Q: If I am of retirement-eligible age, and there is a reduction in force, can I ‘bump and retreat’, or can I be forced to take retirement? A: You cannot be forced to retire. The RIF rules will apply to you just as they do any other employee. FYI: If it turned out that the RIF would result in your separation, you would have the choice of voluntary or involuntary retirement.
Browsing: Early retirement
Q: I am contemplating retiring on the 2011 VERA/VSIP offer. If I took a VSIP in 1995 and returned to federal employment in 2002, am I eligible to receive a VERA in 2011? A: There isn’t any bar to your accepting another offer of early retirement. However, you are barred for life from accepting another Voluntary Separation Incentive Payment.
Q: I will be 55 in September and I’m trying to retire when I’m 56. I have worked for the federal government for 26 years and I am under FERS retirement. My agency is offering the voluntary retirement until September and it has been offering this for the past five years. I hope this early voluntary retirement will be offered next year when I reach 56. It is my understanding that if my agency is offering the voluntary retirement, I don’t have to reduce my FERS retirement at the 5 percent rate for each year. Is this correct? My other …
Q: I am a 53-year-old FERS employee with 34 years of service, 10 active military (bought back time), plus 24 years FERS time. If offered voluntary early retirement, will I get 34 percent of my final salary in retirement pay? And will I be eligible for the Social Security supplement? If so, how do I calculate it? 24/40 estimated full Social Security amount? Can I make substantially equal withdrawals from my TSP account at age 53 without penalty, assuming I do an early-out retirement? A: You would receive 1 percent of your high-3 for every year of creditable service (1/12…
Q: I have 24 years combined service with the postal service and the military. If I retire next year, I will be 58 with 25 years of service. If I retire, would I be charged the 5 percent reduction in retirement for two years because I will be 60 in two years, or would I be penalized the 5 percent for 4 years, since I would not be 62. A: You’d be penalized 5 percent for every year (5/12 percent per month) that you are under age 62.
Q: I’m a FERS employee with a hire date of Jan. 19, 1999. I plan on retiring the day after my 60th birthday in 2015 under MRA+10 with 16 years of service. Will I have to take the 10 percent penalty for being two years under 62, or does being age 60 somehow eliminate it? A: Yes, the 5 percent-per-year penalty will apply for every year (5/12 percent per month) that you are under age 62. If you had 20 years of service and retired at age 60, the penalty would not apply.
Q: I’m an employee under the Federal Employees Retirement System with a hire date of Jan. 19, 1999. I plan on retiring the day after my 60th birthday in 2015 under the minimum retirement age plus-10 provision with 16 years of service. Will I have to take the 10 percent penalty for being two years younger than age 62, or does being age 60 somehow eliminate it? A: The 5 percent-per-year penalty will apply for every year (5/12ths of a percent per month) that you are under age 62. If you had 20 years of service and retired at age…
Q: I work at Kirtland Air Force base, N.M. A Voluntary Separation Incentive Pay/Voluntary Early Retirement Authority survey was sent out in May with a suspense date of May 21 to show interest. I completed the survey and received confirmation that it was received. The VSIP/VERA is scheduled for fiscal year 2011/2012. It’s been more than a month and I haven’t heard anything. I’d like to know for planning purposes; I am a Civil Service Retirement System employee with 33 years’ experience. Are you aware of any details or rulings? A: We haven’t heard a thing.
Q: I am thinking about buying back my time on active duty (22 years) to make a deposit so that I can retire early from the Foreign Service. If I do, will I lose any of my military retirement privileges? A: If you make a deposit for your active duty service, just before you retire from your civilian job, you will also have to waive your military retired pay. Doing so will have no affect on any other entitlements you have based on your active duty service.
Q: What is the status of VERA/VSIP being offered in September and December 2011? Has it been approved? When will we know if we are eligible to receive the incentive and retire? A: We haven’t heard a thing. Nor are we likely to hear anything before you do.