Q. I turned 60 on May 17. As of this past November, I have 27 years as a fed. If I retired now, with less than 30 years, is there a penalty? How much?
Browsing: FERS annuity computation
Q. I’m FERS and will have 28 years and nine months in at my minimum retirement age of 56. I have a sick leave balance of 2,819 hours (I’ve never used any sick leave in my whole career). I’m 54 now and will work at least until 56. My sick leave credit will give me more time toward my FERS annuity (approximately 30 years). Does the sick leave give me 30 toward the special retirement supplement if I go at my MRA, or do I need to work until I have 30 years of service, which is three years from…
Q. I’m 61 (born in 1952) and am retiring this year at age 62. Beginning in 1970, I served three years of active duty in the Navy, 10 years in the Reserve, 16 years of active-duty reserves. I retired to the fleet reserve in 1999, which delayed my retirement pay to age 60 (2012). I joined the Postal Service in 2001. At that time, I entered FERS and did military buyback. With my Navy and postal time, postal computation shows I have 30 years this year and am eligible to retire from the Postal Service. Will I be able to…
Q. I will be 52 years old March 9. I am covered under FERS, and I have 31 years of federal service. If my base offers an early-out this year, I plan to take it. I have a substantial balance in the Thrift Savings Plan and would like to withdraw it in its entirety when I take the early-out so I can invest it in my daughter’s business. 1. Will I be penalized for withdrawing my TSP funds early? If so, how much? I know I will be taxed, and I am OK with that. My husband plans to keep…
Q. I worked under CSRS from 1963 to 1984 and withdrew my contributions when I left. I returned to a term position in 2002 and was informed that I couldn’t elect CSRS, so I selected a FERS pension. I am 72 and still employed. When I retire, I will receive an actuarially reduced CSRS pension. Does the reduction computation continue each year into retirement? What is the reason (law or regulation) that this reduction is itself not reduced or eliminated if I retire at a more advanced age (and will receive the pension for fewer years)?
Q. I am a 52-year-old veteran who works as a civilian for the Postal Service. I began my military career with 10 years of active-duty Army service and then honorably separated and went to work for the Postal Service. I bought back those 10 years at that time and joined the Army Reserve. I served eight years with the Postal Service full time and USAR duty as required. In 2002, my Reserve unit was called up in support of Operation Enduring Freedom/Operation Iraqi Freedom, and I remained an active-duty reservist until February 2012, when I qualified for lock-in. As required,…
Q. My wife left her government job a number of years ago and withdrew the money from her FERS account. She re-entered government service a few years ago. She then requested the redeposit amount required to bring her FERS account whole again. To make her FERS redeposit payment, she took a withdrawal from her IRA. We received a 1099-R from her IRA firm showing the withdrawal and we will need to report on our taxes as income. Since the money went back into FERS, can I deduct that amount as if it were being rolled over into an IRA?
Q. I am 57 with 22+ years of service with the Veterans Affairs Medical Center. I’d like to find out what my FERS balance is and what would be the best time to start an annuity. I served from 1989 to 2010 + two years active military bought back.
Q. I worked for the Postal Service from 1988 to 1999 and took my retirement money with me. Someone told me that they only gave me what I put in and I am entitled to the money they matched. Is that true? Am I entitled to any pension from the post office when I am old enough to retire for good?
Q. I’m 52, and I’ve been on FERS disability retirement since I was 47. My minimum retirement age is 56. Is it true that they’ll stop withholding federal income taxes on my pension when I reach my MRA? Is it also true that I’ll be switched to regular retirement when I reach my MRA, and not when I reach 62?