Q: I have a total of 25 years of federal service as a Federal Employees Retirement System employee. I am 51 years old and thinking of leaving and working for a private company. How can I find out what my pension will be when I reach the minimum retirement age of 62? And how can I find out how much I would get right now if I was to take my pension money out now and roll it over into an IRA or ROTH account? I don’t like the fact that my spouse will only get 50 percent of my…
Q: I have checked your Q&A and have asked several people about the special retirement supplement (SRS) and can’t seem to get an answer. I’m a 56-year-old Postal Service employee with 22 years of service. Rumor has it there will be another Voluntary Early Retirement Authority (early out). My two questions are, if I go out on VERA, will I be able to take money out of my Thrift Savings Plan account without early withdrawal penalties even though I`m not 59 1/2 years old? I know I will be eligible for SRS. Will the fact that I will be getting…
Q: I was told by an administrative person some 15 years ago that your initial retirement pay is not taxed until your retirement exceeds your cumulative retirement pay-in. Is this true? A: That hasn’t been true since the law changed in 1983. Before that time, retirees received the full amount of their retirement contributions before their annuities were taxed. Since then, a portion of each annuity payment is taxable. For information on how that amount is determined, read IRS Publication 721, Tax Guide to U.S. Civil Service Retirement Benefits, available at http://www.irs.gov/publications/p721/index.html.
Q: I am covered under the Civil Service Retirement System, but my husband is a Federal Employees Retirement System employee. Prior to retirement, we want to have him get Federal Employees Health Benefit Plan coverage (he is covered under my plan now) and provide coverage to me. Will he be able to continue FEHB coverage for both of us when he retires (he has to work at least one year longer than I), and is the cost about the same as if I provided our coverage (as a retired CSRS employee)? A: There is no difference in the premiums paid…
Q: I heard on a “Face the Nation” segment a couple of weeks ago that the Federal Employees Retirement System wasn’t as generous as the Civil Service Retirement System, and that a great deal of money would be saved if the government converted retirees. Is there anything in the works that would threaten the CSRS retirement package? A: Absolutely nothing is in the works that would do that.
Q I retired voluntarily from Federal Employees Retirement System on July 31, 2009, for health reasons with plans to change to FERS disability later. I was told by the Office of Personnel Management that there would be no benefit for me to file for FERS disability since I retired voluntarily. I applied for Social Security disability and was approved on April 23, 2010, with benefits beginning in December 2009 (I was found to be disabled on June 10, 2009). Do I still have to return the supplement from August 2009 to November 2009? Also, can I receive Social Security disability…
Q: At the age of 54, I would like to retire. It is then when I will have 20 years as a federal civilian nurse. I will be retiring under the Federal Employees Retirement System. Once retired, I would like to work for the Forest Service part-time or seasonally. How will this affect my retirement? How will my retirement income be computed? Can I collect my FERS retirement while still working for the Forest Service? A: As a FERS employee, you aren’t eligible to retire. The earliest point at which you could do that is when you reach your minimum…
Q: I have been retired from federal service (Civil Service Retirement System) for the past eight years after 30 years of government service. I am enrolled under the Federal Employees Health Benefit Plan for myself and my family. If I were to die, would my wife continue to get health benefits? A: Yes, if you elected a survivor benefit for her. If you didn’t, she wouldn’t.
Q: I retired under a medical retirement. I am married and got my Federal Employees Retirement System and Social Security Disability Insurance. If this combined income is not enough to live on, is it possible for me to apply for Supplemental Security Income for my spouse and myself? A: You can always apply for Supplemental Security Income. Whether your request would be approved depends on a number of factors. I suggest that you go to the Social Security Administration website at http://www.socialsecurity.gov/pub/11000.html and review the criteria. Information about how to apply for benefits is also provided on that site.
Q: Is unused sick leave (now credited to length of service for annuity purposes) included/applied to calculations of Federal Employees Retirement System law enforcement officers’ length of service? A: No. Sick leave is only added after an employee has met the eligibility requirements for an annuity.