Q: If someone who is eligible for an immediate retirement annuity chooses to simply quit federal employment and submit for the annuity at a later time, where does that person apply for the annuity? A: You can apply on your own. Just go to the Office of Personnel Management website and click on Find Form(s). Fill out an SF 2801 (Civil Service Retirement System) or SF 3107 (Federal Employees Retirement System). After you’re done, print a copy and send it to the following address: Office of Personnel Management, Retirement Operations Center, PO Box 45, Boyers, PA 16017-0045 and mark it…
Browsing: CSRS annuity computation
Q: I am a firefighter/law enforcement retiree under the Civil Service Retirement System. I have been retired for seven years and am interested in returning to work. A local federal agency is interested in having me work for them in a seasonal position as a GS-4. I would work from approximately May to October and would receive no benefits, as these types of positions/employees are not eligible for health insurance or retirement benefits. I would be paying into Social Security, which I am currently not collecting. The agency cannot seem to get a clear answer as to if it would…
Q: If I retire CSRS after 41 years and 11 months of service, can I get an excess retirement contribution refund or purchase additional annuity over 80 percen?. Do I use entire contributions for the additional annuity calculations or just the amount over 80 percent? A: Only the excess contributions may be used to purchase additional annuity. OPM will provide you with the exact amount when they process your retirement application.
Q: I am a recent retiree, younger than 65, and have just received my final annuity computations. I expected Medicare would continue to be deducted and have now read two puzzling things: That Medicare is not taken from annuity payments, and that I must contact the Centers for Medicare & Medicaid Services to have payments withheld. By law, I understand Medicare becomes my primary payer, with my federal health plan second, when I turn 65. My question is: As a retiree under the Civil Service Retirement System, do I “owe” 1.75 percent of my monthly annuity to Medicare and must…
Q: I am 67 years old and have 10 years of federal service. I want to work another 10 years before I retire. I worked for 15 years in government beginning in 1966 before resigning and taking the retirement money. I would need to pay $23,000 at this point to refund that money. Is it worth it, or should I remain in the Civil Service Retirement System Offset program? A: Let me clear up a few points. First, because you took a refund of your retirement contributions before March 1, 1991, you’ll get credit for those years in determining your…
Q: My question deals with my wife’s Social Security survivor benefit upon my death. I am 70 years old and my wife is 68. Both of us started taking Social Security when we were 62. I receive $1,663 in gross Social Security payments a month, and my wife receives $136. I worked in private industry and retired. My wife worked for the Defense Department and retired under the Civil Service Retirement System, never paying into Social Security. My question is, with these figures, if I died today, what would my wife be entitled to? A: Any Social Security spousal benefit…
Q: I know it won’t matter for at least the next several years, but when we receive a pay raise at the beginning of the year, how long do we need to be at the new salary for it to be a part of the computation of our high-3? A: A high-3 is simply the average of the three highest consecutive years of base pay, whenever they occur. Assuming that your most recent 36 months are the basis for your high-3, for every additional month you work at the same or higher pay rate, one month will be dropped from…
Q: I am a Civil Service Retirement System Offset retiree (15 years in offset) and turned 62 in October. I [was] scheduled to receive my first Social Security benefit Dec. 22. I have contacted the Office of Personnel Management on several occasions requesting to know how much my annuity will be offset, but no one seems to know. My annuity still has not changed. Is it normal for OPM to be late in changing (offsetting) annuities of CSRS Offset retirees? How will overpayments of my annuity be handled? A: Because you aren’t due for your first Social Security benefit check…
Q: Where does money go after I have the maximum amount of time under the Civil Service Retirement System? I am still working at the U.S. Postal Service. A: After a CSRS employee has 41 years and 11 months of service, he is entitled to the maximum amount of earned annuity, which is 80 percent. If he continues to work, contributions will still be deducted from his salary; at retirement, he can either receive a refund of those contributions or use the money to buy additional annuity which, like unused sick leave, isn’t subject to the 80 percent limit.
Q: I am a Civil Service Retirement System Offset annuitant hired in 1968. In 1985, our branch of government was taken over by the private sector. The private sector bought all of my federal service. In 2002, there was a reduction In force. I was eligible for an early retirement at age 51 and therefore receive two retirement checks: One for federal service and the other for my time purchased by the private sector. As a CSRS Offset employee, at age 62 I am subject to the Offset Social Security calculations but also have the same time purchased by the…