Q. Retiring in 2012, I have FEHB and Tricare at present and will sign up for Medicare before retiring. I don’t think I will need FEHB after retirement but would like to keep my options open. I understand you can request that your FEHP be put in abeyance at the time of retirement but reinstate it at a later period. If this is correct, how do you do it? A. Yes, you can suspend your FEHB coverage rather than canceling it. To find out how to do that, go to www.opm.gov/insure/health/eligibility/tricare.asp and click on Frequently Asked Questions.
Q. I am a federal employee with 31 years of service. Civil Service Offset, with 10 years CSRS and 21 years in FERS. I plan to retire at age 59 1/2. Will there be any penalty? Will I be eligible for Social Security special retirement supplement? A. Because you have reached your minimum retirement age and have at least 30 years of service, there won’t be any reduction in your annuity. Further, you will receive the special retirement supplement.
Q. In your article, “Focus on good points of unused-sick-leave credit,” in the March 7 issue of the Federal Times, you mentioned that for FERS employees, the pension rate is 1 percent of the high-three salary regardless of the number of service years. This is contrary to what I was told that after 20 years of service, the rate goes up to 1.1 percent. Is your information correct? A. Yes. It only goes up to 1.1 percent if you have 20 years of service and are age 62 or older when you retire.
Q. The father of my children worked for the Veteran’s Administration for several years and decided to leave his retirement money in the system (FERS) to collect a pension in the future. He passed away over a year ago and we do not know whether his money is still in the system. If it’s still there, how can his children claim the money? A. Call OPM’s Retirement Information Office at 888-767-6738 and talk to one of the benefits specialists. Be sure to have his full name, date of birth and any other information that will help them to locate his file. They…
Q. If I was RIFed (Reduction in Force) 1 year and 7 months ago, and was eligible for discontinued service retirement, but chose not to retire at that time, can I now retire? A. No, you can’t.
Q. I have been a VA employee for 22 years on a part-time basis with a work schedule of 7 a.m. to noon on Monday mornings throughout my career. My position as an assistant in surgery is being eliminated and I have been offered the opportunity to work in a clinic instead. The problem is that they want to change my work schedule to 8 a.m. to 1 p.m. on Mondays. I know that doesn’t sound like much, but both the starting time and ending time will negatively affect my other job, which is my primary source of income. Despite…
Q. Is there any legislation currently being considered in Congress that would change the computation of CSRS retirement annuities from the current high-3 years average to high-5? A. No there isn’t.
Q. What is the present value factor number for a CSRS employee age 62? And what is the formula to figure out the value factor number? A. The present value factor for a 62-year old covered by CSRS is 193.2. These factors are developed by the Board of Actuaries of the Civil Service Retirement System. You can see all the factors by going to www.opm.gov/fedregis/html/jun10.asp, scrolling down to June 21, and clicking on the headings for CSRS or FERS.
Q. I am a retired governent employee receiving a pension. My husband was killed in a car accident in January of this year. My widows benefits from him under Social Security is being offset and I plan to appeal. Are there any cases where exceptions have been made? A. No there aren’t. The law is fixed and doesn’t allow for any exceptions.
Q. Will the 2 percent reduction in employee Social Security tax for 2011 and 2012 reduce the benefit that the employee will receive when he applies for a Social Security benefit? A. No. Social Security benefits aren’t based on the amount you contribute through taxes. They are based on the number of Social Security credits you have earned, your average indexed monthly earnings (AIME), and the age at which you apply for benefits.