Q. I withdrew $4,000 after leaving federal service. I returned and plan on retiring after 30 years of service. I intend to pay back the withdrawal. Can I repay after I retire to regain the years I lost when I withdraw? Or do I have to repay while I’m still employed in federal service? A. You have to complete the redeposit, plus accrued interest, while you are employed by the federal government.
Monthly Archives: October, 2012
Q. What is the legal authority to buy back active-duty military time and credit it toward federal service retirement? A. You’ll find what you’re looking for at www.opm.gov/retire/pubs/handbook/C022.pdf and www.opm.gov/retire/pubs/handbook/C023.pdf.
Q. I am a recent retiree covered under CSRS who elected a full survivor benefit for my spouse. She is covered under Social Security and has a significant Social Security benefit that she will qualify for when she reaches full retirement age. If I die before her and she is receiving Social Security based on her own earnings record, will her survivor benefit under CSRS be subject to the Government Pension Offset? A. No.
Q. I am 53 years old with 24 years of FERS service and considering either a deferred or postponed retirement option in the next year or two. How does the newly enacted benefit for FERS employees to get service longevity credit for unused accumulated sick leave operate under the postponed or deferred retirement scenarios? I know you get 50 percent credit for longevity purposes for all unused accumulated sick leave for retirements between now and Dec. 31, 2013, and full day-for-day credit for unused accumulated sick leave for longevity credit for retirements on and after Jan. 1, 2014 in the…
Q. My service computation date is July 15, 1978. I turn 55 on May 10, 2013. Would it be wise to continue to work until I am 60? I am in CSRS. A. “Would it be wise?” This is a question that only you can answer. All I can tell you is that your annuity would be increased by 2 percent of your high-3 for every additional year you work.
Q. I have 47 years of service under CSRS; I do not plan on retiring for at least three more years. Will I be able to receive more than the 80 percent of my salary, as the law mandates, or can percentage be added to my time? A. While 80 percent is the maximum amount of an earned annuity, you’ll receive a refund of all the retirement contributions you made after you worked for 41 years and 11 months and be offered the option of purchasing additional annuity that, like unused sick leave, isn’t subject to the 80 percent limit.
Q. I am a 63½-year-old CSRS retiree with more than 32 years’ service. I spent five years with the Navy (1969-74) and paid back my military time before I entered the federal service in 1979. When I retired in 2007, I had 25 Social Security credits. I have been employed in the private sector since January 2008. I have more than 40 credits. My wife started collecting her Social Security benefits last year at age 62. Will my Social Security benefits be affected by the windfall elimination provision or the government pension offset? Will my CSRS pension and my wife’s…
Q. I am 52 with 28 years’ service in the Postal Service. I have been offered a VERA. If I don’t take the VERA, I can stay for two more years before I am part of a reduction in force. I have been told I will be eligible for discontinued service retirement after I receive my RIF notice. If events required me to defer retirement, would I be able to pick up health insurance when I am 56? Would I even be able to start the annuity at 56 or have to wait till I am 62? A. Whether you…
Q. I am just turning 55. I have 11 years of federal civil service and am being released for loss of driver’s license due to an off-duty DUI arrest. My position description was written several years ago and does not include a driver’s license requirement, but I do drive at work regularly. I will be able to drive my own vehicle, but not a work vehicle, under my state’s driving laws. 1. Under this scenario, do I have rights for a discontinued service retirement? 2. If not, am I eligible for a deferred retirement, and what is the earliest age…
Q. I am a 50-year-old postal worker, with 27 years’ service, covered under FERS. If there is a VERA, can I collect the supplemental Social Security benefit? As soon as I retire or at my MRA? A. When you reach your MRA.