Q: My spouse resigned from government under CSRS in 1988 and took his contribution out. He died IN 2000 at age 50. He was also in the military before the government CSRS job. Is there any fund(S) left in his account such as the government contribution, etc., for beneficiaries such as adult children or his wife? A: Since he took a refund of his contributions to the retirement fund, he canceled all rights to any future benefits. You’d have to check with his branch of service to see if there are any benefits available from them.
Q: Does it ever make sense for a FERS employee to buy back 20 years of military time for credit toward a FERS retirement? What if the employee decides later to leave federal civilian service before retiring. A: Whether it makes sense is a personal matter, often based on simple arithmetic. If you make a deposit, you’ll have to spend some money. In return, both your length of service and annuity would be increased. You’ll have 20 more years of civilian service and your annuity would be 20 percent higher. However, as a rule, you’ll have to waive your military…
Q: I have 18 years of service under FERS. I may be offered a job with the Federal Reserve Board. Would this be considered a federal position as far as pension/benefits go? I have no interest in the job if the answer is no. A: It all depends on the position to which you are appointed. You’ll have to check with the FRB personnel office.
Q: If I elected maximum survivor annuity for my current spouse,at retirement: (A) If I predecease my spouse, would she continue her survivor annuity pension and, what would happen with my annuity? (B) If my wife predeceases me, what would happen to her annuity pension. Would my annuity increase from absorbing her survivor annuity pension? A: If you were to die before your spouse, your annuity would end and your spouse would receive the survivor annuity you elected for her. If she were to die before you, your annuity would be prospectively restored to what it would have been had…
Q: I retired with 42 years of federal CSRS service. Two years later I was rehired by my former agency and have been paying into the CSRS system for 8 years. Can you tell me how they will recalculate my new pension, and will I receive a refund for all the money I paid into the retirement fund? A: Your annuity will be recalculated as if you had never retired, using the standard CSRS formula. Your high-3 will be based on your highest three consecutive years of average salary, whenever that occurred in your career. Since a CSRS annuity can’t…
Q: I have been on disability retirement and collecting Supplemental Security Income disability since 2001 at age 44, GS13/7 approximately 105,000 currently. I have 14 years LEO coverage at 1.7 percent per year, under the special formula and four years prior to my LEO position in a non-covered position at 1 percent. If nothing changes, at age 62, I will have 14 years of LEO coverage, four years of non-covered employment and 17 years of disability retirement. Specifically, what percentage will I get computing my retirement annuity at age 62 — 1.7 percent for 14 years and 1 percent for 21…
Q: Can you confirm that a FERS employee who retires from air traffic control, law enforcement, or fire fighting at their minimum retirement age with 30 years of service in the covered position will have their retirement calculated with all (30 years at 1.7 percent) as opposed to (20 years at 1.7 percent and 10 years at 1 percent)? In addition, lets assume only 15 years in the covered position and 15 years in a non-covered position that the calculation will be (15 years at 1.7 percent) and (15 years at 1 percent)? Lots of people believe that they need at least…
Q: I retired at the end of August 2010 and my agency is now offering a buyout for early retirement. Am I eligible for the buyout bonus? I meet the age and service requirements for voluntary early retirement. A: No. The sole purpose of a buyout is to entice employees to leave or retire. No incentive other than an offer of early retirement was needed to get you to retire. You can hardly expect an after-the-fact reward for having done so. Besides, the law wouldn’t permit it.
Q: I retired in 2007 on FERS disability after returning from Iraq where I spent about a year on special assignment for my federal agency. At the time, I had approximately 27 years of civil service (21 years, three months of federal civil service and six years of active duty military bought back). When I reach my minimum retirement age (56) next year can I switch to a regular retirement? That way I can work a little and not have an earnings limit of 80 percent. A: No, you can’t switch. However, when you reach age 62, your disability annuity…
Q: I am more than 55 years old, quit federal service more than 17 years ago, after 16 years under CSRS and never withdrew from my CSRS contributions. Question: If I return to work, I will be under FERS. Can I transfer CSRS money withheld into FERS and get credit in FERS “retirement benefit” calculations for the 16 years I worked under CSRS? What options are available? How many more years must I work to retire under FERS? If I work part-time, will it take longer? A: If you returned to work for the government you would be placed in CSRS…