Retiring at the end of leave years 2010 or 2011 offers maximum advantage to employees who want to hold out for the maximum payment for unused annual leave and get the benefit of the pay increase that starts on the first pay period on or after Jan. 1 each year. Keep in mind, however, the end-of-year avalanche of retirements will further challenge the Office of Personnel Management’s ability to process applications in a timely fashion. New applications will be on top of a backlog of 38,000 applicants, 40 percent of whom have been waiting three months or more to receive…
Q: Is there a schedule that I can see that shows dollar amounts for age and years of service for civil service retirees? A: No, nor could there be. That’s because annuities are computed using a formula that includes an employee’s highest three consecutive years of average salary and his years and full months of service. As a rule, age is only used in combination with years of service to determine if an employee is eligible to retire.
Q: My son is 23 and is currently on Temporary Continuation of Coverage. Last open season we changed our insurance plan but our son continued with the old plan. It’s my understanding he is eligible to come back onto our plan January 1st. Does he need to change to our new insurance company/plan? Or can he stay where he is? A: He would have to be covered by your plan.
Q: I am currently 65 and a federal employee with four years and one month continuous full-time service with health insurance. My husband, age 62, is receiving a CSRS annuity, has federal health insurance, and retired after 34 years of civil service. We married 9/25/10, and were told I could be on his health insurance. He sent the required marriage certificate and letter of request. (We both had checked on the process for health insurance that this was acceptable). However, his health carrier stated that if he died before I did, I would be removed from the health insurance because he did not elect…
Q: I will be retiring when I am 62 and my wife is 64. Currently my health care works fine but I am lost when it comes to Medicare. When we hit 65 are we required to get Medicare parts A and B? And if we do have to get Medicare, which one will be our primary? A: If you have had Federal Insurance Contributions Act (FICA) deductions taken from your pay, you will be eligible for Medicare Part A. If you are retired, you won’t have to pay any premiums for this benefit. On the other hand, with Medicare…
Q: If I choose to take the Social Security supplement, is it true you get 75 percent of what you are eligible for at the age of 62? At the age of 62, will my benefit be reduced because I drew dollars from there? If so, how much? Example: If my SS statement says $1,000.00 at the age of 62, will I receive $750.00 each month? At the age of 62, will I receive $1,000.00 each month? Thank you. A: First, you don’t have a choice. If you are eligible for the special retirement supplement, you’ll receive it in your…
Q: I have been working for the federal government since January 1989. My first four years were as a temporary employee. It seems I can only buy back about six to nine months of this. I am under the FERS retirement and it has designated 56 as my minimum retirement age. I know that I would get reduced benefits, but I would like to retire with 25 full years. Can I retire with 25 years before my MRA? If I can, what would the reduced benefits be? I am looking to retire as early as I possibly can from federal government. I am not worried about the…
Q: I currently have an employee who insists on retiring at the end of the current year. This individual has agreed to work as a part-time rehired annuitant for a period not to exceed one year. The issue is this: She has 240 hours of carry-over leave, 168 hours of unused leave for this year and 120 hours of restored leave. Can the individual get paid for the leave and return to work immediately? A: No. She would lose any leave that exceeded 240 hours, and that 240 hours would be carried over to her temporary position. Because unused leave is…
Q: I retired from the Army with 23 years of service. I am currently receiving VA disability compensation for 90 percent disability (tied to service during combat as well as peace time). I am also receiving my Army retirement and a portion of that is under the concurrent receipt of benefits due to line of duty injuries. I am considering a GS 15 billet but am not sure what my alternatives are for retirement and my military retirement. Would I give up my entire military retirement or just the portion not concurrent receipt related? How do they calculate how much I would…
Q: Once you begin taking the TSP via monthly payments can one change and have an annuity purchased through MetLife? A: This is not currently an option for purchasing a MetLife annuity through the Thrift Savings Plan.