above 240 hours in either case (I expect to have an additional 200 or so), but I’m concerned about two Social Security issues: Since my lump-sum payment will exceed the earnings limit for the retirement supplemental, will that payment after Jan. 1 reduce my supplemental SS payment in 2013? Will Social Security taxes be taken out of my…
Q. I retired after 31 years of government service at age 62. Prior to retirement, I applied for Social Security and was granted, allowing me to receive my benefits. I should add that I was under CSRS. When my annuity was calculated, I was told that they would deduct/offset a certain amount for Social Security because I decided to receive Social Security at age 62. Once I reach 65, will that money stop being deducted? Can I count on it monthly after I reach 65? A. The reduction is permanent.
Q. I am a federal firefighter GS-12 and am facing mandatory retirement in 15 months. I have been offered another job on base that is not in the 0081 category but is still a GS-12. I could work past 57 in this position, but will I lose my 1.7 percent annuity for my first 20 years if I accept this position? I have 26 years and am only getting 1 percent per year now. A. Your 1.7 percent annuity multiplier for 20 years of firefighter service is locked in. No matter what kind of job you take, it won’t have…
Q. I am a GS employee that is also a member of the Air Guard. I will be leaving on leave without pay to go through military training for roughly five to six months. How will this affect my FERS retirement and my Thrift Savings Plan contributions? Do I have to buy back my military retirement to obtain my FERS retirement contributions during my LWOP? A. Reg Jones: You will be on LWOP-US. Therefore, you will have to make a deposit to the retirement system to get credit for that period of active-duty service. Mike Miles: You may not contribute…
Q. I turned 65 in April and enrolled into Medicare Part A and B, for which I am paying $99.90 a month for Part B. I was subcontracted through an agency back to my former employer. They are taking Medicare tax out of my check, while I am enrolled into Medicare. Is there a way to have them stop taking the tax out of my paycheck or a tax credit? A. No.
Q. “All eligible employees who want to retire by Sept. 30 are offered at this time.” I’m one of them. I’m 55 and will be 56 on Oct. 7. I want to retire. I have 22 years of federal service at this time (FERS). If I retire, can I draw my FERS annuity supplement as soon as I turn 56, or would I need to wait until they offer the early-out again? My service computation date is Jan. 3, 1990. A. You would receive the special retirement supplement as soon as you reached your minimum retirement age, which is 56.
Q. I am retired military with 24 total years of service (seven years active duty and 17 in the Air National Guard). I work in the civil service corps of the federal government, 21 years. In three years at age 60, I will start receiving my military retirement checks. If I buy back my seven years of active-duty time, will that void my military retirement pay and benefits? If I decide to buy back only four years, retaining 20 years of military service, will I lose any retirement benefits? A. If you make a deposit for your active duty-service, it won’t have…
Q. How long after the last day of a pay period should one begin receiving their first annuity check? My former human resources department placed a remedy ticket with the Defense Finance and Accounting Service, yet still no paycheck. The DFAS received my Office of Personnel Management paperwork five days after the last day of the pay period. A. According to OPM, “Title 5, Code of Federal Regulations specifies the annuity commencing dates. For disability applications, the date the annuity begins is either the date after the last day of pay or the day following separation. The check dated the…
Q. Someone with 30 years of federal service under CSRS plans to retire this fall, has been married in the U.S. for approximately five years now. However, the spouse has not yet become a U.S. citizen (he is a permanent resident). After five years, the spouse is eligible to apply for citizenship. The spouse works, has a Social Security number, pays taxes, etc. How are the Office of Personnel Management forms, especially survivor benefits, handled with a spouse who is not a U.S. citizen? What about adult children? What financial opportunity can an only child (18 years old and not…