Re-employment ramifications

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Q. I retired three years ago under FERS. I am considering applying for another position with the federal government. Will I forfeit any pay or retirement if I am rehired? A. As a rule, the salary of your new position would be offset by the amount of your annuity.

Unused annual leave

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Q. As a FERS letter carrier, if I retire and have 600 hours of unused annual leave, will I get a check for the 600 hours or is 440 the most I can get payed at retirement? A. Because you are a postal service letter carrier, your lump-sum payment for unused annual leave is limited to 440 hours.

Best date to retire

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Q. I have 24 years of service in federal law enforcement. Nov. 25 will make 25 years government service. I am 52 and will retire this year. I have heard and read the best dates for FERS to retire in 2014 are May 31, June 28, Nov. 29 and Dec. 28. I’ve read no matter which day in the month a FERS employee retires, the employee’s retirement becomes effective the first day of the following month. The first annuity check will then be dated the first day of the following month. If I retire on Oct. 18, the end of…

Buyback age limit

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Q. I am 65 and still working but at this time, I have not or did not buy back my military time, is there an age limit where I do not have to buy it back, or yes, if I want the extra money, I will have to buy it back? A. There isn’t an age limit on when you may make a deposit to get credit for your active-duty service. The only requirement is that you make that deposit before you retire. Note: If you are a CSRS employee who doesn’t make a deposit, you’ll still get credit for…

Child turning 26

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Q. I am a federal retiree and my wife is a federal employee. I pay for family coverage under FEP Blue. When our only child turns 26, should we both go to individual coverage? A. That’s entirely up to you. You’ll need to compare the premium costs with the co-pays, deductibles and catastrophic limits which will apply to both enrollments.

Years to be vested

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Q. I’m in the FERS program. Do you know how many years of service are required in order to be vested? If I leave government service after almost eight years, will I be vested in my TSP and annuity? Will I receive a pension? A. You’ll be vested in the retirement system when you have five years of full-time service. If you leave your contributions in the retirement fund and leave government, you’ll be entitled to a deferred annuity at age 62.

Vested employee

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Q. Once I get vested after five years of being in the federal system, and perhaps I leave the job a month later. Where can I find, or how can I calculate, how much I’ll get when I retire? A. If you leave you contributions in the retirement system, you’d be entitled to a deferred annuity at age 62. That annuity would be computed using this formula: .01 x your high-3 x your years and full months of service.

Earning limits

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Q. I plan to retire under CSRS offset well before I turn 62. I know at 62 my retirement will be recalculated and my annuity check will be split between OPM and the Social Security Administration. When I turn 62 and start receiving my retirement pay from both OPM and the SSA, am I bound by the earning limits set by Social Security (currently $15,480.00 annually)? A. Yes, you are bound by the Social Security earnings limit. That limit applies to anyone who is under full Social Security retirement age and has earnings from wages or self employment that exceed…

VERA/VSIP

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Q. I am 53 years  and eight months old, I have 28 years and eight months civil service. I am in FERS. My agency is offering the VERA/VSIP. If I submit an application and I am accepted for either of these would this affect my Social Security supplement? My MRA is 56. Does the MRA change with the VERA/VSIP? A. No, your MRA doesn’t change nor does the amount of the SRS you’re entitled to. They remain the same.

Health coverage for spouse

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Q. I am 48 and will be eligible to retire in two years as I will have over 20 years in federal law enforcement. I am signed up for a family plan under FEHB which covers my 42-year old wife and a three-year-old daughter.  My wife just started a Federal job that will also give her access to FEHB. As I understand it, we will continue to be covered under my FEHB for life, and my wife would just decline enrollment when she starts her job. Does this make financial or prudent sense? We don’t believe she will work long…

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