Q. I’ve received an estimated annuity statement that shows my begin service date as 01/03/1974. Three days later I receive a retirement letter of correction saying from 01/03/1974 to 04/03/1974 my retirement witholdings were under FICA. My CSRS contributions begin 04/04/1974. If I retire June 3, I have enough sick leave to give me 38 years and one month of service. Will my first 90 days being under FICA leave me short of 38 years of service as far as getting 72 percent of my high-3 years? Do I need to stay three more months to be sure I don’t…
Q. I am in an 1801 covered law enforcement position. Our mandatory retirement age is 57. The last few years’ positions have been posting with a 40 year maximum entrance age, with 20 years going to 60. Are other LEO’s now allowed to work until 60? A. No. However, if a law enforcement officer has completed 20 years of covered service and reached mandatory retirement age, an agency head may, at his sole discretion, allow the employee to continue working until age 60. If an LEO is first hired after age 37, he must be allowed to complete 20 years of…
Q. I will retire at the end of March. I am a FERS employee with 30 years service, and am age 57 1/2. My Human Resources office told me I will be penalized on my Supplemental Social Security payment at an amount of 5 percent per year until I reach age 62. My question is: Will this Supplemental Social Security payment increase yearly as I approach age 62, or does it remain the same. A. It sounds like your HR office was talking about the age penalty that’s applied to the annuities of employees who retire under the MRA+10 provision…
Q. I am retired military and I will have 15 years of unbroken civil service on July 31 when I reach my MRA. Can I take deferred retirement? A. Because you have reached your minimum retirement age and have at least 10 years of civilian service, you retire under the MRA+10 provision with an immediate annuity. However, that annuity will be reduced by 5 percent for every year that you are under age 62. You can postpone the receipt of your annuity to a later date to reduce or eliminate the age penalty.
Q. I am a 57 year old CSRS Agriculture Department employee with almost 32 years’ service. The program I manage and my position will likely be eliminated within the next three weeks. If I am not offered another job within commuting distance, what are my options? A. Because you are already eligible to retire, you have two choices. You can retire either voluntarily or involuntarily. If you retire voluntarily and return to work for the federal government, your salary would be reduced by the amount of your annuity. if you retired involuntarily, and returned to work, your annuity would stop and…
Q. I plan to retire the end of 2011 under CSRS, age 63, after over 41 years of service. I am choosing to retire on one of the “best dates to retire in 2011,” Dec. 31. When completing my Retirement Application SF-2801, “Date of Final Separation” I’m not sure whether to use 12/30 or 12/31 as the date of final separation, since the first day of retirement is the day following the “date of final separation.” To get annual leave accrual for that last pay period, I thought it would need to be 12/31. However, to get full COLA credit, I…
Q. What happened with the proposal to change the retirement base from high-3 to high-5 (previous Federal Times quote below). Do you expect this legislation to pass? If so, when would it take effect. “The CBO’s recommendations are the latest deficit reduction plans that, in part, target federal employees and their benefits. Last year, the White House’s deficit reduction commission called for basing federal employees’ pensions on the average of their highest five years of salaries instead of the current high-three method and cutting the federal work force by 10 percent, among other recommendations. Several Republican lawmakers are dissatisfied with…
Q. I would like to know what retirement plan I should be under when I retire. I was first hired on May 3, 1982. I was an intermittent employee paying only contributions into Social Security. I was hired into a permanent position a year later on May 1, 1983 beginning contributions into the CSRS retirement system. I left my job with the government on June 23 at age 58 with then only 27 years total tenure, which included two years military time that I bought back for annuity purposes. I was put into deferred retirement CSRS status because I did…
Q. Can you explain in laymen terms about this or refer me to where I can find out more info? I have retired from active duty 20 years with disability pay. I now work as a DA civilian. I am 39. So do I count the 20 years plus my civilian years towards retirement? i.e. 20 years active duty plus 10 yrs CIV= 30 years total fed service at age 59. I earn four hours of leave time per pay period. When do I qualify for an increase in leave hours? If I opt for buying back time, will this…
Q. I now have 22 years of federal civil service and I’m 46 years old. Instead of retiring at 30 years’ service and taking early retirement at 25 years service (obviously I’m FERS). I understand I will lose 5 percent per year. Does this mean I lose 5 percent for the first five years of my retirement and then I gain it back when I’m 56 years old for good? A. The reduction is permanent.