Q. I am a CSRS Postal Service employee, and I understand that to carry Federal Employees’ Group Life Insurance coverage into retirement, I must be enrolled for five years prior to retirement. I am enrolled in the basic coverage, as well as Option B. I am considering eliminating the Option B coverage but do not want to do anything that may have an adverse effect upon retirement. If I eliminate the Option B coverage but retain the Basic coverage, will I be allowed to choose any optional coverage at the time of my retirement, or must I be enrolled in…
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Q. I am looking at retiring in September 2014 at age 57 years and five months. I will have 34 years in FERS and a little less than a year of sick leave to convert. I have $359,000 in my Thrift Savings Plan account. I am single, never married. What are my best options? I am located in an isolated area and am unable to attend any retirement seminars, especially now with the budget issues.
Q. How do I reduce my life insurance? I’m retired. Whom do I contact?
Q. I am more than 58 years old and voluntarily resigning from my position with the Veterans Affairs Department. I have 20 years of creditable FERS service and plan to postpone the start of my annuity and my retirement until my 60th birthday. I plan to submit the Form 92-19 two months prior to my 60th birthday, which will be in October 2014. In the interim, I will be obtaining my health insurance through my spouse, but I have plans to regain our family health/life insurance (held less than five years) at the same time I start my annuity, which…
It’s easy to make mistakes when you are planning to retire. Some of the biggest mistakes apply to all employees; a few apply only to CSRS or FERS retirees. All can be costly. Here they are and what you can do to avoid them: Retiring on the spur of the moment. It can be disastrous, for two reasons. First, if you hand in your retirement application at the last minute, it may contain errors that delay processing or even cause it to be rejected. Second, decisions made in haste often come back to bite you. Once committed to a course…
Q. My husband worked for the federal government in the agriculture division. He retired in 1985. He is now 83 years old and wants to know if he still has life insurance. He was told that the benefits would decrease until age 70 and then he would have $7,000 benefit for life. Is this true?
Q. I was a tenured foreign service officer. I have nine years of creditable service. I voluntarily left the Foreign Commercial Service after multiple posts. I left in August 2010 with excellent reviews and under great conditions and awards. I was 54 when I left the service to join a private company. I am now 58. I would like to apply for retirement benefits to qualify for Federal Employees Health Benefits for myself and to gain any other benefits from the pension. Can you help me to understand what I may be eligible for and when I could apply?
Q. I turn 60 on Jan. 1, 2015. I am a FERS employee who will have 20 years creditable service in January of 2014. If I retire Dec. 13, 2014 (the end of a pay period) do I understand correctly that my Federal Employees Health Benefits and Federal Employees Group Life Insurance coverage will be extended for 31 days at no cost to me? I plan on postponing my annuity receipt until Jan. 1 (when I turn 60) to avoid the under-62 penalty. Also, do I understand correctly that since my postponed annuity date will be Jan. 1 that my…
Q. My son-in-law is in his early 40s and is thinking about resigning after working full time for approximately 13 years. Is he entitled to any benefits such as health insurance, or partial retirement pay? Would the above answer in any way be altered if he continued to work part time?
Q. I retired from the Department of Transportation (Federal Aviation Administration) about seven years ago. I retired under CSRS Offset with about 35 years of service. I will be turning 62 in a few months and have applied for my Social Security benefits. I selected some Federal Employees Group Life Insurance coverage, so I am still enrolled. Since my CSRS benefits will be reduced at age 62, can I make changes to my FEGLI coverage to increase my survivor benefits?