Q. I am now eligible as a CSRS/FERS hybrid for a maximum pension for my previous service, since I am over 62. I understand there is no more actuarial adjustment (higher annual benefit) after age 62 for delaying receipt. My last employment was about 20 years ago. If I take my annuity and am later rehired, I understand that I cannot have my high-3 and high-5 years recalculated unless I serve more than 5 years. However, what if I just don’t take my annuity? Aren’t I then eligible for redetermination for each year of re-employment? Is there any age at…
Q. I plan on retiring in September at age 60. I left service for a period of years and took the amount I had in my retirement that had accumulated for the two years I was under CSRS. When I came back I was put into the FERS. How will taking that money out affect my retirement? A. As a rule, you won’t get any credit for that time unless you redeposit the amount you took out with accumulated interest. Because that short period of CSRS service will automatically be treated as FERS service, you’ll need to check with your…
Q. I have over 30 years of substantial earnings under Social Security. My spouse has 20 years of substantial earnings under Social Security. She also falls under the windfall elimination provision (WEP) because she is an educator and will receive a pension. My benefits are such that if she accepts the spousal benefit, rather than her own, it will be higher than her regular payment. That would then be subject to WEP. But, since I have over 30 years of substantial earnings, should she be eligible for the full spousal benefit? If she had over 30 years she would receive…
Q. My understanding is that the Supplemental Retirement Annuity (or payment) that FERS retirees may receive when they are eligible to retire before age 62 is subject to an earnings test. My question is what happens if you retire during the middle of the year — do the earnings for work during the year you retire, but before your retirement date, reduce your SRA, or is the earnings test applied only to the work performed after your retirement date? A. No, they don’t reduce it. They fall under the Social Security “first year” rule.
Q. I am a FERS employee, age 52 with 23 years of service. Due to my spouse’s retirement, we are selling our home and relocating to another state. Although I received an outstanding performance evaluation for the past two years, my request to work from home was denied, based on agency policy. As a result, I am planning to separate and defer my annuity until age 60. I am wondering whether this situation could possibly be considered an involuntary separation. Of course, having it classified that way would allow me to continue FEHB enrollment so this would be beneficial. Can…
Q. How does a federal employee go about finding out what their FERS balance is at any specific time? Like if I was to retire tomorrow, what would my annuity payments be drawn on, balance-wise? A. You can find the amount of your retirement contributions by looking at your most recent pay slip. However, that information isn’t related to what your annuity will be. For most employees that will be based on the following formula: 0.01 x your highest three years of average basic pay x your years and full months of service. If you were to retire at age 62…
Q. Is there a bill in progress to assist federal employees with repaying their FERS retirement for years of service who withdrew funds and then returned to government service? A. I’m not sure what you are asking. If you want to know if it is now possible for an employee to repay the amount of FERS retirement contributions that were refunded to them when they left government, the answer is yes. The law changed on Oct. 28, 2009 to make that possible. If you are asking if the government has a program that would financially assist employees who want to…
Q. I was once a Special Agent of the U.S. Secret Service (series 1811). I left in January 2007, so I have been away for more than three years. As I am seeking to return to the Secret Service, I have five questions: 1. I understand FERS employees who leave and take a refund of their retirement contributions (which I did) are prohibited by law from buying back that annuity when they return to work for the government. Is there a provision for contributing more than the standard percentage to “make up” the difference? 2. If not, I presume my…
Q. On Feb 16, you answered the below stated question, Can I please get some more information on this. Any reference or regulation you were using. We have a firefighter who will be retiring in the next nine months who was told by our CPAC (Army Civilian Personnel Office) that even though he will have 20+ years as a firefighter, If he leaves special retirement and transfers to another job instead of retiring that is outside of the special retirement, that he will lose it, and when he finally retires, it will be a normal retirement rate even though he…
Q. I am retiring and live in Alaska. I want to determine how and when I would be allowed to buy back the locality pay/COLA pay percentage I worked for, since January of 2010. I am suppose to be able to buy back the portion of my locality pay rate that I would be entitled to. The P.L. 111-84 was effective Jan. 1, 2010 and I retire on April 2, 2010. That would amount to three months that I could pay back to obtain the full RUS rate, which is 13.86 percent for this part of the year that I…