Q. I am retiring Sept. 30. I have been continuously employed by the federal government since Sept. 21, 1981. I first worked for the Department of the Interior from Sept. 21, 1981, to Feb. 27, 1987. I was under FICA from Sept. 21, 1981, to Oct. 29, 1983, after which time I was covered under CSRS. I became employed by the Justice Department (law enforcement 1811) on March 1, 1987. I transferred to FERS on Jan. 3, 1999. I understand that service is calculated differently for service from Sept. 21, 1981, to Sept. 30, 1982, and Oct. 1, 1982, to…
Browsing: annuity reduction
Q. I retired from the Postal Service and receive CSRS annuity only with survivor benefits, not eligible for Social Security. My wife retired and now receives Social Security on her prior wages. When I die, my wife will receive my CSRS annuity at a reduced rate. Will it affect the amount of Social Security she now receives? I know if I was eligible for Social Security, it would be at a reduced rate.
Q. I am 52 with 32 years of federal service under CSRS. If I was offered a Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay, what would that do for me? I have been told that under VERA, I would receive 5 years toward my service. Does that mean my retirement would be based on 37 years service, but take a 6 percent loss due to my age? I would also be able to receive my pension right away.
Q. I retired with a disability CSRS retirement at age 52 with 33.3 years of service. I was on workers’ compensation for a bit, switched to a disability retirement and went back to school and started a new career. At age 56, I became earnings restored and was sent paperwork to apply for an immediate retirement. I did and my gross monthly annuity was reduced by $150 per month. The only answer I can get from the Office of Personnel Management is that they are calculated differently. Am I being penalized for retiring early on disability? Should it be calculated…
Q. I am about to retire under CSRS. If I work in the private sector and earn 40+ credits, will I be able to receive Social Security benefit payments along with my CSRS retirement annuity without any offset? If the answer is no and I go to work in the private sector, or for myself, do I/they have to withhold Social Security taxes from my salary since I will not be able to draw Social Security benefits (why would you have to pay into something you cannot receive benefits from later)?
Q. If I retire early at 50 years of age with 30 years of service under FERS, I understand I’d have to wait until my minimum retirement age to receive the special retirement supplement. What reductions would I have in my retirement annuity? Would I be able to receive monthly Thrift Savings Plan annuity at age 50?
Q. I am under FERS Offset. How does the FERS offset retirement works? Will I receive the same retirement benefits as CSRS?
Q. If I should marry after I have already retired from federal service, could I change my annuity status from not married, no spousal annuity selected, to married with a spousal annuity elected so my wife can receive some money after I pass away? Or is it too late once you retire and file as single?
Q. I am 52 years old with four years of federal service. My understanding is that I can leave federal service after five years of service (at age 53) and still receive a pension when I reach age 62. Is that correct? Also, I am trying to determine how many more years of service I need to keep federal health insurance after leaving the government. My understanding is that I need six more years, for a total of 10 years, at which time I will be close to age 59. If I remain with the federal government for 10 years…
Q. I am a retired CSRS Offset and will be turning 62 in a few months. Since the Office of Personnel Management will be calculating my benefits, and I will be collecting Social Security, will OPM send out paperwork for re-establishing retirement benefit choices such as survivor benefits?