Q. I am new to the federal government. What is the benefit of my retirement plan (FERS Code KF)?
Did you work under either Civil Service Retirement System or Federal Employees Retirement System, leave government, withdraw your retirement contributions, and then come back to work for the government? If you did, when you retire your annuity will be reduced unless you redeposit that money, plus accrued interest. Should you make that redeposit or not? I’ll help you find the answer that fits your situation by explaining who is eligible for an actuarial reduction and how to find out whether that reduction is a better deal than making a redeposit. First, let me spell out the redeposit rules. CSRS and…
Q. With the Social Security supplement for FERS employees, I know there is an income limit at which this phases out. Is this income limit based on what you actual earn, or is it taxable income? For example, could I work and earn $20,000 and put that into my 401(k) plan, thus giving me no taxable income for the year, and still get my Social Security supplement up to age 62?
Q. I’m a FERS employee and have three years before a full retirement. I have been detailing into an EAS 17 position for 120 days at a time with a two week separation each time due to contract rules. Will my higher detail base pay count toward my average high-3?
Q. I am a FERS employee who plans to retire in May. Should I choose my official retirement date as May 28 or May 31? And if one is better than the other, why is that so? I have been told two different things regarding the date. One: It has to be last day of the month because I am FERS. Two: It needs to be last day of a pay period.
Q: I retired from federal law enforcement at age 53 after 25 years service in 2009, and began to receive the FERS annuity supplemental. I worked in private industry from August 2009 – August 2010, and again from November 2011 – September 2014, during which time my FERS supplement was justifiably reduced and then stopped. I have not worked since October, 2014 and would like to re initiate the Supplement. Question; how would I do that and will I receive the supplement retroactively from January 2015 to present?
Q. I am a 0.40 full-time equivalent FERS employee (part time) for 20 years with an additional five years of repurchased military time for a total of 25 years. How will this affect the formula (0.01 x high three salary x years of service) for annuity pension when i retire?