Q. I am a postal employee covered under FERS. I will have 33 years of service at my minimum retirement age in January 2016. I have a year’s worth of sick leave and hopefully this will continue to grow. In computing the special retirement supplement, will my service time include the year’s sick leave credit?
Browsing: FERS annuity computation
Q. I’m 52½ years old. I came into the civil service as an air reserve technician in April 2007. I bought back 10 years of active-duty service, which brings me to 16 years creditable service. In 2008, I had a botched surgery and have also developed a foot problem, both no fault of my own. My case is being reviewed by a medical evaluation board. If I lose my dual status, under these circumstances, can I remain in my job as civil servant, or will I be offered a civil service position to remain in the civil service until I…
Q. What is the formula for calculating the FERS annuity percentage? I work for the Postal Service and have 28 years of service at age 53 (minimum retirement age 56). I heard the FERS annuity percentage was 1 percent x (high-3 average wages) x years of service. However, I also heard unused sick leave changes the percentage, and if you have over 2,080 hours saved and returned, it changes the percentage from 1 percent to 2 percent. I thought the unused sick leave only increased your years of service, but others tell me it increases the percentage.
Q. I was allowed to go back into CSRS after an 18-year break in service even though I cashed out of it in 1991, with eight years of service. I can pay the redeposit back and have 12 years of service, if that is the wise thing, but I am waiting to see if I get a permanent job when this temporary job expires in 2014. Since I am only 54, I am beginning to wonder if I should have gone back into CSRS, because if I can’t find another federal job, and it is looking difficult with the budget…
Q. From 1983 to 1985, I worked part time for the USDA. I was a student at the time, so when I graduated, I left for a job in the private sector, and my retirement deductions were paid back to me. I was later hired by the Department of the Army, where I have been ever since. I recently made a service deposit for my USDA time. I served with USDA for 25 months, but the part-time hours add up to 15 months full-time equivalent. Will this add 15 months or 25 months to my FERS pension?
Q. I am an FERS GS with four years until I get my 20 under 6(c) law enforcement officer and a year and half after that until mandatory retirement. I have been offered a 6(c) job overseas — how is the high-3 calculated? Is it on the base level GS schedule (plus LEAP) I actually earn, or is it based on a modified amount of what I would have earned in DC — which is how the overseas postings on Foreign Service retirement seems to work? I am pretty sure all the COLA, post allowances and danger pays don’t calculate…
Q. I would like to retire at between 56 and 58 with deferment until I reach age 60 and can draw my reserve retirement. I am a gray area reservist with 20 creditable years of total service. This includes four years and two months of active duty that I bought back after I accepted a FERS position. I have been with FERS for 20 years, including buyback. Will I still be able to draw both retirements since my military retirement is a reserve retirement? In 2017, I will have 25 years, and I would like to retire no later than…
Q. I receive a FERS annuity. If I receive Social Security disability, I understand I lose 60 percent of that pay until I’m 62. Will FERS go back however many months and make me pay back the difference for those months of retroactive pay from Social Security? In other words, if I collect six months of retroactive pay from Social Security do I owe FERS 60 percent of my annuity that I received for those six months?
Q. When I retire, I will be 59½ and will have 30 years of service at the Postal Service. I will not have any earned income from that point on. I understand federal and state taxes will be taken out of my FERS annuity and any money I take out of my Thrift Savings Plan. Will I also have Social Security deducted from these two sources? Also, will my special retirement supplement and — when I turn 62, my SSI benefit — also be subject to federal and state taxes?
Q. I have 22 years of service under FERS and 10 years under straight CSRS before 1977. I will be 64 this month. The windfall elimination provision chart on the Social Security site estimates the WEP reduction based on age 62 (and the number of years paying into Social Security at that age). Does that mean that no matter how many more years I work, the WEP reduction will remain as it would have been at age 62 and less than 20 years paying into Social Security? Does it also mean the extra years worked will not count toward reducing…