Q. I need to clarify my situation on military buyback into FERS as I keep getting conflicting answers. I am an Army reservist: 28 years of service with 24 active duty (365 days per year). I would like to enter government service. I know I cannot buy back my 24 years and receive both retirements once I am receiving my retirement pay. However, in the government employee book, it says I can buy back up to all of my active service as long as I am not collecting my military retirement. So if I am hired tomorrow, while on terminal…
Browsing: FERS annuity computation
Q. In the Dec. 2 article titled “Don’t let these 5 mistakes disrupt your plans,” in mistake number 4, you wrote “If you are covered by CSRS (or FERS and will have a CSRS component in your annuity) and will also be eligible for a Social Security benefit, you’ll be subject to the windfall elimination provision. The WEP reduces the Social Security benefit of anyone receiving an annuity — in whole or part — from a retirement system where he didn’t pay Social Security taxes and has fewer than 30 years of substantial earnings under Social Security.” A co-worker said…
Q. Is the FERS retirement annuity formula used in 2010 the same formula being used today by the Office of Personnel Management and Customs and Border Protection retirement? I retired as a GS-1895 CBP officer (Inspections) in 2010 and, being over age 62 with 20 years and one month of service, my annuity was calculated as 1.1 percent x high-3 x 18 years and 10 months, plus one year and 10 months at 1.7 percent. Now, OPM has come back saying that calculation was wrong, and 1 percent should have been credited to me rather than 1.1 percent.
Q. I am a 59-year-old 1811 serving in a secondary law enforcement 1811 billet. I receive law enforcement availability pay, but I’m also on pay retention; therefore, with my salary and LEAP, most of LEAP is not paid due to salary cap. 1. Can the entire salary, including the nonpaid LEAP be used when calculating my retirement annuity? 2. If I retire at 59 or 60, can I receive the special retirement supplement?
Q. I tentatively plan to retire in 2014 at age 59 with 30 years of FERS creditable service. I am applying to become a Peace Corps volunteer after retirement. I understand that Peace Corps volunteer service is creditable under FERS. I am wondering if I can have my FERS annuity recalculated after Peace Corps service to include that additional time (typically two years).
Q. I am 61 with 32 years of service and turn 62 in October 2014. Is there any way to avoid the lower multiple of 1.0 percent of the high-3 times years of service computation that is used for those retiring before age 62? I would like to retire in the spring or summer.
Q. I am a GS-14, step 10, 1811 law enforcement officer. I work in the national capital region and receive Law Enforcement Availability Pay. My pay exceeds the annual federal pay cap, and approximately $650 per pay period is deducted from the amount of LEAP to bring my gross biweekly pay within mandatory limits. By law, my high-3 will be calculated using the actual pay an employee receives, the amount from which retirement deductions are taken. This means the excess pay that is withheld is not used in high-3 calculations. However, what happens to the excess funds that were earned…
Q. What is the difference financially between discontinued service retirement and disability retirement? I am 55 with 25 years of service under FERS. My high-3 is as a GS11-07.
Q. 1. If I have previously “bought back” active-duty time, believing I would continue in the civil service system, and later qualify for an active-duty retirement utilizing the time bought back plus additional active-duty time accrued to equal 20 years, will the buyback amount I paid be refunded to me? 2. If I am later eligible to retire from federal employment based on total years in civil service (say, 20 years), am I required at that time to waive my military pension to have my military and civilian time recomputed to receive the combined total federal service time toward my…
Q. I am a GS 1811, injured in the line of duty in 2002. I have been collecting workers’ compensation for the past 12 years. Prior to my injury, I had 12 years 1811 time. I bought back all of my active-duty military time back (6.8 years). I am in FERS. I know that, as an 1811, my annual pension is 1.7 percent. Does my time on workers’ compensation also count toward 1811 time? I know my military time is calculated at 1.0 percent. Assuming that the compensation counts toward government service, I would have 24 years at 1.7 percent…