Q. I’m still struggling with my military buyback time. I will be 58 in June; my service comp date is July 9. I’ll have 40 years of service, which includes my 3 years 11 months of military time and intend to retire by the end of December, which would give me another five months plus my sick leave. I have approximately 24 quarters paid into Social Security and to buy back my military time will cost me almost $5,000. I do plan on probably working part time but my question is, if I do not ever seek Social Security payments…
Browsing: Creditable service: CSRS
Q. I’d like to know if buying your military time back if you’re a disabled vet is the same process ? I’m told that if I’m not going to receive Social Security I still get credit and don’t have to buy it back. A. Because you were first hired as a civilian before Oct. 1, 1982, you will get credit for that period of active-duty service in determining your eligibility to retire and in your annuity computation, whether or not you make a deposit to the civilian retirement fund. However, if you retire and are eligible for a Social Security…
Q. I served four years in the Navy from 1989-2003; right now, I work for the U.S. Postal Service as a ptf city carrier. If the post office cuts back to a five-day workweek, they will do layoffs. So, should I buy back my four years of service because that would put me at seven years of service and I think it takes seven years to keep from getting laid off. And, of course, what would be the cost of the buyback? The post office told me I had three years from my hire date to pay no interest and…
Q: I hired on with the federal government Oct. 15, 1985. At that time, I wasn’t given a choice of Federal Employees Retirement System or Civil Service Retirement System, everybody was FERS. However, I did buyback my Air Force service and my service computation date is April 15, 1982. This maybe fishing, but should I have been given the option to go CSRS if the service computation date is in 1982? I also had about four months of civil service in a temporary job in 1978 if that makes any difference. Is there any circumstance that would ever allow someone…
Q: I was reinstated on a term appointment in 2003, and in 2005 the position was terminated. I took a permanent position with Bureau of Land Management. While in my term position, I was told to sign up for the Federal Employees Retirement System or my time would not count toward my tenure in this term position. I was told that when my term appointment ended and I accepted a permanent position, my tenure would continue and I could, at this time 2005-2008, opt to be reinstated as CSRS/FERS instead of FERS. I had requested to my BLM human resources…
Q. My problem, as noted below, is that I have combined legislative, military and federal service. I purchased my military service years ago, while in the legislative branch. I know the legislative branch calculates their annuity at a higher rate than do other federal agencies. I’m not sure what that rate is and I have yet to find a calculator that can factor in the combined time/pay to come up with a annuity estimate. My question is, how is legislative service calculated and how is it factored into my ultimate annuity? For the sake of discussion, my basic info is…
Q: Does time worked at the Federal Reserve count toward time worked for the Small Business Administration? A: It only counts if you waive any right to benefits from the Federal Reserve retirement system for that prior service and make a deposit into the Civil Service Retirement and Disability Fund. Your current agency can help you work out the details and may be able to arrange the transfer of the contributions you made to the Federal Reserve retirement system into your current retirement system.
Q: If I retire Dec. 31, a Friday, my first annuity check would begin on Feb 1, 2011. However, I would lose credit for any leave accumulated in that last pay period because I did not work the full pay period, which ends Jan. 1, 2011. Is this correct? A: If Friday, Dec. 31, would be the last day of a pay period and you retire at the close of business, you would get credit for any annual and sick leave you earned during that pay period.
Q: I a Civil Service Retirement System Offset employee and I am trying to decide whether to retire Dec. 31, 2010, or Jan. 1 2011. I am in the Senior Executive Service and will have over 800 hours of annual leave for a lump-sum payout. If I retire Dec. 31, is that lump sum considered part of 2010 income or 2011? I believe I will not pay Social Security tax on the lump sum if it falls in 2010, since I usually have this covered by September of each year. A: Your lump-sum payment is considered to be earned income…
Q: When I retire, I will have 2,203 hours of sick leave. I am under Civil Service Retirement System Offset. I believe 2,087 hours is the equivalent of one year of service when I retire. So when I retire at age 58, — at 30 years, 6 months of service — I will get an extra year added to my time, so I will have 31 years, 6 months of service that will apply for purposes of calculating my retirement annuity. Is this correct? My husband works a nine-hour schedule that gives him one day off every week. Does the…