Q. Block 19 tells me what I have contributed to the retirement fund, but what happens to that money? How can I factor it into my retirement, or don’t I?
Browsing: annuity
The countdown to the end of the year is on. Some federal employees considering retirement may be eligible for either a postponed or deferred annuity. Postponed annuity A postponed annuity is an option for FERS employees who have reached their minimum retirement age and have at least 10 years of creditable service. However, if you retire under the MRA + 10 provision, there’s a hefty financial penalty. If you have fewer than 20 years of service, that penalty is 5 percent for every year (5/12 of 1 percent per month) that you are under age 62. If you have at…
Q. I am a civil service retiree and never paid into Social Security. But my wife worked and did pay into Social Security. She is now collecting her benefits and started at age 62. Will I be able to collect any money from my wife’s benefits at age 66?
Q. Would a person who received a CSRS refund after 20 years of service at the U.S. Postal Service be subject to the Windfall Elimination Provision at age 62?
Q. My mom just passed on. She was receiving a disability annuity. When we checked with OPM, we were shocked to find out they had taken all of her retirement contributions and used it for her disability payments. Is this really what happened? A. In all likelihood, yes. Annuity payments to retirees — whether regular or disability — initially come from the contributions employees made to the retirement system while they were working. Only when that money runs out does the government begin making those payments out of the retirement fund. A retiree who worked full time for an entire…
Q. Can I elect a survivor benefit in any amount, or does it have to be the 100 percent or 50 percent that is always talked about?
Q. If I buy back my military time, will it count, and is it calculated under my FERS covered service? Will it be included in my FERS supplement check? I’m a postal employee that started in 1986. I was in the military from 1981-1985.
Q. I think I joined the federal workforce way too early. According to my service computation date, I will have reached 30 years on Aug. 8, 2018 — mere days after I turn 49 — and I’m guessing my earliest possible retirement date will be Dec. 31, 2018. Of course, this is all information I have gleaned from my research. My somewhat pessimistic guess is something will change that retirement date between now and then and kick it down the road beyond Dec. 31, 2018. What do you think?
Q. I am a federal firefighter GS-9 step 9. I have six years of military time which I have bought back. I have been with the fire department 27 years. I am retiring at the end of December with the fire department. If I accept a GS-11 position with another agency at the same base where I am currently working, how will that affect my retirement? Do I just shift from the fire department to the new job and everything stays the same?
Q. Is the offset to my CSRS Offset retirement benefit calculated before the windfall elimination provision is applied to my Social Security annuity? That would seem to mean that my overall monies received would be reduced at age 62. When will I know what my new CSRS annuity will be with the offset? I turn 62 in December.