Q. I retired from the federal government after 30 years of service at the age of 58½. I am CSRS Offset. I have earned the credits necessary for Social Security. However, I think I have to wait until I am 66 to receive the most of my benefits (I am 62), even though I have not worked since leaving service. Am I correct? Or does it matter, since I am not working at all? A. Your CSRS annuity will be reduced automatically by the amount of Social Security benefit you earned while covered by CSRS Offset. If you want to…
Monthly Archives: February, 2013
Q. If you have worked in an Indian Health Facility, can you get credit toward retirement with years served for this work experience? Even though it was an Indian Health Facility for a federally recognized tribe, I was considered a tribal employee. Now I am a federal employee, and I just wondered if I could get credit for those years served toward my retirement. I am getting older and thinking more about retirement. A. No.
Q. I’m a 59-year-old FERS employee with 27½ years of service. If I go on optional retirement at age 60, will I suffer a penalty, and will I receive the special retirement supplement till age 62, when Social Security kicks in? A. No, you won’t suffer a penalty because you’ll be retiring at age 60 with at least 20 years of service. And, yes, you’ll receive the special retirement supplement until you reach age 62.
Q. I have just started the process to buy back my five years of active-duty military service. Doing so would enable me to retire at age 56 with 33 years’ service. I retired from the reserves with 22 years and will be entitled to a military pension at age 60. In a retirement seminar recently, a presenter told me I should not buy back my time because I would then forfeit my military pension. At a previous seminar, we were told it would be foolish not to buy back one’s military time. Who is correct? A. The first presenter was…
Q. I am a civilian physician working for the VA in FERS, and I want to know what components of my pay are used to calculate my FERS retirement stipend. On my earnings and leave statement, one portion of my pay is classified as “regular pay,” and another portion is classified as “market pay.” Are both of these combined to determine my high-3? A. Basic pay for retirement purposes is the amount of pay from which retirement deductions are taken. Physicians comparability allowances are considered part of basic pay if certain criteria are met. For more information, go to www.opm.gov/oca/pay/html/pca.asp
Q. I retired under FERS at age 56 and with 30 years. I am receiving an annuity and supplemental annuity and went back to work as a rehired annuitant for same office/agency. Is my supplemental annuity subject to the reductions for the earnings test? A. Yes.
Q. My Social Security statement shows that at age 62, I will receive $1,500 per month. I have 22 years of FERS service. I’m receiving a $705-per-month supplement. Shouldn’t this be 0.055 times $1,500, which equals $825 per month? A. The formula used to accurately calculate the special retirement supplement is complex and cannot be reduced to a simple formula, like the one you used. To see what actually goes into that calculation, go to www.opm.gov/retire/pubs/handbook/C051.pdf.
Q. I retired from the Air Force after 20 years in 2005 at the age of 45. I took a GS job in May 2005 and am a GS-12. I thought, based on reading about my benefits, that I am eligible for a GS retirement if I work at least 10 years and am at least 56 when I retire again. A. You would be eligible to retire under the MRA+10 provision (minimum retirement age with at least 10 but fewer than 30 years of service).
Q. I am 51 with 17 years of career service with USPS. I have become ill and cannot continue to work. Am I eligible to apply for disability retirement with the Postal Service? If so, how do I apply? A. Yes, you are eligible to apply. You’ll need to go to your personnel office, which can guide you through the process.
Q. My service computation date is Oct. 14, 1994, and I did military buyback (eight years). I entered federal civil service in August 2002. What is my retirement date? At age 57, I will have 20 years of civil service. This is without the military buyback. What would my total time be for retirement? A. Because you made a deposit for your active-duty service, your SCD is correct for both leave accumulation and retirement purposes.