It’s that time of year when employees start asking, “What’s the best date to retire?” Well, there isn’t a single date that’s best for everybody. Still, there are some dates that are better than others. I’ll explain why. Time of month The rules governing the time of month to retire are different for CSRS and FERS. FERS employees have to retire no later than the last day of a month to be eligible for an annuity payment in the following month; CSRS employees may retire up to the third day of a month and be eligible for an annuity in…
Browsing: FERS annuity computation
Q. I am 65 years old with 24 years of government service. I plan to retire on Jan. 31, 2014, with an excess of 400 sick hours. Will I get paid for those hours? If not, what will become of them? I will have 240 annual hours.
Q. Is the FERS retirement capped at a certain number of years of service above which will not count in the retirement calculation?
Q. I am in FERS in a law enforcement officer position. I was born in 1970. I joined my agency when I was 30 (Feb. 1, 2001) so I am eligible to retire when I have 20 years of service and turn 50 (Feb. 1, 2021). The mandatory retirement age is 57. If I were to retire at age 50, can I receive the special retirement supplement then, or do I need to wait until I turn 57 (what would have been my mandatory retirement age). If I receive the supplement at any point prior to age 57, what is…
Q. I’m under. I know, under MRA +10, I need to have more than 10 years of service and have to be at least 57 to retire before my minimum retirement age with a 5 percent-per-year reduction for each year under 62 or retire at 60 with no reduction. If I have one year of unused sick leave accrued by the time I’m 59, could I retire at 59 and have my year of unused sick leave credited toward my years of service to avoid the reduction of 5 percent, or do I still have to work until 60 to avoid reduction…
Q. If I’m age 62, with more than five years of service and immediately eligible for retirement, am I eligible for the new phased retirement program? If I do go on phased retirement, do I continue to participate in the same government health care and federal benefits programs I now have?
Q. I was reviewing my creditable service for retirement and was wondering about the calculation. During the first two years of my federal career (started Jan. 10, 1993), I was in a position that was not covered by FERS but covered by FICA. While in that position, I was in a leave-without-pay status for four months. My agency has given me service credit toward retirement for the time I was in LWOP status because it was less than six months. Does this sound correct?
Q. I am 54 years old and retired from the federal Bureau of Prisons at the end of 2009 at age 50 with 27 years of government service (FERS). At age 57, will my annuity supplement be affected ($1 for every $2 over $15,120) if I am employed by the state of Ohio (SERS) with an annual income of $17,000?
Q. I am under FERS, 57 years old and will have 30 years in on Feb. 12, 2014. I have been asked if I would take a buyout and leave Dec. 31. What impact would retiring two months early have on me financially? Would I still get the special retirement supplement? Would my pension be reduced?
Q. If I am RIF’ed under FERS with 24 years of service at age 58 in September 2014, am I going to be penalized 5 percent per year on my annuity for being under 62 years old, or is there no penalty? I am an EAS employee with the Postal Service.