Q. I am looking to retire by mid-December when I have reached my minimum retirement age and have 27 years FERS service (first week of November). I have paid the deposit for my three years military time. I thought that would enable me to retire on an immediate annuity (MRA with 30 years) and also qualify for the special retirement supplement. I am concerned by your response from Oct. 12, which indicated that the special retirement supplement is based solely on actual FERS service and does not include active-duty service for which a deposit has been made. Am I missing…
Monthly Archives: October, 2012
Q. I am confused about your Oct. 22 answer to “Medicare Part B in retirement.” I am 63, retired, receiving my Social Security benefit, have coverage with Blue Cross/Blue Shield for my wife and myself, am not employed, and have no plans to return to work. It is my understanding that BC/BS requires purchase of Part B when I become eligible in a year or so. Yet, the answer to the question seemed unequivocal in stating that B is optional. Can you clarify for me, please? A. Don’t be confused. What I wrote is correct. To back that up, here’s…
Q. Since we have 27 pay periods in 2012, ending Jan. 12, 2013, do I receive an extra eight hours of annual leave, since annual leave is based on 26 pay days. I receive eight hours per pay period, which normally gives me 208 hours per year. Do I receive an additional eight hours? A. Yes.
Q. As a CSRS retiree, what is the last day I can retire and still qualify for the full retiree cost-of-living adjustment increase? A. If you retired no later than Dec. 3, you would receive a full cost-of-living adjustment in your January 2014 annuity payment.
Q. Does the Social Security special retirement supplement end this year? I heard it ends at the end of 2012. I reach my minimum retirement age on Jan. 3, 2013. A. What you heard is wrong. It doesn’t end this year. In fact, it won’t end at all unless legislation were to be passed by the Congress and signed by the president.
Q. I am about to retire under CSRS, under which I have worked since 1977. I am now receiving a disability pension from the Veterans Affairs Department for a service-connected disability. I was on active duty from 1969 to 1973. In the past, I had received my disability pension from the military. I have been told that my records show that my military time will count toward my CSRS retirement, but I have to pay for my military time. I see that in the Effect of Military Retired Pay section of OPM Form 1515, for my military service to count…
Q. I am a FERS employee with two years of service. I am on a two-year term employment. When it expires, I will have four years of FERS employment. I have already bought back my four years of academy time. I am 56 and will be 58 when my term employment ends. Can I receive a FERS retirement annuity at the end of my term employment since I will have only four years of FERS time? Or do the four years of academy time that I bought back give me eight total years of creditable service? Since I would be…
Q. How can I find the website to give me the approximate retirement calculation for 32 years under the old system? A. You can get a precise result by using the software at www.FEDbens.us.
Q. I am a FERS employee and have a serious medical condition and was considering filing for disability retirement. I have not done so because of the uncertainty surrounding whether OPM would actually grant the application and, more importantly, because I have tried to maintain my employment as long as possible. My agency is not offering early retirement. Can a person dual-file an early-out application and a disability application? If so what are the pros and cons? A. Yes, but you can apply for early retirement only if your agency has been approved to offer it and the offer applies…
Q. I am a CSRS employee with 30 years of service at age 51. How would my retirement funds be affected if I accepted an early buyout? And how would it affect my TSP? A. Your annuity would be reduced by 1/6 of 1 percent per month (2 percent per year) that you were under age 55.