Q. Is your retirement based off of the General Schedule Base or the Base with locality pay? A. Your annuity will be based on your basic rate of pay, which includes locality pay.
Browsing: annuity
Q. When I meet my MRA, I plan to retire with 31 years of federal service. The first nine years I worked in law enforcement. How will this affect my retirement? Will I be eligible to draw 1.7 percent for the nine years and 1 percent for the rest of my federal service?
Q. I am a federal employee hired in June 1981 and I have been working for government continuously since then. I am enrolled in CSRS. I served in the Navy from September 1973 to September 1977. What affect will CSRS Offset have on my retirement? I have 34 quarters of Social Security contributions, 16 while in the Navy and 18 before I started my civil service career. I do not plan on ever collecting Social Security. I do not want to go back to work once I retire just to get a minimum benefit from Social Security. A. If you…
Q. Is there any way for me to opt out of the Basic Benefit offered in FERS? I just started at work today as a GS employee. I did not realize that the Basic Plan will require me to contribute 4.4 percent of my income to a retirement plan that pays 1 percent per year served. Please check my math. Does that mean I will have to draw retirement for a minimum of 4.4 years before I break even on these payments? That is without considering any growth rate on these funds.
Q. I’m looking to retire by the end of 2014 with almost 34 years of service under CSRS. I see in one of your answered questions about CSRS retirement lump-sum payment from the 2012 article in Federal Times. It sounds like that person wanted to get a lump-sum payment of their retirement contributions and still receive a monthly annuity. The answer to the questions was no, you can’t receive a refund of your retirement contributions. Does this mean that if a person retires from federal service and wants to get a lump-sum payment of their retirement without also getting an…
Q. I am a GS-13 with 10 years of federal service. If I were to retire with 20 years of service at GS-13, what would be the retirement pay for GS-13? I understand about TSP and Social Security, but I’d like to know what retirement pay I would receive as a GS-13.
Q. I plan to retire in 2016 with 22 years of service. I will be 63 in May of 2016. I have 1,200 hours of sick leave. How would that affect my retirement? I have three years with a non-approved fund. I received a business basic separation because of base closure. I accepted a job with DOD within a day after my separation, but I could not start until the beginning of the pay period. Would I be able to count that time for retirement? A. At retirement, any hours of actual service that don’t add up to one month…
Q. I retired three years ago under FERS. I am considering applying for another position with the federal government. Will I forfeit any pay or retirement if I am rehired? A. As a rule, the salary of your new position would be offset by the amount of your annuity.
Q. I have 24 years of service in federal law enforcement. Nov. 25 will make 25 years government service. I am 52 and will retire this year. I have heard and read the best dates for FERS to retire in 2014 are May 31, June 28, Nov. 29 and Dec. 28. I’ve read no matter which day in the month a FERS employee retires, the employee’s retirement becomes effective the first day of the following month. The first annuity check will then be dated the first day of the following month. If I retire on Oct. 18, the end of…
Q. Once I get vested after five years of being in the federal system, and perhaps I leave the job a month later. Where can I find, or how can I calculate, how much I’ll get when I retire? A. If you leave you contributions in the retirement system, you’d be entitled to a deferred annuity at age 62. That annuity would be computed using this formula: .01 x your high-3 x your years and full months of service.