Q: I’m reading a Reg Jones column for 2006. I cannot find a similar article discussing retirement at the end of 2011. A: Read my July 25 column, entitled “By the calendar, 2011 marks a good year to retire.”
Q: If I am recently separated (voluntarily) from the civil service after 13 months and have not purchased my military time for retirement purposes, can I still submit the paperwork to buy back that time and be eligible for some FERS benefits at age 62? A: No. Only an employee can do that. FYI: You would have to have worked for five years as a FERS employee to be eligible for an annuity. Bought back time wouldn’t count.
Q: I will be 55 in September and I’m trying to retire when I’m 56. I have worked for the federal government for 26 years and I am under FERS retirement. My agency is offering the voluntary retirement until September and it has been offering this for the past five years. I hope this early voluntary retirement will be offered next year when I reach 56. It is my understanding that if my agency is offering the voluntary retirement, I don’t have to reduce my FERS retirement at the 5 percent rate for each year. Is this correct? My other …
Q: My father passed away a couple of months ago and my stepmother is waiting to receive the FEGLI and annuity packets from OPM. Per my father’s FERS paperwork, he left my stepmother, my brother (deceased) and I (adult child) as his beneficiaries. However, per all the survivor’s information on the OPM website, only children with disabilities, attending college or under the age of 18 are eligible. Is this true? A: Any Federal Employees Group Life Insurance benefits will be divided according to your father’s designation of beneficiaries. However, while your stepmother would be entitled to a survivor annuity, to…
Q: I am a 53-year-old FERS employee with 34 years of service, 10 active military (bought back time), plus 24 years FERS time. If offered voluntary early retirement, will I get 34 percent of my final salary in retirement pay? And will I be eligible for the Social Security supplement? If so, how do I calculate it? 24/40 estimated full Social Security amount? Can I make substantially equal withdrawals from my TSP account at age 53 without penalty, assuming I do an early-out retirement? A: You would receive 1 percent of your high-3 for every year of creditable service (1/12…
Q: I work for postal service as a PS-06 mail processing bargaining clerk with a base rate of $53,102. I have been offered an Inspection Service ISLE 09 position (equivalent to a GS-09) that will include a locality pay of 24.22 percent. As far as I know, as a bargaining employee who gets an EAS promotion, the salary schedule would receive a 5 percent increase to my existing bargaining-unit salary. In my case, the new base pay rate would be $55,757. So how would the locality pay be computed? Would it be new base pay rate of $55,757 + 24.22…
Q: I am a FERS employee. My personnel record says I am eligible to retire in 2015. I have paid into retirement from my military time and in November 2015 I will have 26 years of service and be age 60. Will I get penalized for not going to age 62? A: No. Because you have at least 20 years of creditable service and will retire at age 60, you won’t be subject to the age-based reduction in your annuity.
Q: I’m a FERS employee. At 50 years of age I will have 25 years of working for the federal government. If I retire then, what will be the penalty? If I was to leave at 50, but would not apply for my pension until I was 55, would there still be a penalty? Would my pension be 50 percent of my best five years?(25 years X 2 percent = 50 percent)? A: You can’t retire at age 50. The earliest you could retire would be when you reach your minimum retirement age. MRAs range between 55 an 57, depending…
Q: I just turned 65 and started paying my Medicare premium on a quarterly basis. I am still working federal civil service and not drawing Social Security so I have to pay my Medicare premiums separately from my pay deduction. However, Medicare deductions are still taken from my civil service pay. It seems I am having to pay twice for the same coverage. If I was not working civil service I would not have the deduction and I would still receive the same coverage since I am 65 and paying the premiums for parts A and B. Shouldn’t the pay…
Q: I retired from the Air Force as an air traffic controller in 2001, with 20 years and 29 days. I was hired by the FAA under the Phoenix 20 program in 2006. In June of 2012 I’ll turn 56 and probably have to retire due to the age restriction, (I’m requesting a waiver). I have enough sick leave to complete six years with the agency. I’m under the FERS retirement plan and I have a couple of questions. I’m planning to buy back my 20 years and 29 days of military service. Will my 20 years of military service…