Q. I have worked for the Defense Department since December 2008 under FERS. I was medically retired with 15 years and seven months of service from October 1984 to June 2000. I’ve bought back all of my service time. What should be changed with my service computation date? How does this affect my leave accrual time?
Browsing: FERS annuity computation
Q. I am 57 years of age and served 25 years as a FERS law enforcement officer. Two years ago, I transferred from that position to another agency (unbroken service) and serve in a non-LEO FERS position. I continue to contribute 1.3 percent to FERS while my agency contributes its required LEO percentage. The agency suggests I should be paying only 0.8 percent. Upon leaving federal service, how will my retirement be calculated in terms of percentages and high-3 years? Will the calculation change as well as any other factors if I contribute at the lower percentage as the agency…
Q. I am 55 and under FERS. My minimum retirement age is 56, and I will be eligible for retirement June 22. About the penalty of 5 percent for each year under 62: Since I am six years from age 62, does this mean my annuity will be reduced 30 percent from day one of retirement? Or does it mean it will be reduced 5 percent annually for each of the years between 56 and 62?
Q. I retired in March 2012. I got a Voluntary Separation Incentive Payment paid to me after I retired. I started my Social Security at that time. I have recently gotten several confusing letters from the Social Security Administration saying I owe them different sums of money for overpayment due to having too much income. They are including my buyout gross payment as regular income. Is there some official source you can give me to pass onto them that my $25,000 should not be considered in my earnings putting me over the limit for receiving benefits following my retirement. I…
Whoopee! You just got a 1 percent pay raise, the first increase in several years. It may not sound like much, but in the long run it will pay off. That’s because once you meet the age and service requirement to retire, it’s your length of service and high-3 that will determine what your annuity will be. Your high-3 is an average of your highest rates of basic pay over any three consecutive years of creditable civilian service, with each pay rate weighted by the length of time it was received. That three-year period starts and ends on the dates…
Q. I just retired from federal service with 23 years plus four years military bought back. I am starting a job with the Teachers Retirement System of Texas, in which I do not pay into Social Security. How will this affect my Social Security benefits later, when I start to take them? Let me ask two examples: 1. I am 51 now. If I choose to work for TRS for 12 years, retire and take a partial retirement from TRS (vested after five years) along with my FERS retirement, and then want to start taking Social Security payments at, say,…
Q. I served five years on active duty before becoming a federal employee. Can you please explain the reasons for and advantages to buying credit for military service as a federal employee? Since I was hired two years ago, I’ve been receiving four extra hours of annual leave each month because of my military service. Is this related to the buyback program?
Q. I got a letter from the National Association of Retiring Federal Employees stating, “Federal agencies are now re-employing federal retirees on a limited part-time basis without an offset to their annuity.” Can you explain this a little further? How would I find and apply for one of these positions?
Q. I was hired in December 1984. I was first put under CSRS. I was moved to FERS in the 1990s. I was told at a retirement seminar that I can get the money back that I paid into CSRS. If this is true, what do I need to do to get the money?
Q. I understand that the first 20 years for law enforcement officer annuity computations are as follows: .017 x your high-3 x 20 years. The remaining years would be computed using the standard formula: .01 x your high-3 x all years over 20. Are the annuity computations for LEO before taxes or after taxes?