Q: With the impending increase to our Federal Employees Retirement System contributions, can anyone opt out of FERS? A: There isn’t an impending increase in FERS contributions, only proposals. Whether anyone would be able to opt out if such a change were made would depend on the wording in the law. However, such a provision would be highly unlikely.
Browsing: FERS annuity computation
Q: I’m in a law enforcement officer position and was wondering if the Federal Employees Retirement System supplement is also paid to new retirees while on interim payments, or are the interim payments only partial payments of the FERS basic annuity? A: The special retirement supplement is only paid when you case has been finalized and you are receiving your full annuity. You’ll receive catch-up payments of your special retirement supplement along with any additional annuity you are owed because you were in interim pay.
Q: I am a law enforcement (6c) FERS employee who plans to retire at the end of 2012 with 25 years of Law Enforcement (6c) coverage. I also have two years and two months under regular FERS before I entered my covered LE Position and I bought back three years of military time. I know how my covered LE(6c) time will be calculated. My question is how will my two years and two months of regular FERS and my three years of bought-back military time be calculated and included in my annuity? A: Everything above those 20 years of law…
Q: Does it ever make sense for a FERS employee to buy back 20 years of military time for credit toward a FERS retirement? What if the employee decides later to leave federal civilian service before retiring. A: Whether it makes sense is a personal matter, often based on simple arithmetic. If you make a deposit, you’ll have to spend some money. In return, both your length of service and annuity would be increased. You’ll have 20 more years of civilian service and your annuity would be 20 percent higher. However, as a rule, you’ll have to waive your military…
Q: When calculating your FERS annuity as a GS employee, do you use the base schedule or is locality pay included? A: Locality pay is included when computing a high-3.
Q: I was recently offered voluntary early retirement from the U.S. Postal Service. I have 30 1/2 years of credible service, I am under the Federal Employees Retirement System, and I am 51 years old. I am also considered a reduction-in-force employee because our district office has been closed. Do I qualify for the special retirement supplement? A: You would be eligible for the special retirement supplement when you reach your minimum retirement age, which is 56.
Q: If I buy back my military time, can I collect both military retirement and Federal Employees Retirement System benefits? My situation is this: I am 58 years old, and I started a job with the federal government Sept. 26, 2010. My prior military service consists of nine years on active duty and 14 years in the reserves. I have submitted the forms to the Defense Finance and Accounting Service and have received my cost calculation to buy back my active-duty years. I am eligible to collect my military retirement when I turn 60. I plan to continue working for…
Q: My wife could receive an offer to retire early sometime this year because of budget cuts. She is 57 years old and has 27 years of federal service under the Federal Employees Retirement System. She will receive the FERS annuity supplement supplement until she is 62. Will she have to start taking her Social Security benefits at age 62 because she is receiving the annuity supplement, or can she hold off taking her Social Security until a later date? A: While the special retirement supplement ends at age 62, there is no requirement that a retiree apply for a…
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…
Q: I am under the Federal Employees Retirement System and have been employed by the Environmental Protection Agency for 26 years. I am a GS-12/6, and am 48 1/2 years old. I would like to know exactly when can I retire and any other related details. A: The earliest you could retire is when you reach your minimum retirement age, which in your case is 56. Because you will have more than 30 years of service at that time, you’ll be able to retire immediately and receive an unreduced annuity.