Browsing: Retirement Contributions

Q. I worked 22 years for the federal government, and five of those years were as a CBP officer with 6C coverage. I retired at age 62. My high-3 salary used to calculate my annuity was $88,115, which means that 17 years should be calculated using 1.1 percent and the other five using 1.7 percent. I have been calculating my numbers but they don’t match up with the $1,892 annuity I receive monthly. I wrote a letter to OPM asking for the formula they used, but I have not received an answer. According to my numbers, I should receive about…

Q. I left government service in 1995 and withdrew all of my CSRS contributions so I could start a business. I have never returned to federal service. I had over 15 years service including my military service time. Even though I withdrew my contributions, do I still have any pension available to me? Also, is it possible at this point to repay those contributions? I am now age 68.

Q. I’m a CSRS employee with more than 41 years of service and plan to continue my federal employment well beyond 41 years. I understand that CSRS employees contribute 7 percent of their salary into the retirement fund and that the government matches that 7 percent contribution into the fund. I’m told that, after completing 41 years, 11 months of service, I will reach the maximum annuity benefit of 80 percent. At that point, the 7 percent retirement contributions will continue to be taken from my pay and placed into an interest-bearing account to be refunded when I retire. When…

Q. As a retired federal law enforcement officer who earned a law enforcement retirement under FERS, I am approaching my 56th birthday. Since the SRS supplement will be discontinued or reduced at age 56 (MRA), I am curious as to how this amount is calculated? I am aware it will be reduced for anything I earn over $15,480 annually, not counting my pension. Will OPM send me an inquiry, or is this something I am supposed to submit? Do they base it on my earnings when I turn 56, or the previous year’s earnings? I would like to keep the…

Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:”Times New Roman”,”serif”;} Q. If you worked full time for the federal government for six years and part time for four years, and retired at age 62, can you obtain federal retirement then? Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:”Times New Roman”,”serif”;} A. Yes. In fact, you would only have…

Q. I have 20 years at the VA and two years of military service of which I paid back to get credit. I worked in the Postal Service from 1970 to 1977 and took out my retirement.  Can I repay, with interest, that money to receive credit for those seven years? A. Yes, you can.

Q. My wife worked for the federal government from 2011 to 2012 and resigned in August 2012 due to medical reasons. During that two years of service, $222.07 was deducted from her pay for “Retire, FERS” and there were matching funds of $3281.31, so the total is $3503.30 for the “Retire, FERS.” Can my wife request that money be refunded? A. If she doesn’t plan to return to federal service, she would only be entitled to a refund of her own retirement contributions. Doing so would cancel her entitlement to any future retirement benefit. However, if she got a refund…