Browsing: RETIREMENT

Q: I was employed by the Department of the Army in 1968 and retired with a disability annuity in 1974. I have never been restored to full capacity and I still receive my annuity of approximately $1,060 per month. I have worked in a part-time capacity at various jobs over the years and have earned 20 Social Security points. In December 2010, I will turn 62, and I understand that my annuity will be recalculated. I do not know my three highest years of earnings and do not fully understand how the annuity will be recalculated. I have looked at…

Q: I am a Federal Employees Retirement System employee who has bought back her active-duty military time. I’m resigning with 31 years effective July 5, 2010, but I haven’t reached my minimum retirement age. From my understanding, I can apply for retirement three months prior to reaching my MRA (Oct 14, 2011), without any problems. I was also told that I will not have any health and medical benefits — which I don’t have because I am a dependent wife of a retiree. I just want to make sure that I will have no problems when I apply for my…

Q: Why is it that the GS base salary does not equal the annual salary when multiplied out? (I’m a GS 13/3 in D.C. My annual salary is $94,969.  My base salary is computed as $45.51/hour x 80 hours x 26 weeks = $94,660.80, a difference of $308.20, or approximately 38 hours). We’re in the middle of refinancing the house and the bank is asking. A: Regardless of what you see on a pay chart, your basic pay will always be the actual amount received during a calendar year, which, by law, is 2,087 hours long.

Q: I am a Federal Employees Retirement System employee in an 1811 covered position and have been a civilian employee for eight years. I was hired when I was 43 (I’m currently 52). If I retire 12 years from now as an 1811 under the LE retirement provision, I will be 63 years old. Will I be eligible to get the special retirement supplement until I qualify for full Social Security benefits? Full Social Security benefits in my case will be when I reach the age of 66 years, eight months — three years and eight months after I will…

Q: How is sick leave to be apportioned when a employee retires with a Civil Service Retirement System component to a Federal Employees Retirement System pension? When I transferred to FERS, I had 275 hours of sick leave frozen. I expect to retire before December 2012 with 700 hours of sick leave, and I understand that half, or 350 hours, would be credited toward my retirement. However, there doesn’t seem to be any clear information on how that 350 hours would be allocated. Can you help? A: Your frozen CSRS sick leave balance will be added to your actual service…

Q: Can I retire at age 56 if I have more than 30 years of service? I am a Federal Employees Retirement System employee. A: If you were born between 1953 and 1964, the answer is yes. If you were born after 1964, the answer is no because you won’t have reached your minimum retirement age. MRAs increase by two months each year beginning in 1965 until they reach 57 for anyone born in 1970 or later.

Q: I am employed by the Army under the Civil Service Retirement System. I am planning to retire on Nov. 30, 2011. I worked for the Federal Deposit Insurance Corporation for 11 months (July 14, 1980, through July 10, 1981). When adding up my service time for retirement, will the 11 months in which I worked for FDIC be included? A: If retirement contributions were taken from your pay while working at FDIC, you will get credit for that time in determining your eligibility to retire and in your annuity computation. If they weren’t and you haven’t made a deposit…

Q: I am eligible to retire without penalty (Federal Employees Retirment System) since I’m now 60 years old and have almost 24 years of federal service. I have health insurance for myself, which I plan on carrying into retirement. My husband, who has worked for private industry, has just had open-heart surgery. He filed for disability and is being awarded. He also filed for retirement through his company. He has had excellent health insurance with his employer and union. They are to carry full health coverage on him for nine months after his heart attack in November. Since this is…

Q: I retired under an early-out exception due to health reasons in September 2009. I was a Federal Employees Retirement System employee. I also applied for disability and I was just recently approved. I am 56 years old, with 22 years, 7 months of service. I need to know how my disability payment will be computed. I read that if I was eligible for a voluntary immediate retirement, there was no advantage to me getting disability. The only retirement I qualified for was MRA+10. Does this mean I will get benefits based on the 60 percent, and after 12 months,…