Q. If I buy back my military time (20 years), I’ll have 35 years of federal service and be 54 years of age. If an early retirement is offered, would I be eligible? A. Yes.
Q. I retired under CSRS in 2003 and have 26 credits for Social Security. I seem to remember from a pre-retirement seminar that I should sign up for Social Security two or three months before turning 65, which will be this year, even though I am not entitled to Social Security. Do I need to sign up if I am not entitled to it? A. No, you don’t. You only need to sign up for a Social Security benefit if you’re entitled to one.
Q. I am separating from civil service after 15 years. Is it more advantageous for me to take my leave as terminal leave or accept a lump-sum payment? (I have approximately 20 days). A. There is no such thing as terminal leave in the federal civilian government. The decision of whether to approve a request to take annual leave before retirement is entirely up to your supervisor. If you end up having a choice between taking annual leave or receiving a lump-sum payment, you’ll have to figure out which would be more advantageous in your situation. One size does not…
The longest-serving feds are covered by the Civil Service Retirement System. Those hired in 1984 or later are covered by the Federal Employees Retirement System. In between are those covered by CSRS Offset, a hybrid that combines CSRS and Social Security. To be covered by CSRS Offset, you have to have been a CSRS employee for at least five years before 1984, left government and returned after a break in service. If you returned in 1984 or later after a break of a year or more, you would have been automatically covered by CSRS and Social Security, with the option of…
Q. I am 59 with 23 years’ service under FERS. If I retire now, will I receive the special retirement supplement of 50 percent of expected SSI until 62? A. If you retire now, you won’t be eligible for the special retirement supplement and you’ll be subject to the 5 percent per year penalty for being younger than 62 because you’d be retiring under the MRA+10 provision (minimum retirement age with between 10 and 29 years of service). If you want to avoid the age penalty and receive the SRS, wait until you reach age 60 to retire.
Q. I retired from federal service in 1989. At that time, I maintained my Federal Employees’ Group Life Insurance coverage. After all those years, how can I ascertain if I still have it? A. Assuming you are talking about your basic insurance, unless you elected to maintain a higher level of coverage (for which you’d still be paying), it will have declined in value at a rate of 2 percent per month beginning at age 65 until it reached 25 percent of its face value on the day you retired. It will stay at that level until you pass on,…
Q. I am a CSRS retiree and also draw a CSRS annuity on my deceased husband. I have been widowed for seven years and plan to remarry this year. I am 67. Am I secure to keep receiving my survivor annuity after I remarry? I do not want to lose it, and your answer will affect my decision. I think the rule is that you must be 55 to continue the survivor annuity. A. There is no bar to your remarrying and receiving the survivor annuity based on your late husband’s election of a survivor annuity. The criterion you refer…
Q. I was looking at what states are best for retiring when it comes to tax rates. I’ve read that North Carolina doesn’t tax annuities. That’s great for my TSP annuity, but is my Postal Service retirement considered an annuity? A. Civil service annuities in North Carolina aren’t taxed if you had five years of creditable government service as of Aug. 12, 1989. If you didn’t, they’re taxable.
Q. I first came on as a civil service employee under CSRS from 1981 to 1984, then went on active duty for three years. I cashed out my CSRS when I left. After my tour ended in 1984, I came back to civil service as a FERS employee. I am now within 10 years of retirement. Can I “buy back” those CSRS years I cashed out toward my FERS annuity? A. Yes. Just fill out a copy of Standard Form 3108, Application to Make Service Credit Payment (downloadable at www.opm.gov, click on Find Form(s)) and send it to OPM, Retirement Service…
Q. I am now retired from federal civil service under CSRS with 33 years of service. I have contemplated working a part-time job, nonfederal employment, and maybe becoming self-employed but wondered if I will have my annuity reduced due to additional earnings. Also, is there a maximum dollar amount I am allowed to earn annually beyond what I am paid in my retirement annuity before my retirement is reduced? A. As long as you aren’t re-employed by the federal government, you can make as much as you want without it affecting your CSRS annuity.