Browsing: RETIREMENT

Q: I started as an enlisted soldier and recently was promoted to lieutenant colonel. I plan to retire from the military Feb. 1, 2013, which will give me 24 years and six months of active-duty service. I will be almost 43 at that time. I am considering obtaining a GS job, one prospective position is at the GS12 level, but am admittedly a little confused about the overall buyback program, and have the following hypothetical questions: 1. I understand I would have to work at least five years in the GS position to qualify for a retirement. Is this true,…

Q: How do I terminate a retired annuitant from the agreed-upon year of service needed at the time? Will paperwork be needed? What if the service provided by the retired annuitant is not working out for the organization, are we just stuck with the situation or is there a regulation that I can reference to ensure we are not faced with stiff penalties later? A: Re-employed annuitants serve at the will of the appointing officer and can be terminated at any time.

Q: I am retired military with 20 years of active duty. I am a GS-14 with two years of federal service. I am 47 years old. What would the benefit be to buy back my military time? A: If you made a deposit to the civilian retirement system for your 10 years of active-duty service, it would be added to your actual service time in determining your eligibility to retire and, when you retire, your annuity would be 10 percent higher than if you didn’t make a deposit. The deposit required would be 3 percent of your basic active-duty pay,…

Q: I have a question about converting my military time if I’m retired with 20 years of service. Will it help me or hurt me? I’m a WG-10 with five years of federal service right now.  I’m a veteran with a 30 percent disability rating. A: If you make a deposit to the civilian retirement system, those years will be added to your actual years of service and, when you retire, your annuity will be increased by one percent for each of those years. The only hurt might be to your wallet. The deposit required is three percent of your…

Q: I am a federal firefighter (GS-081 series) covered by the Federal Employees Retirement System. I work for the National Park Service. My department is being abolished this year, with a local city department taking responsibility of fire supression. Reduction-in-force notices are coming out next month. I have 24 years and 8 months of federal firefighter service. Can I buy back retirement time from a nonappropriated fund Army job I held from January 1982 to October 1985, which I did not put into, and transfer it to my FERS retirement so I can retire with at least 25 years? A:…

Q: I have checked your Q&A and have asked several people about the special retirement supplement (SRS) and can’t seem to get an answer. I’m a 56-year-old Postal Service employee with 22 years of service. Rumor has it there will be another Voluntary Early Retirement Authority (early out). My two questions are, if I go out on VERA, will I be able to take money out of my Thrift Savings Plan account without early withdrawal penalties even though I`m not 59 1/2 years old? I know I will be eligible for SRS. Will the fact that I will be getting…

Q: I was told by an administrative person some 15 years ago that your initial retirement pay is not taxed until your retirement exceeds your cumulative retirement pay-in. Is this true? A: That hasn’t been true since the law changed in 1983. Before that time, retirees received the full amount of their retirement contributions before their annuities were taxed. Since then, a portion of each annuity payment is taxable. For information on how that amount is determined, read IRS Publication 721, Tax Guide to U.S. Civil Service Retirement Benefits, available at http://www.irs.gov/publications/p721/index.html.

Q: I am covered under the Civil Service Retirement System, but my husband is a Federal Employees Retirement System employee. Prior to retirement, we want to have him get Federal Employees Health Benefit Plan coverage (he is covered under my plan now) and provide coverage to me. Will he be able to continue FEHB coverage for both of us when he retires (he has to work at least one year longer than I), and is the cost about the same as if I provided our coverage (as a retired CSRS employee)? A: There is no difference in the premiums paid…

Q: I heard on a “Face the Nation” segment a couple of weeks ago that the Federal Employees Retirement System wasn’t as generous as the Civil Service Retirement System, and that a great deal of money would be saved if the government converted retirees. Is there anything in the works that would threaten the CSRS retirement package? A: Absolutely nothing is in the works that would do that.

Q I retired voluntarily from Federal Employees Retirement System on July 31, 2009, for health reasons with plans to change to FERS disability later. I was told by the Office of Personnel Management that there would be no benefit for me to file for FERS disability since I retired voluntarily. I applied for Social Security disability and was approved on April 23, 2010, with benefits beginning in December 2009 (I was found to be disabled on June 10, 2009). Do I still have to return the supplement from August 2009 to November 2009? Also, can I receive Social Security disability…

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