Q. I am retired military with 27 years in. Since that time, I have been a civil servant and am coming up on my 10-year anniversary under FERS. My service computation date is Aug. 10, 2003. I am planning to resign from my civil position Dec. 31, prior to my 62nd birthday. (I was born Dec. 11, 1952.) I plan to ask for a lump-sum check for my unused accrued leave. But it looks like I will not gain anything for having been such a healthy individual and that my many days of sick leave will simply go wasted. Is…
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Q. I served for 13 years and four months in the active-duty Air Force after graduating from a service academy. After taking a job in the airline industry, I continued serving in the Air Force Reserve for another 10 years. I turned 60 in March and started drawing reserve retirement pay in April. I am considering employment as a Federal Aviation Association air safety inspector when I retire from my airline job, perhaps this year. I’ve been told by a friend at the FAA that all of my active-duty time plus my time at the service academy will count toward…
Q. I am 54 years old and was employed with a federal agency for 17 years from 1979 to 1996. Upon resignation to enter the private sector, I withdrew 100 percent of my CSRS contributions. If I return to full-time federal employment this year, do I have the option of buying back the creditable service of 17 years for the same amount that I withdrew in 1996? Secondly, would I be able to continue with CSRS rather than FERS upon re-employment? Would I be eligible to retire after eight more years of federal employment service? A. If you returned to…
Q. I was just told by my human resources specialist that when pretax Federal Employees Health Benefits premiums reduce my taxable income, they also reduce my salary for the computation of high-3 average salary for retirement. Is this true? It doesn’t sound right to me, and I’ve never heard such a thing. A. You haven’t heard such a thing because it isn’t true. Your high-3 is based on your highest average pay rates during any three consecutive years before any deductions are taken from that pay.
Q. According to my leave and earnings statement, my service computation date is Feb. 28, 1971. So on Feb. 28, I will have 42 years of continuous federal government service. I am under CSRS and have paid back my military contribution. So I reached my maximum annuity based on actual service that’s allowed under law: 80 percent. How is this annuity computed? I know it is based on my high three grades, but how is the high-3 established? Is there a certain amount of time required between these grades? Also I have been told that after 42 years of service,…
Q. I am a 62-year-old federal police officer. I have over 33 years of combined military and civilian time. I have an adjusted service computation date of Jan. 4, 1978, and I have FICA, CSRS (partial) and FERS offset. Promotions and upward mobility are few and far between in my job series, not to mention reaching a “high- 3.” I am contemplating retirement. However, since we no longer have a local human resources department to assist us, I am writing to ask if you can advise me. A. It doesn’t make any difference what level of income is used, the…
Q. In May, I will have 20 years under FERS with 10 years of military service included. I have bought back my military time. Will I be eligible for the special retirement supplement? A. With 30 years of service, you could retire at your minimum retirement age. MRAs range from 55 to 57 depending on your year of birth. If you retire on an immediate annuity before age 62, you’d be entitled to the special retirement supplement. However, the SRS would be based solely on your years of actual FERS service. Active-duty service for which you’ve made a deposit wouldn’t…
Q. I started employment with the Defense Department in September 1981 under CSRS. In 1995, I took advantage of a Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay because my organization was downsizing. I also took a refund on my retirement account, which I tried to invest in buying a home and lost it. I was reinstated in the government in 2004 and came back as CSRS Offset. I also rolled my 401(k) from the job I had outside the government into the Thrift Savings Plan. I will be 65 on March 7, and was planning to retire in May. Because…
Q. When I retire under FERS, do I add my sick leave time to my service time, or do I cash in my sick leave? A. Sick leave has no cash value. When you meet the age and service requirements to retire, it will be added to your actual service and used in the computation of your annuity. However, if you retire before Jan. 1, 2014, you’ll only receive half credit for any unused sick leave.
Q. I would like to retire this year. I will be 56 in September with 34 years of creditable service — 28 under FERS and six years of military time that I bought back. Will I be eligible for the special retirement supplement, along with a FERS retirement? Or will I have to work for two more years under FERS to get the SRS? A. Because you will have reached your minimum retirement age, you’ll be entitled to receive the special retirement supplement when you retire. However, the SRS will be based solely on the years you were covered by…