Q. Why do former military (not retired military) have to pay a deposit back into the retirement fund, especially if they’re offset? I am a CSRS offset employee, and my retirement annuity will decrease when I turn 62, when my Social Security will kick in. A. Anyone first hired on or after Oct. 1, 1982, has the option of making a deposit for active-duty service to get retirement credit for that time. Anyone first hired before that can make the deposit or not. For anyone who doesn’t, retires before age 62 and is eligible for a Social Security benefit at…
Browsing: annuity computation
Q. I’m a FERS postal worker. My in-service date is Nov. 20, 1984, and my birthday is April 17, 1957. I have 2,080 hours of sick leave. Do I have to wait until Nov. 20, 2014, to retire and receive my Social Security supplement, or, on Jan. 1, 2014, will my sick leave count toward my service time? A. Sick leave cannot be used to make you eligible to retire. It can be added only after you have met the age and service requirements. Then it will be included in the computation of your annuity.
Q. My husband was in the Naval Reserve from June 1971 to June 1976. He was not called to active duty, although I believe the two weeks of training every year and six months of boot camp/school may be classified as active duty. If that’s correct, he had about 36 weeks of active duty subject to buyback. For his six years in the reserve, he was paid a grand total of $2,165.45, according to military records he has in his file. He was under CSRS but had a brief break in service in 1987 and came back into the federal…
Q. I plan on retiring in 2013 under FERS immediate annuity with 30 years at my minimum retirement age with no penalty. I am FERS code 8, and my annuity computation date and retirement computation date are both Feb. 8, 1983. Is the earliest date that I can retire (to give me 30 years) Feb. 8, 1983? My 30 years will consist of FERS employment, “bought back” military time, and CSRS time “bought back” via a re-deposit). Will I qualify to receive the FERS annuity supplement even though I will not have 30 years of FERS-only time? Can I use…
Q. I currently work at a congressional commission that is considered part of the legislative branch. I have been here about 10 years and am 42. If I voluntarily leave this job for another, what are the retirement implications under the following scenarios: 1. Work in the private sector until 62 2. Work for the executive branch until 62 3. Work in the private sector for several years, then return to the legislative branch until 62 4. Work for the executive branch for several years, then return to the legislative branch until 62 5. What if, under all of the above,…
Q. I am 56, was hired in April 1982, and have worked for the federal government (CSRS Offset) for 30 years, including two years and four months of active-duty service. I did not repay my military deposit. However, I would like to retire in August. I read that I would have a reduced annuity of 1/8 of 1 percent per month. If this is correct, would I still be able to retire as planned in August? A. Because you were hired before Oct. 1, 1982, you have a choice. You can either make a deposit for your period of military…
Q: I worked in a federal job as a temporary employee where no retirement deductions were taken out for seven years. I was then converted to a permanent employee. I am now 62 years old with 33 years of federal service and a service computation date of 1977. I am looking at retirement but I am reading about the requirement to pay a deposit back so that my annuity will not be reduced by 10 percent. How do I go about determining what that amount is, and how do I pay it back? A: Because your period of nondeduction service…
Q: I spent two years (2004-2006) working for the Veterans Affairs Department at a work-study position in Buffalo, N.Y. Does this time in any way count toward Federal Employees Retirement System retirement eligibility or annuity computation? A: No, it doesn’t count.
Q: I am currently in a law enforcement position, as a Federal Employees Retirement System employee, and I am covered under the special group of employees Firefighters, Law Enforcement Officers, and Air Traffic Controllers retirement. I am considering, after 10 years of service, a lateral transfer to a GS-13 position, with the Defense Department (non-law enforcement) with more potential for promotion and a significant decrease on my commute. Since I paid an increase of .5 percent to FERS for 10-plus years, why doesn’t the 1.7 percent transfer in government to government services? A: Under the law, only those special category…
Q: I was a federal employee for 23 years in the legislative and judicial branch. I spent about a year and a half of that time as a congressional staffer. About two years of my time at the judiciary were part time (four days a week). I left federal service at age 43. I was under the Civil Service Retirement System and left my money in the system when I left. I could go back to work for Congress for a few years. I understand that I would have to go into the Federal Employees Retirement Service. What would be…