Q. I am a FERS employee, have 30 years of civil service time and will be 52 years old on Dec. 1. Can I retire early and keep my health benefits indefinitely at the government rate? I don’t care about receiving my pension quite yet.
Browsing: FERS annuity computation
Q. I am under FERS with 28 years of service, more than 65-years-old and want to retire at the end of this year (Dec. 31, 2015). However, I am unsure if it would be a good financial decision for me to wait until Jan. 9, 2016, which is the end of leave for the year. What is the best day to retire?
Q. I worked for the U.S. Postal Service for one month in 1974 and then left to join the Navy. After serving four years in the Navy, I applied for reinstatement to the Postal Service and was rehired in February 1980 under CSRS. I left the Postal Service in September 1984 and collected my retirement earnings. I was rehired by the Postal Service in November 1986 and placed under FERS. I have bought back my four years of military time. I would like to make a redeposit for the CSRS period of four years and seven months. What terms and/or interest rates…
Q. I was told this morning that if you receive the FERS (Federal Employee Retirement System) Supplement that your basic FERS annuity will be reduced because you have to pay back the supplement amount that you received over the length of your retirement. This was a new one to me, is this true? I was under the impression that the supplement comes out of a pool of money from OPM (Office of Personnel Management) and that is a reason the politicians want to take it away.
Q. I was eligible for the early out offered to Postmasters in 2012 but decided to stay with the Postal Service. I am currently 55 with 27 years of service. My MRA is 57 and I will have 30 years of service.When the early out was offered in 2012, I decided to get an estimate of my annuity from the OPM. My District HR specialist had insisted that unless I was 62, I would get a 5% reduction for every year I retired before I turned 62. I spoke to two or three OPM specialists who told me that was not…
Q. This question is based on the scenario explained below: Adam (current FERS) has 5-year self-&-family (S&F) health coverage. His spouse, Betty (also FERS), has been under Adam’s S&F coverage. Adam decides to retire with self-only-FEHB and no Survivor Benefit Option. So Betty enrolls in her own self-only-FEHB. Adam retires end of the year. Now Betty decides to retire end of next year. At that time Betty has only 2 years of FEHB coverage completed. Does Betty need 3 more years of self-only coverage to get her FEHB into retirement? Betty was under Adam’s policy for 3 years and under 2 years…
It’s baaaack! In 2011 a bill was introduced in Congress that would change the way your annuity is calculated from the average of your highest three consecutive years of basic pay to your highest five. While that bill died a quiet death, Rep. Bruce Westerman, R-Ark.,introduced a new bill that would do the same thing. In his words, “This bill would simply change the formula for determining pension benefits for civilian federal employees from the best-earning three years to the best-earning five years of service. The bill ensures that the program employees of the federal government have paid into for…
Q. I plan to retire early at 60 years old, and worked for VA medical center for 25 years by that time. Do I have to pay a five percent penalty each year before age 62? Is the five percent penalty deducted every year only?
Q. Will I be subjected to a penalty or offset on my Social Security if I am receiving military retirement, a FERS Annuity, and Social Security all at the same time? I first entered the military in July 1983.
Q. I will be 53 years old have 20 years of FERS federal service next year. I have always worked full time and have been at the top of my paygrade and step for a number of years. I would like to retire early at 56. We have a growing family business that I would then transition to for income replacement and attempt to hold off taking my annuity until age 62. If I could find a half-time federal position at age 53, what would be the impact on my benefits if I went half time between age 53 and…