Q. I left the VA after 10 years of service and was under the civil service retirement program. When I left I was a GS-5, step 4. I was employed from June 27,1977 until July 5,1987. I left my retirement funds and did not withdraw them. I thought I might return to federal service someday. I am now 57 years old. As things turned out I did not return and now I am approaching retirement age. I have been told that I may not be able to draw both Social Security and civil service retirement. I need to understand if…
Browsing: CSRS annuity computation
Q. I am a retired civil service annuitant currently working as a rehired annuitant with the Homeland Security Department. I was re-employed as a rehired annuitant under the pension offset waiver, thus earning my full pension and salary. I was told when I complete my rehired annuitant employment, I can apply for a recalculation of my civil service annuity, based on a higher “highest 3 year average” I am now earning as a rehired annuitant. Please advise if this is true, and how I can apply for a recalculation of my annuity. A. As a rule, annuitants who are re-employed…
Q. I am doing a mortgage loan for a retired post office worker. My underwriter wants proof of continuance for three years. Where might I find that information? A. You are entitled to an annuity as provided under 5 United States Code Chapter 83. Your annuity will continue until you die, as provided in 5 USC 8345(c), which says, “The annuity of a retired employee…terminates on the day death or other terminating event provided by this subchapter occurs.”
Q. I need to know the percentage I contributed toward my pension as a retired law enforcement officer ( I retired in 2008), and what percentage the government contributed. A. When you retired, the amount of your own contributions was reported on the package sent to you by OPM. You could also find it on your final pay voucher. To find out what your agency contributed, you’ll have to get that from your former agency. The amount depends on your retirement system and, in the case of FERS, varied over time.
Q. I currently have 34 years, starting under CSRS and switching over to FERS when that was offered (so about 10 years under CSRS). I plan on working another three years and retire when I am 57. I resigned after my first three years and withdrew my money. If I don’t pay this money back, what difference would that make in my retirement? How will they figure CSRS and FERS? A. Your CSRS component will be figured using the standard CSRS formula: 0.01 x your high-3 x 5 years of CSRS service, plus 0.0175 x your high-3 x five years…
Q. I am under CSRS –- 13 years on Capitol Hill and with no break in service 33 years in the Executive Branch. When do I reach 80 percent? My high-3 is $152,000. Also, I reside in the District of Columbia; what portion of my CSRS annuity is taxable? A. I’ll give you the formulas. You can do the math. Your congressional employee service will be computed as follows: 0.25 x your-high-3 x all years of congressional service. Your remaining service will be computed this way: 0.02 x your high-3 x all non-congressional CSRS service. To determine what the federal…
Q. I’ve got 37 years in the CSRS system and I’m 57 years old. I also have 37 quarters in the Social Security system. Would it be advantageous for me upon retirement to earn the remaining quarters to become eligible for Social Security? I’m hoping to retire within two years and wanted to know about the offset with my annuity within the CSRS system? A. Earning the additional credits needed to qualify for a Social Security benefit would have no affect on your CSRS annuity. Instead, the windfall elimination provision of law would reduce the amount of your Social Security…
Q. I will be covered by a Civil Service FERS/CSRS Component retirement & am currently considering an overseas assignment where a cost-of-living allowance (COLA)/post allowance (PA) will be paid. Since I lose my current stateside locality pay when overseas, will this COLA/PA be included in computations for my high-3 retirement calculation? A. No, it won’t be included when computing your high-3.
Q: I have a question about minimum retirement age-plus 10. I am 55 and have 27 ½ years of service. If I retire at age 56, am I to understand that my annuity would be reduced by about 30 percent if I started collecting it right away? Also what would happen to my health benefits? Could I still use them immediately upon retiring? I have 14 years of frozen service under the old Civil Service Retirement System so how would that be affected? A: If you retire under the MRA+10 provision and begin receiving your benefits immediately, the Federal Employees…
Q: I know that I can retire at 30 years of service and 55 years of age. At the present time I have more than 30 years of service; however, I am under 55. I am 50. I would like to know: 1. For every year above 30 years of service do I get 2 percent more or only at 30 years and age 55? 2. If so? If I decided to retire say at 52 or 53 with 34 years would that balance out to a full retirement? A: Here’s the formula used to compute the annuities of Civil…