Q: I am currently a retired CSRS offset employee who is on Social Security disability. My question is when you turn 62, does your disability payment change to regular social security or does it change at 66? I have been told conflicting information. A: As long as you continue to be disabled, you’ll continue to receive a Social Security disability benefit. However, because you were covered by a retirement system where you didn’t pay Social Security taxes — CSRS — when you reach age 62, the windfall elimination provision will reduce the amount of your Social Security disability benefit if…
Q: I am a retired naval officer and have been a civil servant for 15 years. When I ultimately retire from the civil service can I continue to receive my Navy retired pay as well as a civil service pension? A: Yes.
Q: I served 11 years, 8 months as active duty in the USAF. I served from 1983-1995 and was honorably discharged. I joined the Army Reserve Nov. 6, 2009, and am currently still in the reserves. I have elected to take a position with Indian Health Services Hospital, and I have some questions about retirement. 1) I was told I would have to buy back my 11 years and 8 months within three years, otherwise interest would be added on. How much would I have to pay to buy my time? I was an E5 when I was discharged. 2)…
Q: I retired from the Army after 21 years as a Chief Warrant Officer 2, which was a reserve commission; the component I retired from was United States Army Reserve (USAR) and I currently receive a retirement pension/pay. I am currently a government employee. If I buy back my military time and apply it to my civilian time (FERS), do I forfeit my military retirement pay? I believe I am receiving reserve retired pay based on my discussion with DFAS. A: If you are receiving reserve retired pay and make a deposit for any periods of active duty service, it will…
Q: Civilians working for Air Force Materiel Command could be getting buyout and early retirement offers. Some may be eligible for packages of up to $25,000. Is this offer going to be provided to all the Air Force Commands? If so, when? A: We haven’t heard anything. But as a guess, the likelihood is close to zero.
Q: Mr. Jones included something in his column appearing in the June 6 issue that has alarmed me and I’d like some clarification. Mr. Jones implies that military retired pay is somehow affected by the initiation of a federal civilian retirement annuity, except under “limited circumstances.” I am a federal employee and have been since 2007. After buying back my military academy time, I have retirement credit as of 2003. I am drawing military retired pay that I earned for service between 1983 and 2004. I plan to retire from federal civilian service in 2028. Under current rules, wouldn’t I…
Q: I have a friend who is eligible for retirement but wants to continue to work part time for the federal government in the same area. How is their retirement calculated for part time work? A: Tell your friend to go to www.opm.gov/retire/pubs/handbook/C055.pdf and scroll down to Subchapter 55B. Although this information originally only applied to FERS employees, thanks to a change in the law, it now also applies to those covered by CSRS.
Q: What are the rules concerning getting paid a lump sum for unused comp time (overtime credit) after retirement? Is there a limit on how many hours you can get paid for? Does the balance of annual leave have any effect on comp time balance? A: Compensatory time must be used within 26 pay periods. If you retire and have any compensatory time remaining, it will be paid at the hourly overtime rate in effect when you earned it. Such a payment is not affected by any lump sum payment for unused annual leave to which you may be entitled.
Q: I was reading the June 6, 2011, Personal Advisor and in planning for retirement, item four, it was stated that if one received military retired pay that they needed to make an appointment with the retirement counselor. It was stated that “under limited circumstances you may be able to receive both (military retired pay and one’s retirement annuity). However, in most cases, you’ll have to waive military retires pay.” That certainly got my attention. I served in the Navy for 25 years before joining the VA as a physician in September 2000. My Navy retired pay is fairly substantial. I would…
Q: I am a 49-year-old FERS employee with 27 years of service and am currently eligible for a VERA & VSIP. I am considering resigning or retiring for another non-federal position to remain in my current location. I would like to lock in my retirement and benefits eligibility, yet avoid all the reduction of purchase power the early retirement with no COLA until age 62 will result in. What is my best option to accomplish this? Am I eligible for a postponed retirement through VERA, and will that enable my eligibility for my health care, LTC, and life insurance? A: Because you…