Q. I have 23½ years of honorable military service and am receiving a retirement check from Defense Finance and Accounting Services for 10 years. If I enter federal service, do I have to stop my military retirement? If I retire after 10 years of federal service, would I receive two retirements: one for military service and one from federal service? Or would I receive one retirement check based on the high-3?
Browsing: annuity reduction
Q. I am having half of my Social Security benefit reduced because I have a CSRS retirement and I earned enough Social Security credits separately for a Social Security benefit because of Army Reserve service. Will the amount of my Social Security benefit be reduced because of the windfall elimination provision? Will it can count on my IRS Form 1040 as taxes paid or a deduction?
Q. I am FERS-covered and will retire this year with 20 years at age 62. My annual FERS annuity is about $25,000. After retirement, I plan to work in a private company in a foreign country for an estimated annual $90,000 salary. I will roll over my Thrift Savings Plan savings to a traditional IRA. I will not withdraw my Social Security until I reach my full retirement age at 66 when I will no longer have any wages. 1. Am I allowed to draw FERS annuity while living in a foreign country? 2. How will my salary from the…
Q. I would like to know if I can get back the money I returned (bought back) for my military time. I served three years (May 1974-May 1977), started federal civil service in November 1977 and retired in November 2009 with a total of 35 years — three military and 32 civil service. I bought back my military time because no one knew for sure at that time how it worked. I will not be eligible for Social Security at 62, or after, so it is my understanding that it will not affect my annuity. Is this correct? They will…
Q. I retired from the Navy in 2001 after 20 years of service and then took a position at the Postal Service, which I have been at for 10 years. I am 53 years old. I have been collecting my military pension since I retired from the Navy and want to know what my options are for retiring from the Postal Service. Can I collect a separate pension from the USPS? If so, at what age can I retire and can I get full pension benefits from both the military and the USPS?
Q. I am a 51-year old FERS employee with 28 years of service. Because of my declining health, I plan to resign and take a deferred retirement. With more than 20 years of service under FERS, I can begin receiving a deferred annuity at age 60. Can I receive a reduced annuity at age 56, my minimum retirement age? If so, will the reduction be 20 percent or 30 percent? In other words, will I be penalized 20 percent (5 percent per year for four years) between the ages of 56 and 60, or 30 percent for the six years…
Q. I am a dual status military technician, who will be 57½ years of age at my mandatory retirement date and have 23 years federal service under FERS. Due to the MRD of July 31, 2016, I will be involuntarily separated from my federal job, and not make 25 creditable years of service. Can I get a FERS retirement without a reduced annuity?
Q. What are the “rare exceptions” to having your salary reduced by your annuity amount when re-entering the federal job market? What if the job pays less than my annuity? I see the following over and over in the forums, but no additional info: “As a rule, your salary would be offset by the amount of your annuity and you would be able to contribute to the retirement fund. If you worked for a full year, you’d receive a supplemental annuity; if you worked for five years, you’d receive a redetermined annuity. On the other hand, there are certain limited…
Q. My husband is 66 years old and retired last year with full Social Security benefits. My daughter is receiving Social Security benefits until she graduates from high school at age 18. I was told that had my salary not exceeded the maximum amount allowed, I would also receive some benefits until my daughter turns 18. I am 54 years old, a federal worker under FERS with 23 years of service. My office is going through a major reorganization. I understand that if I am offered an early retirement, I will have immediate annuities without the 5 percent reduction each…
Q. I left government service in October 1984 and drew out my $11,500 retirement contribution. I returned to government service in October 1987 but have not repaid the refund. 1. If my annuity is reduced permanently due to lack of refund repayment and I die, will my wife’s survivorship election be affected by the annuity reduction continuing until her death? 2. The variable interest rate applied to an early CSRS refund is decided by whom, decided when, and posted when and where? I would like to be able to find it as soon as it is decided and posted in…