Browsing: COLA

Q. Could you please tell me what the 2014 cost-of-living adjustment will be for federal retirees who retired under FERS with a civil service component? I retired with 30 years of service. Of that 30 years, five years was under civil service. I am 57 years old. When will I get my first COLA? Does my age play a role in that determination?

Q. I will be retiring Dec. 28. Will I be on the annuity roll in January 2014 and eligible for a full cost-of-living adjustment on my January 2015 annuity check?

Every fall, readers ask me what the cost-of-living adjustment will be for CSRS and FERS retirees and Social Security beneficiaries. And they want to know where the numbers come from, who is eligible for a COLA, when are they effective, if they are prorated, and why they are sometimes different for CSRS and FERS retirees. Because of the government shutdown, it took a little longer than usual to find out that the what the 2014 COLA will be. It’s 1.5 percent. Not great, but better than a poke in the eye with a sharp stick. Where do the numbers come…

Q. I may be a little confused, under CSRS, as to when I should retire: Nov. 30, 2013 or Jan. 12, 2014. I heard Social Security and retirees will get a 1.5 percent cost-of-living adjustment Jan. 1. My agency may only get a 1 percent COLA in January. But, for my annuity, would the calculation for the high-3 years with that 1 percent make little difference? I chose Nov. 30 because it is the last day of the pay period and within that one-to-two-day window at beginning or ending of the month as recommended for CSRS retirement processing. I wanted…

It’s that time of year when employees start asking, “What’s the best date to retire?” Well, there isn’t a single date that’s best for everybody. Still, there are some dates that are better than others. I’ll explain why. Time of month The rules governing the time of month to retire are different for CSRS and FERS. FERS employees have to retire no later than the last day of a month to be eligible for an annuity payment in the following month; CSRS employees may retire up to the third day of a month and be eligible for an annuity in…

Q. Public Law 111-84 provided for a phased-in conversion from nonforeign area cost-of-living allowances to locality pay over a three-year period beginning in 2010.  Since the three year phase-in period has been extended (no change in COLA in 2013 or increase to locality rate as anticipated), doesn’t that change the rules for the buyback period, too? Shouldn’t we be allowed to buy back up to the time the final/full locality rate is actually achieved? Do you feel this is something worth pursuing?

In my last two columns, I described the procedures agencies are required to use when they conduct a reduction in force. In this column, I’ll focus on the options available to employees who are eligible to retire when facing a RIF. Immediate retirement If you have the right combination of age and service, you’ll be able to retire on an immediate annuity, even if you aren’t directly targeted by a RIF. Here are the rules, which are different for personnel under the Civil Service Retirement System and the Federal Employees Retirement System. The immediate retirement rules are different for special…

Q. I worked for the federal government from September 1975 through April 1998 and elected to stay in CSRS when the new system was offered in 1987. I turned 62 on Aug. 12, 2012, but did not apply for my benefits under the assumption that the value of the annual benefits would increase if I waited until 65 or longer to begin collecting. Is that assumption correct, or should I apply immediately for the retirement benefits because there is no increase in the base annuity amount until I begin collecting and then I get cost-of-living adjustments?

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