Browsing: buyout

Q. I plan to retire this year under CSRS. I am interested in obtaining a seasonal position with the Internal Revenue Service. I will not receive a buyout. How long do I need to wait to be re-employed by the federal government? A. You would have to be off the rolls for three days. FYI: If you take a federal job after retiring, the salary of your new position may be offset by the amount of your annuity. Before taking a seasonal job with the IRS, you’ll need to check with their personnel office to see if that rule will…

Q. I will be 56 by mid-January. My service computation date is May 13, 1992. I am a GS-13, level 8. I have received my 20-year pin (I bought back six years of Navy active-duty time) yet the payroll department at our Veterans Affairs medical center now tell me I only have 17 years. I left the VA system for private business in 2003 for three years, then came back to my previous position in VA. I left my FERS money in the system when I left. Would this make me eligible to retain those three years toward my retirement,…

Q. In reviewing many of your comments, it is fairly clear that if one were to take advantage of the Postal Service buyout, one would not receive the Social Security bridge supplement until the minimum retirement age is reached. I thought one had to serve one year following the year in which they reached their MRA to receive the bridge. Am I mistaken? Our specifics are:  A postal worker, age 50, with 25 years of credited service, having been offered the buyout. If she does not take it, will she have to work to age 57 or 56 to retire…

Q. I’m 60 with 24½ years of service. I was gone on detail and my position was filled with a permanent employee. So we are now both in the same position on the org charts. They are having me do the work no one wants to do, like a directives project that was due in 2009. I have been waiting for a buyout, but can they offer me a discontinued service out and are there any benefits? A. No, they can’t. The only way you’d be eligible for a discontinued service retirement is if your agency officially proposed to separate…

Q. I’m a 67-year-old distribution/sales and service clerk. I will have 13 years of service by November. Does this mean I can’t take the retirement incentive? And exactly what do they mean when they say “resign”? Would I be losing any benefits if I resign instead of retire? A. Resigning would make no sense. Any 62-year-old employee with at least five years of service can retire on an immediate annuity. Therefore, if you were to accept a buyout, you could retire at the same time. If you had been enrolled in the Federal Employees Health Benefits plan and Federal Employees…

Q. I have more than 24 years’ federal service, am 65 and recently was offered a $20,000 buyout. When I received the printout for the buyout, it showed I had two exemptions not considered or computed for the federal tax and I was charged the full 25 percent federal tax, $5,000. The normal state tax with two exemptions, along with Social Security and Medicare, were taken out at the usual rate with two exemptions. Should my two exemptions have been figured into and deducted from the deduction? A. The 25 percent federal tax deduction is automatic and is taken from…

Q. I have more than 24 years’ federal service, am 65 and recently was offered a $20,000 buyout. When I received the printout for the buyout, it showed I had two exemptions not considered or computed for the federal tax and I was charged the full 25 percent federal tax, $5,000. The normal state tax with two exemptions, along with Social Security and Medicare, were taken out at the usual rate with two exemptions. Should my two exemptions have been figured into and deducted from the deduction? A. The 25 percent federal tax deduction is automatic and is taken from…

Q. The person who processes retirements at my agency told me that I could not retire with 32 years at 51 years. I am an offset employee under CSRS. I thought the Office of Personnel Management indicated that if you retire before 55 years of age, you are penalized 1/6 (no more than 2 percent for the first year and 2 percent for every after for being under 55. So, I resigned. It’s only been a few days. The agency person said I could only retire at this age if they were offering a buyout. That seems right because I was offered…

Q. My agency is contemplating a buyout but wants everyone off the books by Dec. 31. I would think it would be beneficial to retire on a date that would roll any buyout payment and any annual leave lump sum into the following tax year, when income would be lower. Am I correct that retiring on Dec. 29 would place me on the annuity role in January, and my Voluntary Separation Incentive Payment buyout and annual leave lump sum would be 2013 income? A. Yes.

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