Q. I am 47 years old and have 22 years of federal service at the Department of Veterans Affairs. I am thinking about leaving the VA to pursue other career options. I want to defer my retirement and annuity until I am 62 years old. Will there be any penalty, and am I entitled to full retirement? Will I still be eligible for health insurance?
Browsing: High-3
Q. Is the High-3 only up to the pay cap? Does the pay cap even matter when determining the High-3?
Q. How does one calculate top three? Is that the amount you make annually for the last three years of your top salary? For example: .01 x $62,000 x 20 (with $62,000 being the average of one’s top 3).
Q. If I retire at age 50 with 20 years of service, what will be my monthly income?
Q. I am 50 years old with 30 years of service. Can I resign and not receive any benefits, until I turn 57 years old, without penalty?
Q. Is locality calculated separately from base pay for retirement? Is locality also a high-3 calculation, or is it based on locality of location when you retire, or is it the locality where you earned your high-3 base pay? If my locality is reduced because base pay plus locality exceed the cap, is retirement annuity calculated from the capped number or full base pay and full locality?
Q. I am 54 years old and have been working for the U.S. Postal Service for 22 years as a city carrier. Am I eligible for retirement? What percentage of my pay will I be able to receive? A. No, you aren’t eligible to retire now. However, you could resign from the government and apply for a deferred annuity under the MRA+10 provision. If you did, your annuity would be reduced by 5 percent for every year (5/12 percent per month) you were under age 60. Your annuity would be based on your high-3 and years of service as a FERS employee when you left.…
Q. I served in the military on active duty for 14 years. I am in the process of buying back my military service as a credit toward retirement with the federal agency with which I am currently employed. Once my military service is paid, do I still have the option to retire after 20 years of service as I would with the military? How much of my pension could I expect?
Q. I will be moving from a lower Cost of Living Allowance (COLA) area to a higher COLA area (a difference of 6 percent). The first two years of my high-3 is at the lower COLA and the last year will be at the higher COLA rate. I am 62, in FERS and have a year of unused sick leave. How will the sick leave affect my high-3 year average for retirement purposes? Will it be used to increase my high-3 year average or not?
Q. I am 63 years old with 20 years of federal service. I am in FERS and I just got promoted to GS 13. How long to I have to work to get the GS 13 included as part of my high-3?