Q. Is shift differential and Sunday premium used to compute your annuity if you worked your entire career that way? A. The rules differ for GS and Wage employees. To see what’s included in basic pay for retirement purposes, go to www.opm.gov/retire/pubs/handbook/C032.pdf and scroll down to Section 30A1-1-2.
Browsing: annuity computation
Q. I am a FERS employee who is trying to figure out the best possible time to retire. I have 30 years of service but am only 59. I want to take full advantage of my accrued sick leave of over 2,000 hours. I was considering January 2014, but I’m not sure that is the smart thing to do, when I could also wait until I reach age 62 in April 2015. A. Only you can answer your question. And you have already thought of some of the things to consider that can help you do that. For example, you’ve…
Q. I retired from federal service after 26 years. I became a rehired annuitant with a waiver for several years and could not participate in any retirement service. I am now returning to federal service without a waiver and without a break in service knowing my income will be reduced by my retirement annuity. Will I return to CSRS or FERS retirement system in this new capacity? If I stay for more than one year, will my final retirement annuity be refigured? A. You will be placed in CSRS, the retirement system from which you retired, with the option of…
Q. I am a FERS employee on a term appointment who turns 62 this month. My Parkinson’s disease is getting worse, and I may not be able to complete my term appointment, which ends in April. Must I retire before my terms ends? Must I apply for Social Security retirement? Or may I apply for disability until age 65? A. If you apply for FERS disability retirement, you must also apply for Social Security disability benefits at the same time. If you don’t, the Office of Personnel Management won’t process your application. However, you need to understand that, at age…
Q. I will have 20 years of service on Oct. 26. I have more than 1,300 hours of sick leave saved up. We were told that I could use half of my sick leave and retire early with 20 years of computed service. Now that I am in that window, I am told that I cannot retire with 20 years of service until Oct. 26 to receive the 20-year mark. What happens to the sick leave? Do I lose it, or do they use it to add to my retirement income? A. Unused sick leave can’t be used to meet…
Q. I have four years and 10 months of military time in the active Army, which I have bought back. I am a FERS employee and have been since 2005. In addition to my minimum retirement age, I need 30 years FERS service for retirement eligibility with no penalty. Does my military time count toward that 30-year eligibility requirement? Or (and this is what I was previously told) must I still contribute 30 years, at which time I will get a FERS credit for 34 years, 10 months? A. Your military time, for which you made a deposit, counts for both retirement eligibility…
Q. I retired from the Navy last year (I have 20 years in) and am receiving my pension. I took a GS-12 job and am under FERS. I’ll be 39 in a few weeks. If I wanted to retire at age 57, what would be my monthly payout? For how long? I understand that there is a three-tier system using the Thrift Savings Plan and Social Security. Am I allowed to draw on those at age 57, or do I have to wait until age 62? Reg Jones: You could retire at age 57 under the MRA+10 provision (minimum retirement age…
Q. I am a FERS GS0081 employee. Next year, I will have 31 years of service at 52 years of age. I was planning to work until I reached my mandatory retirement age of 57. But I have been told the federal government will only contribute to retirement for a maximum of 31 years. Is this correct? A. Whoever told you that is misinformed. As long as you continue working, both you and the government will continue to contribute to the retirement fund. And those years will be included in your annuity computation. Because you are a special category employee,…
Q. I am trying to take advantage of the redeposit and can’t seem to find information to get this done. The current form 3108A does not address this particular subject. Human Resources was not familiar with it. It is on the Postal Service blue page, but that is as much information that I can get. I left USPS for eight months, and I took my Thrift Savings Plan and roll into an IRA. I want to find out how to get this redeposit, to receive credit for my annuity computation, and also my eligibility to retire. I am currently employed with…
Q. To be succinct: 04/121978 enlisted in reserves 07/28/2004 started federal employment 11/4/2004 mobilized 9/28/2007 demobilized and returned to my federal employment 12/1/2007 retired from reserves 7/28/2019 will retire from federal service at 65 years of age Will my FERS retirement be 15 years + 3 years for a total of 18 years creditable service, or 15 years because I was mobilized while a federal employee. I am buying back 3 years of active duty. Is there a calculator available that I can plug in the above data? A. When you complete your deposit to get credit for your active-duty service,…