Q: I am 65 years old and will be 66 in January. I am contemplating retirement from the federal government. I worked in the private sector for more than 20 years and switched over to the government in 1985. I am under the Civil Service Retirement system. I was informed by a co-worker that my Social Security benefits, which I am counting on heavily to support my family, will be reduced substantially because I am under CSRS. Is this true? A: Your Social Security benefit would only be affected if you have fewer than 30 years of Social Security-covered employment.…
Browsing: RETIREMENT
Q: Who do I contact to buy back my time spent working with the Tennessee Valley Authority for retirement credit? I need an address and phone number. A: To get credit for your period of service with TVA, you’ll need to ask them for a refund of your retirement contributions and then deposit that refund into your current retirement system. Your local personnel office can help you do that.
Q: I’m under the Civil Service Retirement System and have a period of about one year of nondeduction service immediately prior to Oct. 1, 1982. I also have about a year of nondeduction service starting Oct. 1, 1982. Which would it make more sense to make a deposit for, the year prior to Oct. 1, 1982, or the year commencing on that date? A: For nondeduction service performed before Oct. 1, 1982, you have the option of making a deposit and having your annuity reduced by 10 percent of the amount that would have been deducted from your salary plus…
Q: I retired at age 57 as a Civil Service Retirement System Offset employee. I’ve enjoyed a private industry position but have learned that at age 62, my CSRS annuity will be reduced. I can retire through the Social Security Administration to recoup the reduced amount, but will be subject to an earnings limit which wipes out the entire SSA pension. Am I missing something? Are offset retirees subject to the SSA earnings limits? A: Yes, they are. The earnings test will reduce your Social Security benefit by $1 for every $2 you earn above the limit, which is $14,160…
Q: From Oct. 28, 2009, to Dec. 31, 2013, half of of sick leave may be credited toward retirement time. Is that correct? If so, does a Federal Employees Retirement System employee who retires in that window receive payment for the other half of the unused sick leave, or is it just lost? Do FERS retirees receive full payment for unused vacation time? A: Any FERS employee retiring between now and Dec. 31, 2013, will only receive credit for half of his unused sick leave. The rest is lost. After that date, full credit will be given. All employees, whether…
Q: I understand that under the Civil Service Retirement System, we can use unused sick leave toward federal service time that is used to determine the amount of time considered under the CSRS retirement pay formula. Also, I understand that under CSRS, the maximum time allowed is 42 years, which translates to 80 percent of the average salary in a worker’s “high-3” years. My questions are, if someone is covered by CSRS, if they add up their military and civil service time and get 42 years, can unused sick leave be added to the 42 years to get more than…
Q: My husband has been working for the U.S. Postal Service for 26 years. He is 53 years old. He is entitled to Federal Employees Retirement System benefits at age 56, but he wants to retire now due to health issues. Can he do that? A: The only way he could retire before reaching his minimum retirement age would be if he was approved for disability retirement. To find out if he is eligible, he’d have to file for disability retirement and, at the same time, file for Social Security disability benefits. His personnel office can help him do that.
Q: I have been working for the government for the past seven years under the Federal Employees Retirement System and expect to retire in 13 years at age 67. Prior to my government service, I worked in the private sector and paid into the Social Security system for 35 years. Am I to assume that I will be receiving both a full FERS and Social Security benefit when I retire? A: Yes. You will receive your FERS annuity based on your years of FERS-covered employment and a Social Security benefit based on all your Social Security-covered employment, not just that under…
Q: Do you know of any retirement seminars specifically geared to Federal Employees Retirement Service disability retirement? A: No, I don’t. However, if any of our readers are aware of any, please let me know and I’ll pass the information along.
Q: Can an active-duty service member roll his retirement into government service and add those years together with existing military service years? This was possible 20 years ago or so, but I was wondering whether it still is an option. I’m a 27-year veteran about to retire, and I’d rather go straight into government service and forego my retirement check from the military, if that is possible. A: Nothing has changed. You can make a deposit to the civilian retirement system for any years of active-duty service and, if you are eligible for military retired pay, waive that pay when…