Q. 1) Suppose one retires under the Civil Service Retirement System on Sunday, Oct. 31. I like to ask whether that is an especially poor date because I heard: a) in computing the high-3, only 30 days are used and thus Day 31 is not used; b) if one retires any other day except for the 31st, an extra day is added in computing high-3; c) two days of annuity is lost since salaries are not paid/prorated on weekends while annuity is paid/prorated. Yet, Human Resources said that the above is untrue because by some complicated formula, Day 31 is considered…
Q: I retired at the end of 2007 but continued to work part time until February . I “failed” my first earnings test in June 2009, and my supplement was suspended that August. My earnings for 2009 were similar to 2008, but my earnings for 2010 will be below the threshold for a supplement reduction. When and how will my supplement get turned back on? A: According to the Office of Personnel Management, special retirement supplements are reviewed when it receives information on the annual survey they sent to retirees or from either the Social Security Administration or the Internal Revenue Service…
Q: I currently work for the federal government. I previously worked for a state hospital back in the ’70s. Will/can that state time count towards my retirement? A: No, your work for the state hospital won’t count.
Q: I understand the federal government is beginning to consider offering early outs. Can you confirm this? A: No.
Q: If I retire on Dec. 31 at the age of 56 with more than 20 years in law enforcement, would I immediately be eligible for any cost-of-living adjustment for retirees paid at the beginning of the new year, or would I have to wait another full year for the increase? A: No, you wouldn’t be eligible for any cost-of-living increase in 2011. You would receive your first COLA increase in your January 2012 annuity payment. The amount would be 11/12ths of that increase. To receive the full COLA, you would have to retire no later than Nov. 30, 2010.
Q: I know that unused annual and compensatory leave is paid in a lump sum upon retirement. Are unused credit hours also paid out as lump sum? A: Yes. Up to 24 credit hours may be paid in a lump sum at the hourly rate of pay you were earning on the day you retired.
Q: I retired four years ago as a state university extension service employee in the Civil Service Retirement System retirement as well as state retirement. My health benefits were and continue to be through the state retirement system. I now have an opportunity to work part-time for another Agriculture Department agency. If I become a part-time employee of that agency, will it affect my CSRS benefit? A: As a rule, the salary of your new position would be reduced by the amount of your annuity. You’ll need to check with the new agency to see if there would be an…
Q: I became fully eligible for Social Security at 66. I am now 67 and will work until I am 68. For each year, limited to five years, Social Security will increase the benefit by 8 percent a year if drawing Social Security is deferred. Is there a similar provision for Federal Employees Retirement System retirement? A: No. However, a FERS employee who attains age 62 and retires with at least 20 years of service will have the first number in his annuity formula increased from 0.01 to 0.011. The new formula would then be 0.011 x high-3 x years and full months of…
Q: How would I apply for credit or buy-back other federal service time (specifically Tennessee Valley Authority time) under the Federal Employees Retirement System? A: You would need to take a refund of the retirement contributions you made to TVA and deposit them, with interest, if applicable, in the Civil Service Retirement and Disability Fund. Your personnel office can help you complete the paperwork needed to do that.
Q: I was an attorney for the Justice Department from 1998 to 2001, and then an attorney at IRS from 2001 to 2005. Then I quit the government, quit practicing law and completely changed careers. Here, five years later, I’m considering looking at federal employment again. My questions are: 1. What exactly is career status? 2. Do I have it? 3. Does it matter? 4. Does it apply even if I’m applying for a job that has little at all to do with my former career? A: In the federal government, anyone who is hired into a career-conditional position in…