Q. Current age: 56 Entered U.S. Navy active duty: May 1978 Active-duty military time: 11 years, four months Retired reservist after 26 years as an O-5 Entered civil service: November 1997 Current paygrade: GS-9, Step 8 Received a $30,000 severance pay when released from active duty in January 1989 Points accumulated, active and reserve, for retirement: 5,245 What do I need to do to retire at the end of this year? I know you can’t tell me what I should do, but if you could give me guidance as to what I need to do so I can make an…
Browsing: annuity postponement
Q. I have 11 years total service (eight years military buyback and three years federal civilian employment) and I am 49 years old. If I leave federal employment at age 51 (with a total of 13 years service, five as a civilian employee), can I apply for deferred MRA+10 retirement and receive my pension and health care benefits when I turn 62? Or do I need to be my minimum retirement age (57 years old) when I leave federal employment? A. To retire under the MRA+10 provision, you’d have to be 57, your minimum retirement age. To avoid the 5…
Q. I am 51 years of age and was born in 1961, which makes 56 my minimum retirement age. My birthday is Jan. 20. I recently lost my job in my hometown and was fortunate to gain employment with another federal agency, which is two hours from my home. I want to retire at my MRA. 1. Is Jan. 20, 2017, the date that I can retire? I would be 56 on that day. 2. If I retire at age 56, would the penalty be 5 percent per year of my FERS, or 20 percent? 3. Would I take this…
Q. I am a Navy civilian Defense Department employee in my mid-50s. I have been in my current position since August 2001. I also have six years active Army (two separate hitches — a two-year and a four-year) as an enlisted man. I haven’t repaid that time. I don’t know whether I should pay that back or not. That gives me over 10 or over 15 years depending on how it is viewed. I have considered leaving this position for a nongovernment job. What would my retirement options be in my current situation? What options are open to me given…
Q. I’m planning to retire under the FERS MRA+10 provisions at age 59, with 27 years of continuous federal service. I have the option to take an immediate annuity or to postpone receipt of my annuity until age 60 to avoid part of the age reduction penalty for early retirement: 5 percent per year for each year under age 62. Do I understand the following alternatives correctly? By taking the immediate annuity at age 59, I would be penalized 15 percent, but only for one year, until I turn 60. If I postpone until age 60, there would be no penalty to my annuity. Also, if I take the immediate…
Q. My retirement eligibility service computation date is June 6, 1985. I’m under FERS and am 48 years old. I’d like to take the Voluntary Early Retirement Authority this year if offered. If I retire at 48 under VERA and I postpone my FERS annuity until age 56 (my normal minimum retirement age), will the annuity amount be the same as it would have been if I actually retired at 56 rather than 48, or is it reduced? Is this amount changed if I take the FERS annuity at 56 rather than 48? If I postpone FERS annuity, will the…
Q: Thank you for your recent article on key dates for retirement in the Oct. 4 edition of Federal Times. I have a question that wasn’t completely answered by the article. I am a veteran with more than 22 years of active-duty service. I joined the Food and Drug Administration two years ago, so I am under the Federal Employees Retirement System. I turned 51 this year and plan to retire sometime between age 62 and 65. I will not have 20 years of service at age 60, but I certainly will have five years of service at age 62.…