Q: I am a federal law enforcement officer covered under FERS. When I retire, I will be eligible to receive the SRS payment. I understand that it will be subject to an earnings test once I reach age 57 (mandatory retirement). I also understand that at age 62 the supplement will end, as I will then be eligible for Social Security. My question is, if I continue to work once I retire from law enforcement and I make enough money annually to eliminate any SRS payment, is that money forfeited forever? Can I get back those “lost SRS payments” when…
Author militaryonline
Retiring at the end of leave years 2010 or 2011 offers maximum advantage to employees who want to hold out for the maximum payment for unused annual leave and get the benefit of the pay increase that starts on the first pay period on or after Jan. 1 each year. Keep in mind, however, the end-of-year avalanche of retirements will further challenge the Office of Personnel Management’s ability to process applications in a timely fashion. New applications will be on top of a backlog of 38,000 applicants, 40 percent of whom have been waiting three months or more to receive…
Q: I retired under DSR and would like to come back to work for the government as a part-time permanent employee. Can I receive my monthly annuity and not have my salary offset? Do I have the option not to elect FERS? A: If you take a job with the federal government, your annuity will stop and you’ll be treated as if you were a regular employee. You’ll be employed under your old retirement system with the option of electing FERS. You won’t be able to retire again until you meet the age and service requirement to do so. At…
With potential downsizings in the wind, I discussed discontinued service retirement in my Sept. 6 column. DSRs, like early retirement offers, allow you to retire before you meet the age and service requirements for an immediate unreduced annuity. However, if you don’t meet those requirements, you may be able to get a deferred annuity later on. If you leave government before being eligible to retire, but have at least five years of creditable civilian service and don’t take a refund of your retirement contributions, you will be eligible to receive a deferred annuity. Exactly when you’ll be eligible depends on…
Q: I’m asking this on behalf of my father. He is 66 years old and is not currently receiving any form of federal or civil service annuity, although I suspect be may be eligible for one. He served for four years in the active military (1962-1966) and nine years in the national guard (1967-76). He was a civil service employee for 21 years as well (1967-1988). He left his civil service job to take care of his ailing parents and never returned to a government job. He has never thought to investigate if he is eligible for some sort of…
Q: I understand that to be eligible to carry Federal Employees Health Benefits coverage into retirement the individual must, have at least five years of consecutive coverage under the Federal Employee Health Benefits Program, or have been covered since your first opportunity to enroll. My question concerns a federal employee who is covered under their spouse’s FEHB. If the spouse dies, is the survivor still covered? A: If you were covered under the self and family option of an FEHB plan when your spouse died, you would continue to be covered.
Q: I worked for the Census temporarily in 2000. Would those months of service count toward retirement under the Federal Employees Retirement System? A: No.
Q: I will be eligible for retirement in 2011 with 35 years of service under the Civil Service Retirement System. I have just heard that I will need to work 40 years to get 80 percent of my salary. What percentage will I receive if I retire with 35 years of service. A: To receive an annuity that equals 80 percent of your highest three years of average salary, you would have to have 41 years and 11 months of service and owe no deposits or redeposits. To figure out how much your annuity would be, use the following formula,…
Q: I will have completed 20 years under the Federal Employees Retirement System in mid-2015 at the age of 58. Because I wish to continue contributing to and receiving Federal Employees Health Benefit, I do not want to go the deferred annuity route. If I retire with 20 years service at age 58, will I be able to receive my annuity and the special supplement until age 62? If so, will I be able to work in a private sector job and still receive my annuity and supplement? A: You aren’t eligible to retire. Unless you are a law enforcement…
Q: I took an early-out retirement in 2003 and have been working for the Army in Hawaii as a contractor since 2004. I have a few questions I’d like confirmation on. My position has been insourced, and I will be offered a job as a rehired annuitant to provide critical skills missing from current workforce. Under this critical skills scenario, I have been told there will be no decrement to my current CSRS Offset retirement monthly payment to offset my government salary, is that correct? Will I have any type of 401(k)-like program that I can contribute pre-tax dollars to? Do I get to participate in the…