Q: I am a CSRS retiree and have an FEHB plan. In March I will turn 65 and understand I should apply for Medicare parts A and B, but in June I am getting married and I want to be able to provide health insurance for my spouse, who is 57. Should I keep my FEHB coverage as well as enrolling for Medicare parts A and B. This seems to be the only way to make sure we’re both covered, although presumably very pricey. Are there any other alternatives? A: No, there aren’t any sensible ones. When you get married,…
Q: I am 60 and just started to think about retirement. I have 23 years of federal service. I will have worked under CSRS Offset for 16 years on July 2010. I have an opportunity to go back to my previous employers (private industry) and will have 21 years of service after I meet the requirement to work five years to make me eligible for their retirement. Suppose my CSRS retirement is $30,000 per year. Suppose my Social Security for my CSRS Offset time is $10,000 per year. Then my CSRS income is only $20,000. But since I want to…
Q: I have seen references to 2011 being a good year to retire. I assume it has something to do with pay period 26 ending Dec. 31 and accrued AL. Would you please clarify why 2011 is a good year to retire? I plan on retiring some time in 2011. A: There’s nothing to clarify. As I stated, 2011 is a good year to retire if you do so on Dec. 31, 2011, because you would not only be entitled to a lump-sum payment for all your unused annual leave, including the leave you earned in the last pay period,…
Q: I may become a re-employed annuitant for the FAA very soon. I retired six years ago from FAA as an air traffic control specialist after 23 years with a 50 percent CSRS annuity. Before I worked for FAA, I had three years of military service that I did not make a deposit for before retirement (since I was only going for the 50 percent minimum ATC retirement). If I comply with the supplemental annuity requirements (work full time, and deposit 7 percent of the unreduced salary for each year I work) and work for four or five years; will…
Q: I am a 47-year-old FERS employee with 25 years of creditable service. I am a GS-15, so my plan is to retire at 56 (my MRA) where I will have 34 years of experience. Is it correct to assume that at 56 I will get FERS (34 percent of my salary based on 34 x 1 percent) and the Special Retirement Supplement (SRS) that would approximate my Social Security? How would the SRS affect my Social Security payout once I hit 62 and can I defer Social Security payout to 67 to get the higher benefit if I have…
Q: My father was a federal employee for 30 years. He died Nov. 11, 2010. My mother predeceased him by eight years. I received notice in the mail that I was the beneficiary of his death benefit. There is the option of taking the lump sum. But when he put me down as a beneficiary I was his dependent because of multiple mental disabilities. I would like to apply for the annuity for a disabled child. I can trace the start of one my disabilities to when I was between 11 and 13. However, I have no documentation of it.…
Q: I retired in 2008 under CSRS retirement. I elected spousal a dollar amount to be paid out at my death. I didn’t include health benefits as my wife is a federal employee with her own health insurance. My spouse would like to waive the spousal annuity to be paid out at my death. What is the process? A: While your wife is free to decline the receipt of a survivor annuity when she reports your death to OPM, it is too late for you to cancel your election of a survivor annuity for her. You would have had to…
Q: I resigned my permanent position from Indian Health Service in 1992 because of an illness. When I resigned, I was 42 and withdrew my retirement, which was about $18,000. My SCD was Oct. 4, 1974. I came onboard with IHS in February 1995 and chose to be under FERS. I am still working and just turned 61 on Dec. 13, 2010. I am vested under the TSP funds and I am applying to catch-up borrowed money under this savings. Can I buy back the CSRS retirement money? A: Yes, you can make a deposit equal to what you withdrew…
Q: I was a CSRS employee and I retired from the federal government in 1994 under the 10 percent reduction by President Clinton. I have been working in the private sector from 1995 to 2011. Can I connect Social Security from 1995 till 2011 if I am 65? A: Because you are receiving an annuity from CSRS, a retirement system where you didn’t pay Social Security taxes, your Social Security benefit will be affected by the windfall elimination provision. The WEP reduces the Social Security benefit of anyone who has fewer than 30 years of substantial earnings under Social Security.
Q: I have a large civil penalty from a state and want to know if they can garnish my Social Security income when I start to draw payments. A: Section 407 of the Social Security Act states that “none of the moneys paid or payable under this subchapter shall be subject to execution, levy, attachment, garnishment or other legal process.” While this is generally true, there are exceptions; for example the collection of delinquent federal taxes or delinquent child support. And there are others. You’ll need to consult an attorney who can examine your particular situation and determine whether garnishment…