Q. I am 62 and a U.S. Postal Service retiree. I retired five years ago after 38 years of service. I receive a CSRS pension. During the time I worked at the Post Office, I also worked some part-time jobs, for which I contributed to Social Security. After I retired, I continued to work these part-time jobs, trying to get enough quarters to be able to collect a small Social Security pension when I reached age 62. In April, I turned 62 and applied for Social Security. The Social Security representative told me that I was eligible to collect $184…
Monthly Archives: October, 2012
Q. I am a city carrier with 31 years under CSRS. How do I get a retirement package? A. You can get what you need from your servicing personnel office.
Q. I have not paid back my military deposit of approximately $7,000 and am not sure if it would be wise to. I am 59 and have 34 years in CSRS without my service time. I also do not have enough credits with Social Security to receive benefits. Any suggestions would be greatly appreciated. A. Because you were first hired before Oct. 1, 1982, you’ll get credit for that period of active-duty service in your annuity computation even if you don’t make a deposit. If you are retired and won’t be eligible for a Social Security benefit at age 62,…
Q. I am in the Marine Corps Reserve with nine years’ active duty and three years’ reserve duty. If I purchase back my active-duty time in FERS, can I still use my reserve points toward military reserve retirement? A. Yes.
Q. I am 68 and retired from the federal government. My annuity payment is around $53,000 a year before taxes. I have 37 quarters. The organization in which I worked most of my life didn’t participate in Social Security. We had our own pension plan, thus my 37 quarters. How much would my monthly Social Security payment be had I earned 40 quarters? I am not sure if I fall under the windfall elimination provision. How will I be affected? Will my SS check be based on how much I paid into the system? My first 20 quarters were earned…
Q. I work for the Federal Bureau of Prisons. I am occupying a GL-09 position under a temporary promotion not to exceed 12 months which was effective Dec. 4. My salary is $64,124 a year. I am transferring to another agency. Will my pay be matched at the current level or my previous grade? The new position is starting as a GS-09 on a specialty scale 980 b for law enforcement security officers. A. As a rule, your new employer would set your pay at the level of your permanent position, not the one to which you were temporarily promoted.
Q. My husband was a temporary federal employee for the Defense Department for five years. He was laid off in August. He had two years of military service, which he bought that time back, so in essence he has seven years of federal service. He is 60 years old. He put 10 percent of his salary in the Thrift Savings Plan. Should he leave that money in TSP or put it in another vehicle? Also, when he reaches retirement age (62), will he receive a pension for the seven years of federal service? He left DoD with a sick leave…
Q. When I retire under FERS, can I get all of my Thrift Savings Plan monies, Social Security and my annuity? Can I roll over my TSP monies without paying 30 percent of the total to the Internal Revenue Service? If so, what amount of tax-deferred monies, once rolled over, can I take out monthly without a penalty or have to pay taxes? A. Reg: Yes, you can receive an annuity and, unless you retire under the MRA+10 provision, the special retirement supplement, when you reach your minimum retirement age. Unless you exceed the Social Security earnings limit from wages…
Q. I am 68 years old, I am still working and I have FERS. I had to sign up for Medicare Part A when I reached 66 (my full retirement age under Social Security). It was presented as “mandatory” to sign up for Medicare Part A. When I went in to the Social Security office to get information, they told me that if I am still working and have health care coverage by the federal government, I do not have to sign up for Medicare Part B until after I am retired and I am collecting my retirement pension. However,…
Q. When I retire Dec. 29 and receive a check for my unused annual leave in 2013, will those funds be taxable in 2012 or 2013? A. It will be taxable in the year it is received.