Browsing: RETIREMENT

Q: I retired voluntarily on an immediate annuity. I am 56 years old and I have 35 years of federal service. I switched to FERS in 1987, applied and granted SSDI just before I retired. Will I get the SRS? A: Yes. However, if you had taken FERS disability retirement, the answer would have been no.

Q: I will be retiring soon from the civil service. I am covered under CSRS Offset due to my earlier employment as a career civilian government employee under another federal retirement system from which I have a (suspended, for now) pension. I worked part time after 2002 under a temporary, intermittent appointment between my two career federal government positions. I have almost two years of eligibility for prior service credit from those years upon a deposit to cover that period in CSRS. I understand that even though am now covered under CSRS Offset I will have to make a full…

Q: I am a postal worker under CSRS and I will be retiring on Dec. 31 with 37 years. Will my unused annual leave be taxed on my 2011 income? A: Your lump-sum payment will be taxable in the year it is received.

Q: I have 30 years of full-time service under CSRS and wish to reduce to a part-time permanent employee for my last year of service. When I switch to part time, I understand that I will be required to pay a larger portion of my health care insurance premium. When I retire at the end of this year, how much will I pay to continue my health insurance? Will it be the percent I have paid through my full-time years, the increased amount I will pay as a part-time employee for the last year or some other amount? A: As…

Q: My permanent position in the states is a GS-12. If I deploy overseas for a GS-13, is that considered in calculating my high-3? A: If your basic pay overseas is greater and it falls within your highest 36 consecutive months of average basic pay, it will be included in your high-3.

Q: I am a recent widow of a CSRS Offset employee. I, too, was a CSRS employee (not offset). The survivor benefit that has been calculated for me is equivalent to 28 percent of my husband’s retirement benefit when he died. This doesn’t seem accurate, although it may be. I’ve spent nearly a year with OPM and Social Security trying to identify where their numbers are coming from, with no success. Can you recommend an expert that I can contact to assist me? Nobody, not even Social Security, seems to know how the rules were applied and I am going…

Q: I’m under FERS, have 23 years service, and am 53. If I were to be laid off under a reduction in force, what would my pension and health benefits be? Would I continue to be able to purchase health insurance through FEHBP? A: Your annuity would be calculated using the following formula: 0.01 x your high-3 x your years and full months of service. You would also be eligible for the special retirement supplement when you reached your minimum retirement age. If you were enrolled in the FEHB program at the time you were separated, you would be able…

Q: I am a CSRS retiree. How can I compute how much my annuity will increase once the 55 percent annuity survivor benefit is no longer valid? A: Start by computing what you annuity would have been if you hadn’t elected a survivor annuity, using the following formula: 0.015 x your high-3 on the day you retired x 5 years of service, plus 0.0175 x your high-3 x 5 years of service, plus 0.02 x your high-3 x all remaining years and full months of service. Once you have the product of that calculation, multiply it by each cost-of-living adjustment…

Q: I am an information technology specialist under the Federal Employees Retirement System. I have a service computation date of 1998. I retired early from the Navy with 18 years of military service and part of my retirement is a 30 percent service-connected disability from the Veterans Affairs Department, the rest is from the Navy. If I buy back my military time, will I lose my disability payment along with my retired payment from the Navy? A: If you make a deposit to get credit for your active duty service, you will also have to waive your military retired pay…

Q: I am a retired Air Force veteran of 26 years (1968-1994) and soon will become eligible for a 10 years of service under FERS. I will also become eligible for early Social Security benefits at age 62 at the same time. Both my military and federal civilian careers paid into Social Security. Because I am drawing two federal retirements, will my Social Security benefits be reduced/penalized? A: No, you won’t be penalized. Your Social Security benefit will be based on all your years of Social Security-covered employment.

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