Q. I’m under FERS and worried about a reduction in my Social Security benefits after retirement. My Social Security benefits are not calculated on an assumption of $110,000 a year until I retire. If I elect to retire with 31 years of service at my minimum retirement age of 56, will the years following my retirement without paying (or paying Social Security at a lower income level) reduce my Social Security benefits when I claim them at 62 or older?
Browsing: FERS annuity computation
Q. 77-year-old federal employee with 13 years of service. Facing possible removal for conduct, which is not criminal. He is considering retirement before being terminated from work. What is the impact on his FERS retirement if he is fired? And is he eligible for retirement with just 13 years of service?
Q. I understand that credited sick leave will not influence how the high-3 is calculated. But will credited sick leave count toward annuity calculation in meeting age or service requirements to receive the 1.1 percent factor? If a person has 19 years and six months day-for-day in FERS and adds/applies eight months of unused sick leave, will this qualify for the 1.1 percent calculation factor (high-3 x .011 x 20 years two months)?
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…
Q. If I retire before age 62 but do not claim my pension (FERS) until I am 62, do I receive the 10 percent increase in pension payout for those 62 or older?
Q. I am a FERS employee who is planning to retire at the end of the year at age 63 with 30+ years of service. I will have a large accrued sick leave balance, and also plan to accrue as many annual leave hours as possible (over and above the 240-hour carryover allowance) to cash out at retirement. I understand that the entire amount of accrued sick leave can be used to increase my time in service during the retirement calculation process but not until 2014. Does that mean I can work through the last pay period of 2013 (ending…
Q. I am in FERS, born June 20, 1953, with a service computation date of Nov. 6, 1983, and eligible to retire June 19. I just saw where my position is going to be a part of the reduction in force. If the RIF happens before my retirement date, will I still get my special retirement supplement? Would I get a buyout?
Q: I work for the government under FERS. I retired from the military after 20 years, but did not buy back my time for retiring from the federal government. I am a GS13 and will be 62 next year and will also have 10 years working for the federal government. Will I get some sort of retirement? Will I be allowed to draw a retirement from the the federal government and also continue to draw my military retirement pay? A: To be eligible for a FERS annuity at age 62, you would only need to work for five years. If…
Q. I have 27 years of service, but two years of that is credited to me for a temporary appointment I had from 1980 to 1982. I’m under the Federal Employees Retirement System and my EOD is 1984. How will this affect my retirement, and should I or can I buy back those two years? A. For service before Oct. 1, 1982, you have a choice. If you make a deposit for that time, plus accrued interest, it will be used in the computation of your annuity. If you don’t, your annuity will be reduced by 10 percent of the…
Q. My question is regarding federal pensions. I know you must complete five years of federal service to be vested in the federal government’s pension program, and three years to be vested in the Thrift Savings Plan. According to the Federal Employees Retirement System handbook, military years bought back are treated as creditable years of civilian service, and therefore would count toward retirement. Does that mean if you only had three years of federal service and bought back seven years of military time, you would have 10 years of creditable service? If I leave the federal government after this year,…