Q. I need your help in calculating my future annual or monthly annuity. I’m 57, birth year 1955. I’m waiting until I’m 62 to ask for my monthly annuity.
I was hired in 1995 into the GS system. I left in 2008.
Would my high-3 be my GS salary? It was averaged out using 1 percent of my high-3 to $560.48 x 15 years creditable service = $8,407.20 annual annuity divided by 12 months, which would be $700.60 a month. Is this correct? Am I still eligible for this monthly annuity, even though I left federal service? I have not received any refund.
A. Because you had at least 10 years of service (but fewer than 20) and didn’t receive a refund of your retirement contributions, you’ll be eligible for a deferred annuity at age 62. The formula for computing that annuity is .01 x your highest three consecutive years of average basic pay (78 pay periods) x your years and full months of service. While I don’t do annuity computations, I have to mention that based on the years you were employed, you had 13 years of service, not 15.