Browsing: RETIREMENT

Q. I plan to retire on Dec. 31. I have 2,396 hours of sick leave and understand that any unused hours leave will be used to increase my annuity. I want to find out how many hours I can use before the end of the year without affecting the maximum number of hours that will be used to increase my annuity. A. I can’t tell you how many hours you can use. What I can tell you is that annuities are based on all years and full months of service. Any days that exceed a full month will be added…

Q. I was born in 1967. I’m covered by FERS and want to retire at the age of 55 when I’ll have 34 years of federal service. Will I take a huge hit in my annuity? A. Because you were born in 1967, your minimum retirement age is 56 years and 6 months. Although you wouldn’t be eligible to retire, you could resign and apply for a deferred annuity when you reach your MRA. However, if you did that, you wouldn’t be eligible to receive the special retirement supplement nor would you be able to re-enroll in either the FEHB or…

Q. I was born in 1967. I’m covered by FERS and want to retire at the age of 55 when I’ll have 34 years of federal service. Will I take a huge hit in my annuity? A. Because you were born in 1967, your minimum retirement age is 56 years and 6 months. Although you wouldn’t be eligible to retire, you could resign and apply for a deferred annuity when you reach your MRA. However, if you did that, you wouldn’t be eligible to receive the special retirement supplement, nor would you be able to re-enroll in either the FEHB…

Q. I’ve just been offered a job in a federal agency. Because I’m an Army retiree, I’ve been told that I won’t get any credit for that time in determining my annual leave accrual rate. It doesn’t seem right that I won’t get any credit while others who served less time and didn’t retire do get credit for their time. Why is that? A. When it enacted the Dual Compensation Act in 1964, Congress adopted a compromise between the view that retired members should receive preference and full credit for their service and the view that there should be no…

Q. I’m planning to retire from the U.S. Postal Service in October. I have no spouse who would be eligible for a survivor annuity. However, I do have a daughter. I would like for her to get my retirement pay. I worked hard for it and I don’t want it going back to the post office as unclaimed income. A. While you cannot name your daughter to receive a survivor annuity, you could elect to provide her with what is known as an insurable interest annuity, but only if you are in good health when you retire. If you make…

Q. I’ve reached my minimum retirement age and have 29 years under FERS. I have more than 2,400 hours of sick leave. Will the sick leave time be added to my actual service and make me eligible to retire? A. No, it won’t. Sick leave is only added after you have reached the right combination of years and service to retire on an immediate annuity.

Q. I am a reserve solder with 29 years of active duty and have six years until I am eligible for mandatory retirement. Upon completion of my current deployment, I will likely go back to a government civilian job. My understanding is that I can buy back all my years and do an additional 5-plus years of civilian service and retire with both checks intact. I can collect my military retirement when eligible and still work in a civilian capacity until I completely retire from the workforce. Is that correct? A. Only active duty service which meets the definitions found…

Q. I’m going to retire and will receive a lump-sum payment for my unused annual leave. How is that payment calculated? Is it accumulated hours x current hourly wage? Is this considered unearned income? How is it taxed? A. Your lump sum annual leave payment would be based on the hourly rate of basic pay you would have received if you had remained on the job. If you retire before an annual pay adjustment becomes effective, any hours before that change will be computed at the old rate and those after the change at the new rate. Any step increase…

1 2 3 4 5 6 315