Q. I am a Veterans Affairs Department term employee with 28 years of service, 57 years old. My term appointment has only been extended to Jan. 31, 2013, with a “continuation of ongoing research funds.” If research funds are not available to pay me past this date, I understand that I can retire under the MRA +10 provision and postpone receipt of my annuity until I am 60 to avoid the age reduction penalty. And, at that time, can re-enroll for Federal Employees Health Benefits since I will have been enrolled for the previous five years. If I choose not…
Monthly Archives: November, 2012
Q. If I retire Jan. 3, will I lose any leave above the 240 hours I have accumulated? Also, since I’m a CSRS employee, if I retire Jan. 3, will I receive my annuity check on the first of each month? Are the two days left on my service computation date considered annual leave for me to take, or do they just go away? A. Since the leave year doesn’t end until Jan. 13, you’ll receive a lump-sum payment for all your unused annual leave. Because you are a CSRS employee, you can retire up to the third day of…
Q. If I retire Jan. 3, will I lose any leave above the 240 hours I have accumulated? Also, since I’m a CSRS employee, if I retire Jan. 3, will I receive my annuity check on the first of each month? Are the two days left on my service computation date considered annual leave for me to take, or do they just go away? A. Since the leave year doesn’t end until Jan. 13, you’ll receive a lump-sum payment for all your unused annual leave. Because you are a CSRS employee, you can retire up to the third day of…
Q. I am a Postal Service employee. I am taking the Voluntary Early Retirement Authority that is being offered. My mandatory last day is Jan. 31. The USPS only gives credit for full months of service plus years. I have 23 extra days of service time and one day of extra sick time. I am only getting credit for half of my sick time. Is there any way to get that 24 days to a full month? My statement was prepared in October so some sick leave will accrue. My retirement computation date is June 8, 1985. A. Although you…
Q. If I’m retiring under CSRS with a date of Jan. 3, 2013, would it be advisable to change to Dec. 31, 2012, to avoid the possibility of a change from high-3 to high-5? A. If a change is made, it would likely be prospective. Nevertheless, keep your antenna up and be ready to change your plans if things take a turn for the worse.
Q. I have been offered an opportunity in FERS. I retired from the Navy Reserve in 2009 with 25 years of creditable service. I will not be drawing this pension until age 58 (credit for post-9/11 active-duty lowers from 60). How would making a deposit for military service work? Like active-duty retirees, would I then waive my reserve retirement? Would the decision simply be a calculation to see which retirement would yield the biggest pension? I retired as an O-5 and would be entering FERS at grade 13. I am 49 years old and would work until at least 62.…
Q. My agency is going to offer early retirement/buyout. I am 52 and have 31 years federal service including four years military buyback. If I take the buyout, will I be eligible for the special retirement supplement at age 56 with 27 years of FERS covered service? A. Yes.
Q. I am a GS-1811 law enforcement officer in FERS who is scheduled for mandatory retirement in December 2013. If I retire then or, say, retire before 62 (in the event I get another federal position), is there an earnings test on the Social Security supplement payable to me before I reach 62? A. If you retire before your minimum retirement age (not age 62), you’ll be able to earn as much as you want without it affecting your special retirement supplement. However, as soon as you reach your MRA, the earnings test will apply. MRAs range between 55 and…
Q. My husband is a retired FERS employee and I am a current CSRS employee. I am covered as a family member under my husband’s self-and-family coverage. My husband did not elect a survivor annuity. I plan to retire the end of this year. What happens to my Federal Employees Health Benefits coverage if he dies before me? Will I be able to continue the coverage based on my own eligibility, even though he did not elect a survivor annuity? If I elect self-only coverage during the next open season, the change is not effective until Jan. 13, while any…
Q. My retirement plan is CSRS Offset. I have 35 years of civil service will be 55 years old in February. I have been a GG-12, Step 7 for the past three years. What will be the percentage of my high-3, and what year can I retire? A. You can retire on an immediate annuity at age 55. I’ll give you the formula so you can figure out the percentage of your high-3 you’d receive: .015 x your high-3 x 5 years of service, plus .0175 x your high-3 x 5 years of service, plus .02 x your high-3 x…