Browsing: Creditable service: FERS

Q: I am a retired regular army officer. If I accept a GS position with Homeland Security will I forfeit some of my retirement? A: Only if you choose to do so. By that I mean, you have the opportunity to make a deposit to the civilian retirement system and get credit for that period of active duty service in determining your years of civilian service and in your annuity computation. At retirement, you would be required to waive your entitlement to military retired pay. If you chose not to make a deposit and waive your military retired pay, your…

Q: I received a medical retirement from active duty in the Army after serving 15 years. I am working as a YA-02 (GS-11 equivalent) and I was wondering if I could buy back my military time. I am no longer receiving retirement pay because my VA compensation is more than my retirement pay. I have been a civil servant (FERS) for almost 2 years and my probationary period is just about over. Would it be beneficial for me to buy back my military time? A: To get credit for you period of active duty service, you would need to make…

Q: Can you tell me how many years I have of Creditable Service? I am a FERS employee. I have also paid back about eight years of active duty Air Force. A: Write down the amount of time you have worked under FERS. Then write down the amount of active duty service for which you made a deposit. Add the two figures together and you’ll have the total amount of your creditable service.

Q. I retired from the Air Force after 23 years and have been receiving retired pay since 1996. I’ve been working under FERS now since January 1999 and hope to retire at age 59 in 2014 under the MRA+10 provision. Someone recently told me I would have the option to somehow combine the two retirements into one. He stated that for some people it means more money and for some less, so it has to be weighted individually. Are you aware of any such option and are their any issues to be wary about? A. You can get credit for…

Q.  My problem, as noted below, is that I have combined legislative, military and federal service.  I purchased my military service years ago, while in the legislative branch.  I know the legislative branch calculates their annuity at a higher rate than do other federal agencies.   I’m not sure what that rate is and I have yet to find a calculator that can factor in the combined time/pay to come up with a annuity estimate.   My question is, how is legislative service calculated and how is it factored into my ultimate annuity?  For the sake of discussion, my basic info is…

Q: Does time worked at the Federal Reserve count toward time worked for the Small Business Administration? A: It only counts if you waive any right to benefits from the Federal Reserve retirement system for that prior service and make a deposit into the Civil Service Retirement and Disability Fund. Your current agency can help you work out the details and may be able to arrange the transfer of the contributions you made to the Federal Reserve retirement system into your current retirement system.

Q: I have nine years of military service that began Nov. 28, 1980, and ended Dec. 3, 1989. My federal service began Dec. 4, 1989, and I am still employed by the Federal Aviation Administration. I am under the Federal Employees Retirement System. On Nov. 27, I will have 30 years of continuous service if you include the military time. Does that qualify me for the any-age minimum retirement age under FERS with 30 years of government service? A: Because you are covered by FERS, those years of active-duty military service would only be considered to be creditable service for retirement purposes if you have…

Q: I am a firefighter under the Federal Employees Retirement System holding a secondary position with a service computation date of 2003. I retired from the Air Force after 20 years of military service. I have a number of questions. Would it be prudent for me to buy back my military time, which would allow me to retire early from civil service? If I do buy back my military time and retire, would I lose my military retirement check? Part of my retirement is a 40 percent service-connected disability from the Veterans Affairs Department. The other half is from the…

Q: If I retire Dec. 31, a Friday, my first annuity check would begin on Feb 1, 2011. However, I would lose credit for any leave accumulated in that last pay period because I did not work the full pay period, which ends Jan. 1, 2011. Is this correct? A: If Friday, Dec. 31, would be the last day of a pay period and you retire at the close of business, you would get credit for any annual and sick leave you earned during that pay period.

Q: I a Civil Service Retirement System Offset employee and I am trying to decide whether to retire Dec. 31, 2010, or Jan. 1 2011. I am in the Senior Executive Service and will have over 800 hours of annual leave for a lump-sum payout. If I retire Dec. 31, is that lump sum considered part of 2010 income or 2011?  I believe I will not pay Social Security tax on the lump sum if it falls in 2010, since I usually have this covered by September of each year. A: Your lump-sum payment is considered to be earned income…

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