Monthly Archives: December, 2012

Q. I plan to retire at the end of 2013. This includes two years’ Navy time, which I have paid back some years ago. My service computation date is April 1, 1974. I have a sick leave balance of 2,700 hours. My work schedule is nine-hour days Monday — Thursday and four hours on Friday. How much credit will I earn for my unused sick leave? How will not working a standard eight-hour day affect the sick leave credit calculation? A. Your nonstandard work schedule has nothing to do with how your sick leave will be credited. You’ll get one…

Q. I am a CSRS employee with 34 years of federal service. I am going to retire in 2013. If I suspend my Federal Employees Health Benefits to go under my husband’s Tricare, will I still be able to reinstate my FEHB any time I want during an open season after I become an annuitant? Also, will I still be able to join the long-term federal health insurance plan? A. Yes to both questions. If you suspend your coverage to be under Tricare, you can re-enroll in the FEHB program during any open season. You can enroll in the Federal…

Q. I have six years in the Navy. I understand I can pay back/down those years for maximum retirement benefit. I’m 48 years old, have no savings and started this job to get on with planning for the future. I am a GS-7, step 1. I’m planning on contributing at least 5 percent a month of my pay, and I understand the Veterans Affairs Department will match 4 percent. I’d like to retire at 62ish. Here is a copy of my latest leave and earnings statement: ———————————————————————- Pay Period: 12-22                       Name: ALLEN, TROY J Gross Pay                   1,586.40 Federal Tax Amt Withheld                179.76…

Q. I recently received my FERS benefit estimate from the Postal Service regarding the Voluntary Early Retirement Authority offering to all eligible clerks. I am 53 years old with 27 years and 11 months of service.  Am I eligible for the special retirement supplement (It was not included on my estimate I received)? If I am not eligible because of my age, will it be added to my annuity by the Office of Personnel Management when I turn 56? A. Although you are too young to be eligible for the special retirement supplement now, you will begin receiving it when you…

Q. I recently received my FERS benefit estimate from the Postal Service regarding the Voluntary Early Retirement Authority offering to all eligible clerks. I am 53 years old with 27 years and 11 months of service.  Am I eligible for the special retirement supplement (It was not included on my estimate I received)? If I am not eligible because of my age, will it be added to my annuity by the Office of Personnel Management when I turn 56? A. Although you are too young to be eligible for the special retirement supplement now, you will begin receiving it when you…

Q. I am retired from the Postal Service. I am turning 66. If I pick up Medicare Part B, can I claim it on my taxes? How much in yearly salary can I earn if I go back to work? A. If you have reached your full Social Security retirement age, there is no limit on the amount you can earn. However, if you were to return to work for the federal government, in most cases your salary would be reduced by the amount of your annuity.

Q. I bought back my military time and will have 15 years (combined military/federal service) in 2013. I am under FERS. My husband has a rare form of cancer that has left him permanently disabled and his prognosis is unknown due to the rarity of the cancer. Is it possible for me to retire early — I am 49 — and keep my benefits so that I can take care of him? A. Unfortunately, no. The earliest you could retire would be at your minimum retirement age, which is 56. Even then, your annuity would be reduced by 5 percent…

Q. I retired from the Postal Service in 2006 under CSRS. With all of the turmoil surrounding the post office, is my pension still safe? A. The Postal Service has nothing to do with your annuity. Your connection to it ended on the day you retired. The payments you receive are made by the U.S. Treasury and taken from the Civil Service Retirement and Disability Fund.

Q. If you’re a FERS employee without the age or years to retire and are told you will be excessed to another office and want to leave the Postal Service instead of taking the new position, what happens to your accumulated sick leave? A. It will be retained in your official records. If you return to to work for the government, that sick leave will be restored.

Q. Is there any way to figure out how much would be deducted from a Postal Service annuity check due to an early-out? I live in Jamaica, N.Y. Will they still deduct federal, state, Medicare, Social Security? A. Federal taxes will be deducted, but New York state taxes won’t. Neither will Medicare Part A or Social Security taxes. That’s because those two are only deducted from earnings, not annuities.

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