Q. I need your help in calculating my future annual or monthly annuity. I’m 57, birth year 1955. I’m waiting until I’m 62 to ask for my monthly annuity. I was hired in 1995 into the GS system. I left in 2008. Would my high-3 be my GS salary? It was averaged out using 1 percent of my high-3 to $560.48 x 15 years creditable service = $8,407.20 annual annuity divided by 12 months, which would be $700.60 a month. Is this correct? Am I still eligible for this monthly annuity, even though I left federal service? I have not…
Browsing: CSRS annuity computation
Q. My father is receiving both a disability benefit and a monthly federal pension from CSRS. His wife is in a nursing home and has been on Medicaid since June 2011. Her Social Security is paid directly to the nursing home. She is given only a small amount and the nursing home keeps the remainder. If my father should pass before her, will the CSRS survivor annuity amount go directly to the nursing home, as well?
Q. I retired from CSRS with 36 years’ service. I have since become a re-employed annuitant and will hit the five-year mark soon. Because of the nature of the position, I did not have to give up my retired pay. When I retire, will I be eligible for a recalculated CSRS pension assuming I elected to make a deposit for the five years as a re-employed annuitant?
Q. I am a CSRS employee with the Federal Aviation Administration and wanted to be clear about choosing an optimized “date of final separation” on my CSRS SF2801 (date in Block 2 of Section B). The date I’ve tentatively entered is May 3, which is the second Friday of Pay Period 10. My last scheduled day of work in that pay period is Thursday, May 2, with Friday and Saturday being regular days off. In that scenario, the federal retirement benefits calculator indicates my “annuity start date” is May 4. When could I reasonably expect my first annuity payment? I was under the…
Q. I am 61 years old and in the Civil Service Retirement System. I have paid back my military deposit, and don’t have enough quarters/credits under Social Security to qualify. I am anticipating retiring when I am 62-plus, and don’t plan on working to earn quarters/credits under Social Security. I have heard that I can request a refund of my military deposit after I retire; is this correct? If so, who handles that request? A. You were misinformed. You can’t get a refund of the deposit you made for your active-duty service. What’s done is done. If you retire at…
Q. I’m told employees stop getting the government contribution to their retirement at 41 years, 1 month, of service, but can get a lump sum when they retire. This doesn’t quite make sense to me. Is there any other option? I will reach this much service time in February 2012. I am age 67, in the Civil Service Retirement System, and plan on continuing to work. A. Here’s the story. When a CSRS-covered employee has worked for 41 years and 11 months, he’s earned the maximum annuity based on actual service that’s allowed under law: 80 percent of his high-3.…
Q. I have a question about early outs. I am 53 and have 25 years of Federal Employees Retirement System service. If an offer is made in 2012, will I be penalized for the number of years I am under age 62? Reading the past posts, I am confused. Also, are health benefits based on the non-postal rate for federal employees? Is unused sick leave added to the annuity or years of service in the coming year? A. Retiring CSRS employees are penalized for being under regular retirement age; retiring FERS employees aren’t. The premium rates for retired Postal Service…
Q. I am a Civil Service Retirement System/Federal Employees Retirement System offset employee with 31 years of service, and I have been offered Voluntary Early Retirement Authority and Voluntary Separation Incentive Payments (VERA/VSIP). I would like to know how a VERA/VSIP would affect my retirement. I have been depositing the maximum in my TSP account, and I see that the government is not required to match it. Does government matching or not matching my deposit depend on the agency I work for? A. To estimate what your annuity would be, use the formulas for each retirement system: FERS: 0.01 x…
Q. Does the reduced annuity under age 55 apply to Civil Service Retirement System law enforcement officers who opt to take the Voluntary Early Retirement Authority and Voluntary Separation Incentive Payments (VERA/VISP)? Or is the CSRS law enforcement category exempt from this reduction? A. Assuming that you aren’t talking about retiring as a CSRS law enforcement officer, the law enforcement category isn’t exempt. The 2 percent reduction for being under age 55 would apply. On the other hand, if you are talking about a CSRS law enforcement officer who retires under the special age and service criteria – age 50 with 20…
Q. I am 57 and a retired federal worker. I retired under the Civil Service Retirement System at the GS-13 level. I only worked a total of about three months before my federal service paying into Social Security, so I am not eligible for any Social Security benefits for myself. However, my husband, who is 60, has worked since he was 19, and has been paying into the Social Security system since then. My understanding is that I am not eligible to receive any of his Social Security benefits because my civil service pension is too high. My question: Is…