Browsing: Creditable service: CSRS

CSRS Offset

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Q. I am a federal employee hired in June 1981 and I have been working for government continuously since then. I am enrolled in CSRS. I served in the Navy from September 1973 to September 1977. What affect will CSRS Offset have on my retirement? I have 34 quarters of Social Security contributions, 16 while in the Navy and 18 before I started my civil service career. I do not plan on ever collecting Social Security. I do not want to go back to work once I retire just to get a minimum benefit from Social Security. A. If you…

Finding Your High-3

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The “high-3” is an essential element in the formula used to calculate your annuity. But what does the term high-3 mean? And how do you figure out what yours is? The high-3 defined Your high-3 is the average of your highest rates of basic pay over any three consecutive years of creditable civilian service, no matter when they occur in your career, with each pay rate weighted by the length of time it was received. That three-year period starts and ends on the dates that produce the highest average pay. It starts on the first day that leads to the…

Minimum retirement age

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Q. My wife is under CSRS with 31 years of service, but we are concerned that she may be moved into CSRS Offset upon retirement. What is the minimum retirement age for someone in this position? A. CSRS Offset applies only to employees who had a break in service that exceeded a year and ended after 1983, and had five years of service as of Jan. 1, 1987. If that doesn’t describe your wife’s situation, then she is a pure CSRS employee. Like any CSRS or CSRS Offset employee, she can retire at age 55 with 30 years of service.

When can I retire, part one

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It’s that time of year, when employees start thinking hard about retiring. If you are one of them, you need to know the two factors that determine if you’ll be able to do that. The first is age. The second is years of service. In this column I’ll go over the rules for Civil Service Retirement System, and in the next one, Federal Employees Retirement System. CSRS requirements: Immediate retirement Age 62, five years of service. Age 60, 20 years of service. Age 55, 30 years of service. Early retirement Age 50, 20 years of service. Any age, 25 years…

Retirement under CSRS

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Q. I am a CSRS offset, full-time, Term (NTE April 2015) federal employee. I am also a formal federal employee (all permanent positions) with breaks in service. My service comp date is 1983 and I am 60 years old. Can I apply for retirement now as a Term employee? I have paid into CSRS in my previous and current position.

Credit for Peace Corps service

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Q: My husband and I are getting ready to retire and are both CSRS employees. My husband was actually hired in 1984, which would have put him in FERS, but he had Peace Corps service, so his SCD is 10/1982. He never made the deposit for Peace Corps service; he is now 64, and we believe he is eligible for Social Security. Can he make the deposit now? I understand that they take forever to process. Does the payment need to be received by the Office of Personnel Management before his separation date? If it is not received and he loses the credit for the 22 months…

Social Security and pension reduction

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Q. In 2009, I took the postal clerk buyout and retired. I am under CSRS with 32 years with 2 years of military Service included. When military buyback was offered some 25 years ago, I passed. In 2009, the same buyback was almost $10,000 so I passed on that. I am working and will have 37 credits of eligibility toward Social Security at the end of this year. If I continue and become Social Security eligible, how much of my monthly pension will I lose? A. If you become eligible for a Social Security benefit, you won’t lose a penny…

Deposits and redeposits, part 1

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Based on the mail I’ve been getting, there’s a lot of confusion about the rules governing deposits and redeposits to get credit for prior service in determining your eligibility to retire and having that time used in your annuity computation when you retire. In this column, I’ll deal with the rules that apply to Civil Service Retirement System and CSRS Offset employees. In my next column, I’ll do the same for Federal Employees Retirement System employees. Deposits The term “nondeduction service” applies to any period of federal government employment where retirement deductions weren’t taken from your pay. If you are…

Creditable service

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Q. I received nine years creditable service for Annual Leave accrual for non-federal work experience when first hired for federal service. A friend of mine recently told me that the creditable service will also be factored into my CSRS retirement date. For example, if I plan on retiring after 30 years of service, I would only need to work an additional 21 years for the government. I cannot seem to find anything on the internet to support his claim. Can you tell me if my friend is correct? A: Your friend is mistaken. You wouldn’t receive any credit for that…

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