Q. I’m 58 and have worked under FERS for 20 years. If I take an early-out, do I get any penalties? What would my retirement benefit be? A. If you retired under the Voluntary Early Retirement Authority, you wouldn’t be subject to an age penalty. Your annuity would be computed using the standard formula: .01 x your high-3 x your years and full months of service.
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Q. I have six years in the Navy. I understand I can pay back/down those years for maximum retirement benefit. I’m 48 years old, have no savings and started this job to get on with planning for the future. I am a GS-7, step 1. I’m planning on contributing at least 5 percent a month of my pay, and I understand the Veterans Affairs Department will match 4 percent. I’d like to retire at 62ish. Here is a copy of my latest leave and earnings statement: ———————————————————————- Pay Period: 12-22 Name: ALLEN, TROY J Gross Pay 1,586.40 Federal Tax Amt Withheld 179.76…
Q. I have been in CSRS for 30 years as a Veterans Affairs Department employee. The first 24 years, I had a 5/8 VA appointment, the last six, I have been 8/8. For CSRS annuity purposes, do the part-time years count as 24 years or 5/8 of 24 years? A. You’ll get full credit for that time in determining your total years of service. However, your annuity will be prorated to account for that period of part-time service.
Q. I want to apply for an unreduced annuity at age 60. Is locality pay factored in with the base pay in the computation for monthly annuity payments under FERS? A. Yes, locality pay is considered part of base pay.
Q. I will have 28.75 years with the Postal Service in FERS when I’m eligible to take the Voluntary Early Retirement Authority offered for Jan. 31. With half of my eight months of sick leave, I will have another four months credited to me. I will be 56 years old in January, so this is a real birthday present! I understand that my FERS annuity will not be reduced because of the VERA. So, if my annuity is not reduced before I would retire with 30 years of service because of the VERA offer, is there any incentive to keep…
Q. I am a Postal Service employee under CSRS. I am planning on taking the incentive and retiring Jan. 31, which will give a total of 34 years and nine months of service including sick leave. I have used approximately 3,700 hours of leave without pay over my entire career with the maximum used in one year being 408.46 hours and the minimum being zero. 1. It is my understanding that any LWOP used during that time, as long as it does not exceed six months in any year, will not affect my length of service used to determine my…
Q. I am a Postal Service employee under CSRS. I am planning on taking the incentive and retiring Jan. 31, which will give a total of 34 years and nine months of service including sick leave. I have used approximately 3,700 hours of leave without pay over my entire career with the maximum used in one year being 408.46 hours and the minimum being zero. 1. It is my understanding that any LWOP used during that time, as long as it does not exceed six months in any year, will not affect my length of service used to determine my…
Q. I have 33 years in and am under CSRS. I will be 60 years old in May. I served less than two years in the Army in my 20s. I am a WG-8 making almost $25 an hour. I receive correspondence statements from Social Security that if I retire at age 62, I would be eligible for approximately $300 based on a second job 12 years ago and jobs before joining the government in the 1980s. 1. Should I buy back the time I have in the Army? 2. Will the buyback help increase my Social Security? Or will…
Q. I have 16 years in FERS. But I worked 18 years under CSRS and received a refund for that service in 1992. If I buy back that CSRS time, will it be computed as a CSRS component that will affect my Social Security? If I don’t do a redeposit of the CSRS time, will I be free and clear of any Social Security benefit reduction? A. While you will get credit for that period of service in determining your eligibility to retire, because you took a refund of your retirement contributions after Feb. 28, 1991, you’d have to make…
Q. I was in CSRS for five years and six months. Returned to the post office in 1993 under CSRS Offset. Reached 20 years under CSRS Offset on Oct. 1. Paid into Social Security for 32 years. What does my retirement look like? I am told I was put into a real bad retirement plan. A. I’ll tell you what your retirement will look like. Then you can go back to whoever told you that you were “put into a real bad retirement plan” and laugh in his face. As a CSRS employee, you’ll be eligible to retire at age…