Annuity reduction

0

Q. I turned 60 on May 17. As of this past November, I have 27 years as a fed. If I retired now, with less than 30 years, is there a penalty? How much?

A. You would be eligible for an unreduced annuity at age 60, which would be calculated using this formula: .01 x your high-3 x your years and full months of service.

Share.

About Author

Reg Jones was head of retirement and insurance policy at the Office of Personnel Management. Email your retirement-related questions to fedexperts@federaltimes.com.

Leave A Reply