Q: I served in the military from 1978 to 1989 and was medically retired, receiving military pay. I started working for the federal government in 1992 and am set to retire in 2012 under the Federal Employees Retirement System. I didn’t pay back my military time. Is it true that I will be able to retire in 2012, and what benefit would I have if I paid back my military time? A: With 20 years of FERS service, you would only be able to retire on an immediate, unreduced annuity if you were age 60 or older. If you had…
Browsing: FERS annuity computation
Q. I am a FERS employee, age 51 with 12 years civilian service. I have never been in the military. I currently receive from PERS my late husband’s nontaxable disability retirement. When I do retire, will this affect my FERS and/or Social Security? Does this count against me? Can I have PERS, FERS, Social Security and TSP annuity in retirement? A. I can tell you that you will be entitled to the FERS annuity you earned, any Social Security benefit based on your own record, and your TSP account, without any modification. What I don’t know is if any of…
Q. I understand that my stateside locality pay will not count towards my retirement calculation for time that I serve in Naples, Italy. I am about to start a 3-year tour there, and when I return to the U.S., plan to retire. How will my annuity be calculated — based on my “high-3” from my last three stateside years, or does the more current base salary in Naples have something added to it as well for annuity calculation purposes? A. Your annuity will be based on your highest three consecutive years of average base pay, regardless of when that occurs…
Q. On 11/29/2003, I was forced to retire involuntary from the Department of the Navy as a result of a reduction in force. I was a FERS annuitant and received an annuity. On 3/8/2004, I was rehired as a re-employment annuitant with the Defense Commissary Agency (DeCA). When starting my new job at new agency, the human resources office placed me in the Federal Employees Retirement System (FERS). Each of my paychecks saw a deduction to contribute to FERS and I also contributed an amount to the Thrift Savings Plan. The HR office also sent me a letter to state…
Q. I am eligible for an immediate retirement right now, and have been for some time. If I was to submit my forms now and give two weeks notice, would I lose anything? I assume that eventually the annuity would catch up — regular payments plus retroactive payments earned while the paperwork was in the works. However, I haven’t heard of anyone doing that — everyone seems to pick a date well in the future, long after the initial form submission. A. While it is the most prudent way to assure a trouble-free transition to retirement, there isn’t any requirement…
Q. I am a FERS employee and want to retire at age 56. Do I get my Social Security Supplemental and FERS retirement also? A. Yes, if you have reached your minimum retirement age and have the right number of years of service to retire on an immediate, unreduced annuity. On the other hand, if you are retiring under the MRA+10 provision (minimum retirement age with between 20 and 29 years of service), you wouldn’t be eligible to receive the special retirement supplement.
Q. I am a retired civil service annuitant currently working as a rehired annuitant with the Homeland Security Department. I was re-employed as a rehired annuitant under the pension offset waiver, thus earning my full pension and salary. I was told when I complete my rehired annuitant employment, I can apply for a recalculation of my civil service annuity, based on a higher “highest 3 year average” I am now earning as a rehired annuitant. Please advise if this is true, and how I can apply for a recalculation of my annuity. A. As a rule, annuitants who are re-employed…
Q. I currently am a Defense Intelligence Agency (DIA) civilian stationed overseas; prior to moving under DIA I was an Army civilian, also serving in an overseas location. For FERS annuity calculation purposes it is my understanding that DIA civilians receive 1.7 years of annuity credit for each year served in an overseas duty location. If that’s correct, when I retire, presumably from DIA, will I receive the 1.7 year credit for just the time served with DIA or will I get the 1.7 DIA credit for all years served overseas both as an Army and DIA civilian? A. I’m…
Q. I am doing a mortgage loan for a retired post office worker. My underwriter wants proof of continuance for three years. Where might I find that information? A. You are entitled to an annuity as provided under 5 United States Code Chapter 83. Your annuity will continue until you die, as provided in 5 USC 8345(c), which says, “The annuity of a retired employee…terminates on the day death or other terminating event provided by this subchapter occurs.”
Q. I have a curiosity question. If I retire at my minimum retirement age of 56 with 27 years of service, how does the 5 percent penalty reduction work? It is a little confusing as to how it is worded. Lets say that my annuity is $15,000; does that mean each year I would get $14,250 instead? Will it be 5 percent for each year until I reach age 62, then no penalty? And would I be eligible for the supplemental income? A. The 5 percent penalty for every year you are under age 62 is a one-time permanent reduction.…