Q. If my agency offers an early out I will be age 53 with 28 years of service. My question is in regards to the FERS supplement. Will I still be entitled to this at my MRA which is age 56 or is it lost forever? Some in HR have said it will be lost because I retired early out and therefore I will never receive it. This is a major factor in deciding if I wish to go out early.
Browsing: Creditable service: CSRS
Q. I worked as a temporary employee not to exceed 1 year, but was renewed for a second time, from September 1983 to April 1985, which at that time was converted to full employment status. From September 1983 to April 1985 I did not have my government contribution taken out. My question is, can I pay this back now, and if so, who do I contact to do so?? All my inquiries have resulted in them telling me wait till I retire, but if I can pay back I would like to do so before retirement.
Q. If you are a P.O. employee with CSRS retirement and you have 41 yrs. 11 mos. in for full retirement and also have a year and a half in unused sick leave, will the unused sick leave be paid out in cash?
In my last two columns I wrote about calendar year 2015 changes in the dollar amounts or percentages affecting your pay (1 percent increase), cost-of-living adjustments for eligible retirees and more, survivors and Social Security beneficiaries (1.7 percent increase), the Social Security earnings limit ($15,720), Medicare Part B (premiums unchanged), death benefits and children’s benefits (both higher by 1 percent). In this final column, I’ll tell you about interest rates, the salary cap, military deposits, present value factors, the maximum taxable wage base, and the Thrift Savings Plan deferral limit. Previous Installments Part I Part II Interest rates Interest is…
Q. I’m a current CSRS GS employee with a total of 36 years of service that includes 4 years active-duty military (credit is paid back). I plan to work beyond the 41 years, 11 months of service. (80 percent retirement benefit) I understand that payroll will take employee 7 percent retirement contributions. What happens to that 7 percent contribution money when I retire? Will the 4 years of military service have any negative impact on the 7 percent employee contributions refund after reaching 41 years, 11 months of service?
Q. I am 63 and a CSRS Offset employee. I intend to retire at 68. What is the downside to taking Social Security at full retirement age 66 while still working? At an estimated $2,000/month from Social Security on top of my regular salary for two years, it seems like a too-good-to-be-true nice bonus. Am I missing something?
Reg Jones was head of retirement and insurance policy at the Office of Personnel Management. Email your retirement-related questions to fedexperts@federaltimes.com, and view his blog at retirement.federaltimes.com. I’ll start the new year with a summary of benefit changes to federal pay, cost-of-living adjustments and Social Security benefits. In my next column, I’ll do the same for Medicare, death benefits, and children’s benefits. Pay increases If you are a federal employee, the good news is that you’ll receive a 1-percent pay increase. It ain’t much, but it’s at least as good as what you got last year. And it’s a lot…
Q. I am under CSRS. I want to retire at age 55 with 29 years and 6 months of service. Do I have to wait until I get the full 30 years? I thought my first retirement was at age 55.
Q. I’m a CSRS retiree. Can my wife keep the survivor benefit, plus her own social benefit when I die? A. Yes.
Q. I am a federal employee hired in June 1981 and I have been working for government continuously since then. I am enrolled in CSRS. I served in the Navy from September 1973 to September 1977. What affect will CSRS Offset have on my retirement? I have 34 quarters of Social Security contributions, 16 while in the Navy and 18 before I started my civil service career. I do not plan on ever collecting Social Security. I do not want to go back to work once I retire just to get a minimum benefit from Social Security. A. If you…