Q. I am a retired federal employee under CSRS. My wife has worked the requisite number of years under Social Security to qualify her to receive Social Security benefits. If I pass on and she begins to receive survivor benefits from my CSRS pension, will she still be able to apply for and receive Social Security benefits based on her own work? If she does receive Social Security benefits, will there be reductions because of her receiving survivor benefits from CSRS? A. Nothing will alter her entitlement to receive an unreduced Social Security benefit based on her own work record.
Monthly Archives: October, 2012
Q. I am covered under CSRS offset and have reached my 55 and 30 requirements. I also earned 40 quarters outside my federal service. Can I receive a full Social Security annuity based on the 40 quarters? A. No. Because you’ll be receiving part of your 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 reduces the Social Security benefit of anyone who has fewer than 30 years of substantial earnings under Social Security. The closer you are to having 30 such years, the smaller the…
Q. Can I retire from FERS (civil service) at 59 with 24 years (16½ active duty, eight civil service) and receive retirement payment when I retire at 59? I’ve read many columns, and I can’t find one that answers my question. If I’m penalized, what is the penalty amount in dollars? A. Yes, you could retire under the MRA+10 provision and receive an immediate annuity; however, it would be reduced by 5 percent for every year you were under age 62. You could reduce or eliminate the age penalty by postponing receipt of your annuity. Alternatively, you could continue working…
Q. If I have worked 6½ years civil service in FERS and I buy back my military time (four years), will I be eligible for the MRA+10 retirement at age 57 if I leave federal work now? Also, if I work 10 years in civil service and bought back my military time, would I get 14 percent (10 + 4) of my high-3 average or just the 10 percent? A. If you make a deposit for your active-duty service, you could retire under the MRA+10 provision. Your annuity would be computed using the standard formula: 0.01 x your high-3 x…
Q. I will be 69 with just three years of service when I leave federal employment. What will happen to my FERS and the government contribution to a 401(k) in my name? A. You can apply for a refund of your retirement contributions.
Q. I am a re-employed FERS annuitant, and my salary is offset by my annuity. I have a CSRS component to my FERS retirement. When I first had my discontinued service retirement in March 2009, the CSRS portion of my sick leave was credited to my annuity. My FERS sick leave portion was not. When I returned to federal service in 2011, I was credited the unused FERS portion of my sick leave to my employee account. When I am eligible for a redetermined FERS annuity, after five years, what will happen to the original sick leave credited to the…
Q. I am 60 and was hospitalized in March. I used all my sick and vacation leave because of a medical condition that will last more than a year, used all my FMLA and have applied for disability retirement. I got a call from the nurse executive that if they don’t receive a letter from me within five days that I am resigning, they will have to terminate my federal service, since they say I am AWOL. This same executive in May completed the supervisor portion of my disability retirement application. Can they fire me even though I have applied…
Q. I spent 10 years on active duty, and I am in the Navy Reserve. Between the active-duty and Reserve time, I worked for the post office. I know the post office allows you to buy back your military time. Is the reverse also true — can you transfer your Postal Service time to count toward military retirement? A. No.
Q. As a CSRS member, my husband has elected to receive reduced benefits to have me receive a survivor annuity if he predeceases me. I receive Social Security and will receive a small pension through TIAA-CREF when I reach age 68. How will my Social Security payment, which is $1,008 after taxes, be affected by my husband’s projected benefit of $6,000 per month? A. It won’t be affected.
Cost-of-living adjustments are one of the best benefits provided to federal retirees, their survivors and Social Security beneficiaries. They are the gift that keeps on giving because they help you keep pace with inflation. And the gift for 2013 is 1.7 percent. Who is eligible for a COLA and when? If you are a Civil Service Retirement System retiree, you will receive a COLA regardless of your age. With certain exceptions, if you are a Federal Employees Retirement System retiree, you won’t receive your first COLA until you reach age 62. Here are some exceptions. If you are a FERS…