Every fall, readers ask me what the cost-of-living adjustment will be for CSRS and FERS retirees and Social Security beneficiaries. And they want to know where the numbers come from, who is eligible for a COLA, when are they effective, if they are prorated, and why they are sometimes different for CSRS and FERS retirees. Because of the government shutdown, it took a little longer than usual to find out that the what the 2014 COLA will be. It’s 1.5 percent. Not great, but better than a poke in the eye with a sharp stick. Where do the numbers come…
Browsing: FERS annuity computation
Q. I am eligible for the Voluntary Separation Incentive Pay and plan on taking it. However, I recently finished buying back my military time, to put toward my federal retirement. Would I have been able to calculate my military service into my VSIP if I did not buy it back? If so, did I just waste my money by buying back my military service, and is there anyway to get that money back?
Q. I am working for the Postal Service and will have 13 years in at age 63, when I plan to retire (estimated retirement is 1 percent per year). I also did 20 years in the Navy and am drawing my pension from there. I am fully vested in Social Security, and have always worked jobs that paid into Social Security. When I retire, can I draw all three pensions? Are there any penalties? If yes, what and why?
Q. I’m a full-time federal employee (under FERS) and when I was in college, I worked each Christmas at the post office (1966-1969). I was considered a federal employee and still have my payroll statements. I was told at a federal retirement seminar that I could make a deposit to the retirement system and have that time counted toward my retirement. I submitted the usual paperwork to credit this work but was told I must apply through the Postal Service. Any suggestions? I’ve checked their retirement website but don’t see any forms to credit to FERS.
Q. Why were employees being hired with the government in 1984 forced into FERS when the law was not passed by Congress until 1985? This happened to me. The old retirement system (CSRS) was available at the time and I could not select CSRS.
Q. I am a FERS retiree with an annuity of approximately $600. I pay for Blue Cross health insurance for my wife and me. We are considering a divorce or legal separation. If we have a legal separation, can I continue to pay for her health coverage as though we are married? My understanding is that legal separation does not make us single.
Q. I was appointed in 1992 at age 43 to my current position, an approved “secondary” law enforcement position within the judicial branch. I just completed my 21st year in the position and am retiring in January. Despite being in an approved law enforcement position, I am not in the LE retirement plan but rather regular FERS. Because the agency decided to hire me when I was beyond 37 years old, can they now say that because I was over 37 at time of appointment, I am not eligible for law enforcement retirement?
Q. I had a retirement date of Jan. 3, 2014, but have developed some health problems and may need to go out earlier or use my 17 weeks of sick leave, which would take me to the same date. Would it behoove me to use up the sick leave or go out two to three months earlier with the sick leave in tact? I will have 35 years, eight months and 13 days if I go out on Jan. 3, 2014.
Q. I plan on retiring under FERS at the end of pay period 26, Jan. 11, 2014. I bought back my military time and will be required to waive my military retired pay effective the day before my annuity begins. Does my annuity start Jan. 12, 2014 or Feb. 1, 2014? What would be the effective day for waiving my military retired pay? A. You’ll have to formally waive your military retired pay at least 90 days before the date you’ve set to retire but not later than 60 days. You can find out how to word that request and…
Q. My retirement computation date and annuity computation date is Jan. 20, 1981 (showing 33 years at the end of January 2014 because I paid back four years of military). Does that mean I would not receive the special retirement supplement because I’m not 30 years, as military didn’t count toward the supplement even though I had paid the money back (as seen in above comp dates)?