Browsing: High-3

Q. I have 14 years and 8 months of active Army service. In 1993, when Regan was initiating draw down of troops and instituted SSB (Service Separation Bonus), I received a Service Separation Bonus in 1993’s drawdown of $40,000 before taxes and separated from the Army in Sept. 1993. In June 1995, I entered the federal service as a full time Civilian Government Employee working for the Army Material Command where I work today. At the end of this month, I will have 18 years and 9 months as a federal government worker. I am currently 56 years old. Would it be more beneficial to…

Q. I am a federal employee (FERS employee from January 1988 to the present) who will likely be leaving federal employment for a private sector position in a different city. What happens to the following: 1. Can I either leave my money in the TSP account or roll it over; in any case, I am not touching the balance until I retire. 2. Am I correct that my retirement annuity freezes until I actually retire and that it would be based on the following calculation — years of service (.26) x the average of the high-3 annual salary? 3. Do…

Q. I will be 62 the end of June this year. I am in FERS, would like to retire this year and am trying to make a sound decision regarding what date would be best. 1) I have 918 sick hours accumulated. Will they convert 100% into service time? 2) When trying to calculate how much I will get for retirement, is it based on basic pay or total pay with locality adjustment? 3) Is there any penalty if I retire at age 62 if I have less than 20 years of FERS service? 4) Is there any offset with…

Q. I am a FERS employee working for the Department of Agriculture. I have been offered a job outside of the government and am trying to see the pros and cons of leaving. I am a FERS employee with a service computation date of Aug. 17, 1986, and am 46 years old. If I apply for Voluntary Early Retirement Authority, what would the disadvantages or advantages be?

Q. 1. How are the days of active-duty service calculated? 2. Is that a one-to-one credit added to years of service? 3. Can you buy it back after you retire and adjust the annuity accordingly? 4. Can you buy back portions of it? 5. Can you pay in installments? 6. What percentage of military pay per year would you get in retirement? For CSRS, it is roughly 2 percent based on high-3; would it be calculated on actual salary back then or adjusted for inflation? 7. Any chance for a retroactive payment once established? 8. Will I lose any benefits…

1 2 3 4 5 22