Q. I turned 62 in 2006 October. Since I am gainfully employed, I did not file for deferred annuity until February 2012. To my surprise, my calculation is showing that my eligibility starts in October 2008 and paid arrears only up to October 2008. Secondly, it appears that cost-of-living adjustments are not considered in calculating arrears. Could you please advise me to understand and resolve this issue? A. According to the Office of Personnel Management, “For a deferred retirement, the commencing date is normally their 62nd birthday. The commencing date remains the same even if they don’t apply until a…
Monthly Archives: January, 2013
Q. About two years ago, a bill was submitted to allow credit of unused annual leave to FERS. Has this bill passed in any form to date? Has this been implemented to date? If so, how does one pursue this? A. Yes, a law was passed that allowed FERS employees to get credit for accrued and unused annual leave in the computation of their retirement annuities. However, the law only granted half credit to anyone retiring before Jan. 1, 2014. Anyone retiring after Dec. 31, 2013, will get full credit.
Q. I have been working for the Postal Service since September 1988, and I am now 58½. I will have 24 years and five months service time when the early retirement offer takes effect. Beside the annuity, do I also get that special retirement supplement? If so, how much is it if my retirement pay at 62 from Social Security is $1,350 a month? A. Yes, you’ll be entitled to the special retirement supplement. While I can’t tell you how much it will be, I can give you a formula that will approximate the amount. Here it is: Take that…
Q. I’m 50 years old, have worked for the Postal Service for 28 years, and am eligible for the voluntary early retirement offer. Would I be eligible to apply for Social Security disability benefits also? I am with FERS and have been profoundly deaf since birth. A. As a FERS employee who is covered by Social Security, you would be eligible to apply to SSDI. To find out if you would qualify for that benefit, go to www.ssa.gov/dibplan/dqualify.htm.
Q. If I’ve accepted the FERS Postal Service voluntary early retirement offer, can I then file for disability retirement? A. Yes. To find the rules and time limits on filing, go to www.opm.gov/retire/pre/fers/disability.asp and click on Applying for Disability Retirement.
Q. My agency will be offering early retirement this year, and I am confused as to whether I will be penalized if I accept it. I have 25½ years of service and will turn 50 in October. What are the negatives for my taking an early retirement — that is, penalties, loss of benefits, etc.? A. If you accepted the early retirement offer, your annuity would be based on the standard FERS formula and your years and full months of service. You’d also receive credit for half of your unused sick leave in your annuity computation. Further, the 5 percent…
Q. We are getting conflicting answers to a question. I am retired from Civil Service and have Blue Cross Blue Shield (high option), as well as Medicare Parts A and B. My husband is under my BCBS policy. He just turned 65 but will continue to work until 66. Can he apply for his Medicare card Parts A and B now? If yes, how and where? Medicare has not sent us paperwork. A. He can apply online at www.ssa.gov/medicareonly.
Q. I am a VA employee with 31 years of VA service and three years in the Marine Corps. I am 60. If I qualify for a FERS MRA+30 retirement (which I believe I do), would it make a significant difference in the monthly SS portion of my benefits if I bought back my three years of military time before I actually retired? A. Making a deposit for that time would increase the amount of your annuity; however, it would not affect your special retirement supplement or your actual Social Security benefit.
Q. I am 55 and was hired Dec. 29, 1984, under CSRS and forced into FERS when it was implemented. I have since paid a deposit for four years of military service, and according to my SF-50, my service computation date is Dec. 29, 1981. I want to retire Dec. 29 with 32 years. With 28 years of federal service and 4 years of deposit paid military time, for a total of 32 years, will I be eligible for the FERS special retirement supplement? Or will I have to complete two more years of FERS to be eligible for the…
Q. I have 37½ years of continuous CSRS-covered federal employment. Early in my career, I worked for three or four years under a position that was, as I recall, 35 hours/week. Will I get full credit for all years worked, or will this part-time position affect my CSRS retirement annuity? A. That part-time service will be treated as full-time when determining your years of service; however, your annuity will be prorated to account for it. To see how that’s done, go to www.opm.gov/retire/pubs/handbook/C055.pdf and scroll to Part 55B. Although this is the FERS section of the chapter, through a change…