Q. I retired in 2000 with 20 years of active-duty time. I spent the next 10 years collecting a pension (E-6) and working as a contractor. I’ve been working in the federal government for the past two years as a GS-12, Step 10. Would it make sense for me to put the amount of cash necessary to retire at 30 years by buying back my 20 military years? Am I even eligible to do this? Would I have to do it now? A. Yes, you can make a deposit for those 20 years of service, However, when you retire, you…
Monthly Archives: September, 2012
Q. I wish to retire Dec. 1. I am CSRS. After I had submitted retirement papers and everything was set for me to retire, something may come up that would cause me to cancel my retirement (possible buyout, economy). What is the correct procedure to cancel my retirement? My research cannot find the procedure in writing anywhere. Is it a certified, notarized letter? Is it a phone call? To what address should the cancellation be sent? Who to call? A. To cancel your retirement application, at a minimum you would need to inform your supervisor and your personnel office, which would…
Q. I am going to retire in October. I have 42 hours of annual leave left. I would like to use 24 hours before I go. I will turn 60 in those three days and will be able to reach the FERS bridge I need to be in a pay status. Since we are given our leave at the first of the year, can I do this? Will I owe them money? Will it be allowed? A. First, you would need to get your supervisor’s approval to take annual leave. Second, if you took leave that you hadn’t earned, you’d owe…
Q. I retired in 2002 with 32 years of service and receiving a CSRS annuity. I am 65 and do not have the required 40 quarters to collect Social Security. My retirement annuity is being reduced for “full surviving spouse’s annuity.” Will my wife, who is 61 and plans to draw Social Security next year (over $600 a month), be able to draw her full Social Security and the CSRS survivor annuity even though I was not eligible for Social Security, if I pass away before her? A. Yes, she would be able to receive both with no reduction in either…
Q. I have been working for the federal government for just over two years. I am planning on moving in the next few months. I have applied to federal jobs, as well as private-sector jobs and have, so far, heard back from the private-sector jobs. I read that the Thrift Savings Plan is vested at three years and that employees are entitled to retirement benefits after five years. If I were to leave the federal system at this point, would I be able to return to the system in the future and “restart,” as it were, at my two-year mark?…
Q. I am collecting a pension under CSRS. My wife, who has worked and contributed to Social Security, plans to start collecting her Social Security pension this year at age 62. I have opted for survivor benefits under CSRS. How will my wife’s Social Security pension change in the event of my death — and, vice versa, will my federal pension change because of her passing? A. If you died, your wife would be able to receive both her earned Social Security benefit and a CSRS survivor annuity, with no reduction in either. If she were to die before you,…
Q. I retired from the federal government under CSRS. I also paid back my military time. Since I retired, I have been working and paying Social Security. I have met my 40 quarters. When I turn 62, I was thinking of applying for Social Security. Will I receive Social Security, or will they offset my retirement? A. Because you are receiving an annuity from CSRS, a retirement system where you didn’t pay Social Security taxes, you’ll be subject to the windfall elimination provision. The WEP will reduce, but not eliminate, your Social Security benefit.
Q. My wife retired last year from the U.S. Forest Service under CSRS. She is covered under my FEHB self and family health insurance coverage. I work for NASA (37-plus years) and am planning to retire soon and will retain my FEHB coverage (I definitely meet the five-year requirement). I attended a NASA retirement planning course several years ago and was told I would have to take a survivorship option for my wife to continue coverage under FEHB if I die. A few months ago, a co-worker retired from NASA (CSRS) and kept the FEHB coverage. His wife still works…
Q. I receive regular 20-year active-duty military retirement pay. If I accepted a temporary position (i.e. not to exceed one year), would my salary be offset by my retirement or would I be able to collect both? Also, when I was young, I worked for a federal government agency as a stay-in-schooler. I am trying to find out if my temporary federal government employment from 1985 through 1988 can be credited toward my service computation date once I find a permanent/career-status federal position. A. Taking a federal job of any sort will not affect your military retired pay. You’ll be…
Q. I am employed as a physician with the Federal Bureau of Prisons and am thus considered a law enforcement officer. I plan to retire at age 57 with 16.9 years of service. Will I qualify for a full pension, and will my PCAP be added to calculation of my pension? A. You will be retiring under the MRA+10 provision (minimum retirement age with at least 10 years of service). Therefore, your annuity will be calculated using the standard formula — not the one for LEOs — and it will be reduced by 5 percent for every year you are…