Q. If a person retires voluntarily at age 60 and is receiving the regular FERS annuity plus the special retirement supplement, will that person also be able to collect Social Security Disability (if approved) at the same time? A. Yes.
Browsing: RETIREMENT
Q. I was an air traffic controller for 19 years 9 months and am now on a FERS disability annuity. If I am reading BAL 10-105 correctly, my annuity should be computed at 1.7 percent instead of the 1.0 or 1.1 percent I am currently receiving. Is that correct? Also, at age 62 what will happen? At that age I would have 41 years of service. I also question MRAs and the age of 62 for calculations for air traffic controllers. I was eligible for a full FERS retirement at 46 (25 years service). The maximum age to work as…
Q. I am planning to retire ASAP but am working out a few issues. I do not want the early retirement penalty (5/12 percent per month) to impact my retirement compensation so understanding how my military time rolls toward my retirement will dictate when I can retire. I will have 27 years of FERS service and four years of paid military time. I will have met my MRA of 57.6 yrs. Does my military credit count toward the 30 years required service time or does my military time only count toward my annuity computation? If it only counts toward the…
Q. Can if I can borrow money from my FERS account? A. No, you can’t.
Q. I’m 59 (60 in September of this year) and have over 20 years of service. I also have a degenerative disc disease, need total knee replacement. My job has accommodated my work life to allow work from home because I cannot navigate the large building. I want to medically retire, but haven’t a clue where to start. A. Your agency personnel office is required to help you through the steps needed to apply for disability retirement. However, if you reach age 60 during the process, you will have met the age and service requirement for voluntary retirement. Then your…
Q. I resigned at 56 under FERS after 16 years. I plan on deferring annuity until full benefit at 62. Am I correct that if I take benefit between 57 and 61, I am not entitled to COLA? A. Yes. With the exception of law enforcement officers, firefighters and air traffic controllers, the annuities of FERS retirees are not increased by COLAs until age 62.
Q. At the end of my enlistment I will have 15 years active-duty service. Let’s say I switched to reserve component, landed a federal job under FERS, and made the deposit for my 15 years of active service. Would I still be eligible to retire from the reserves after five years (20 years total service)? Or will the deposit from active-duty time toward FERS render those years/points gone, in which case I’d still have to do 20 in the reserves? A. Making a deposit to get credit for your active-duty service would have no affect on your entitlement to reserve…
Q. I am currently under FERS with 20.5 years of service and am age 55. My MRA age is 56. Can I apply for the deferred retirement to age 62 before I resign? I realize I will not be eligible for the health and life insurance. A. No, you can’t. You can only resign from the government and later apply for a deferred retirement when you are eligible for that benefit, which would be age 60.
Q. What is the best date to retire? A. There is no best date to retire. However, here is some information may help you to make a decision: The last pay period in 2019 ends on Sat., Dec. 21. The last pay period in 2020 ends on Sat., Jan. 4. CSRS employees can retire up to the third day of any month and be on the annuity roll in that month. FERS employees must retire no later than the last day of a month to be on the annuity roll in the following month. Anyone retiring on a date other…
Q. If I marry before I retire, will my new wife be entitled to my pension if we divorce? if so, can a prenuptial agreement protect my interest, or does the government override? A. If you marry while an employee, you are required by law to provide a survivor annuity for your spouse. If you marry after you retire, whether or not you provide a survivor annuity is up to you.