Q. I will be retiring this year from FERS under MRA +10. I plan to select an immediate annuity postponed for payment to start Dec. 12, 2014, when I turn 62. I want to have my sick leave used to calculate my annuity based on full amount so I will select a date of Jan. 1, 2014, or later. To ensure I can cash out maximum annual leave, what is the last day of the 2013 leave year so that I can take a lump sum for unused annual leave of around 340 hours? A. For most agencies, the 2013…
Monthly Archives: February, 2013
Q. In February 2014, my FERS and Social Security disability retirements will convert to regular retirements. Will my Social Security retirement be reduced by any offsets? A. According to the Social Security Administration, “If you receive workers’ compensation or other public disability benefits and Social Security disability benefits, the total amount of these benefits cannot exceed 80 percent of your average current earnings before you became disabled.” You’ll have to do the math to find out if this limitation will affect you.
Q. I enrolled in Federal Employees Health Benefits on April 26, 1987. Resigned March 21, 1992. Temporary appointment Aug. 26, 2001, to Oct. 19, 2002. Re-enrolled Nov. 3, 2002. Resigned Sept. 27, 2008. Temporary appointment, not eligible to enroll Dec. 7, 2008, to July 3, 2010. Re-enrolled July 18, 2010, until present. Had COBRA between enrollments. My human resources department says I should be able to continue health benefits into retirement if I work through June 20. I am planning on retiring in December. I know the Office of Personnel Management has the final say but wanted to know if this…
Q. I am a CSRS employee who plans to retire this year. I will have a large annual leave buyback, so I want to leave before the end of the 2013 leave year. I read one article that advised to retire Dec. 28 (the start of new pay period) and others that relay Jan. 3, 2014. While I understand that the 3rd is the max to stay and get a retirement check the following month, i.e., February, am I correct that if you retire Dec. 28, you miss out on two full days of pay, i.e., the 30th and 31st?…
Q. I will be 62 this year and I am already on my CSRS retirement from the Postal Service. I have also qualified for Social Security. Can I draw from both, or will one be lessened? A. Because you were a CSRS employee, your Social Security benefit will be subject to the windfall elimination provision. The WEP reduces the Social Security benefit of anyone who receives an annuity from a retirement system where he didn’t pay Social Security taxes and has fewer than 30 years of substantial earnings under Social Security.
Q. I am 50-year-old FERS employee with 28 years of service. If I am offered an early-out and take it, what would happen to my 578 hours of sick leave? Would I still be entitled to get credit for my unused sick leave? Also, would I be eligible for special retirement supplement? A. If you retire before Jan. 1, 2014, you’ll only get half credit for your unused sick leave in the computation of your annuity. If you retire on or after Jan. 1, you’ll get full credit for it. As for the special retirement supplement, you’ll be entitled to…
Q. Can you provide a document that states the congressionally mandated number of hours in a work year as 2,087? A. See 5 U.S.C. 5504(b).
Q. I am a Postal Service employee with self-only heath insurance coverage. My 24-year-old daughter has had no health insurance during the past six months after she changed jobs. She is now enrolled full time in college (her school does not offer health insurance). Now that the open season is over, can I still add her if I am agreeing to pay a “family” premium? Can the new Obama law that allows adding dependents ( up to 26 years of age) be applied even though the open season is over? A. Unfortunately, no.
Q. If I decided to retire this year and submitted my retirement paperwork already… If my agency came along later and offered a buyout, would I be eligible for that buyout? A. Highly unlikely, since the purpose of a buyout is to encourage people to leave or retire who wouldn’t do so without a financial incentive. However, the decision is up to your agency. And their decision is final.
Q. I am 50 years old with 26 years of government service and I am in FERS. My agency is offering Voluntary Early Retirement Authority. If I were to accept, I would need to seek private-sector employment. Are there any post-VERA employment restrictions? A. No.