Browsing: CSRS annuity computation

Q: I will be covered by the Civil Service Retirement System. I have been offered a position for which locality pay is in effect. Will this locality pay be incorporated in my annuity? A: Locality pay is considered to be a part of basic pay and will be used in the calculation of your annuity.

Q. I will be fully eligible to retire in 2012. I am under CSRS. I also receive Social Security notices about how much SSN I will receive at Social Security age. Will I be able to receive both? A. You will receive your full CSRS annuity. However, the amount of Social Security benefit you’ll get will be affected by the windfall elimination provision of law. The WEP reduces the Social Security benefit of anyone who receives an annuity from a retirement system where he or she didn’t pay Social Security taxes, such as CSRS, and has fewer than 30 years…

Q. I am a CSRS employee who will have 40 years of government service in mid-April 2010 at age 63. When would it be in my best interest to retire to obtain the 80 percent annuity? Whatever that date may be, would I then be entitled to the next full cost-of-living increase? A. To receive an annuity worth 80 percent of your high-3, you’d need to have 41 years an 11 months of creditable service and owe no deposits or redeposits to the retirement fund. If you worked longer than that, any retirement contributions you made to the retirement fund…

Q. What office does a Senior Executive Service employee apply to for retirement and where is the pay office located for SES personnel? Is it a different office than a regular CSRS employee who deals with the Office of Personnel Management? A. Senior Executive Service employees are no different from other employees when it comes to retirement. They fill out the same paperwork and submit it to their servicing personnel office. Once retired, their annuity, like that of other employees, is paid out of the Civil Service Retirement and Disability Fund, which is maintained by the Department of the Treasury…

Q. I am eligible for retirement under CSRS with over 30 years of employment with the USGS. One intriguing retirement option was the proposal that was floated last year regarding a transition into retirement by working part time. I understand this proposal has been recently finalized; however, my main concern is how this legislation affects retirement benefits at the “high 3” level. A. There hasn’t been any change in law regarding a transition into retirement by working part time. However, there has been a change to the way that the annuities of part-time CSRS employees are calculated, which will produce…

Q. I am currently on approved Leave Without Pay due to a work injury and I am receiving federal compensation benefits. I am nearing regular retirement age and I am concerned about my high-3 retirement calculation. I have been on LWOP for 3 years. Will the salary I would have earned during these years be used in my calculation? I also understand that a new law may increase by retirement calculation for lost TSP contributions. A. As long as you are on LWOP and receiving compensation, that time will be treated as if you were still on the job, both…

Q: My wife died last year. She was a retired educator with more than 30 years of service. She turned 60 in December 2009. She also had been receiving Social Security disability for almost two years before she died. I will be turning 61 in 2010; however I am still working with more than 30 years of federal service under CSRS. I am an outset employee because I left the federal government for two years and have been back since Jan. 6, 2009. Can I received her Social Security at age 62 and delay drawing mine until I am 65?…

Q: I am covered by the Civil Service Retirement System with 41 years of service. I was all set to retire this year when they finally phased in the locality pay. There is a clause for those retiring between January 2010 and December 2012 that says we can have the locality pay included in our base pay for annuity purposes. It is my understanding that I would have to work the full three years and then pay the additional CSRS withholding for my high-3 to have locality pay included all three years. What if I want to retire at the…

Q: I will be retiring soon with more than 42 years of service. I have 8 3/4 months of saved up sick leave using the formula of 174 hours equals one month. I have earlier this year taken a few sick days. Can I convert the days I took to annual leave so as to restore my sick leave and give me nine months of sick leave to help increase my pension?  A: You’ll need to check with you agency to see if they would be able to adjust your leave records and substitute annual leave for the sick leave that you actually…

Q: I will be 63 years old at the end of this year. I anticipate retiring under the Civil Service Retirement System on Dec. 31, 2010, with a Service Computation Date of March 1977. If I have 800 hours of unused sick leave by then, at what point this year can I start terminal leave from work and have these 800 hours calculated into my annuity payments? A: Unused sick leave is credited on the day you retire and used in the calculation of an annuity. Note: I’m unaware of any provision in law that would provide terminal leave for…

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