Browsing: buyout

Buyouts and annual leave

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Q. In the last buyout the clerks had for $15,000, one of our clerks took that and said that she got paid for the holidays after her retirement date if her annual leave would have taken her through those dates. Back then, the retirement date was the end of November and she got paid for Christmas, New Year’s and Martin Luther King Day. Does this benefit apply all the time when a person retires, or is it just when a buyout is offered? A. Yes. Unused annual leave is projected forward as if you were still on the job and…

Canceling retirement application

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Q. I wish to retire Dec. 1. I am CSRS. After I had submitted retirement papers and everything was set for me to retire, something may come up that would cause me to cancel my retirement (possible buyout, economy). What is the correct procedure to cancel my retirement? My research cannot find the procedure in writing anywhere. Is it a certified, notarized letter? Is it a phone call? To what address should the cancellation be sent? Who to call? A. To cancel your retirement application, at a minimum you would need to inform your supervisor and your personnel office, which would…

MRA+10, buyout and annuity

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Q. I am 57, with 10 years of service under FERS. If I am offered and accept a buyout, could I get my full annuity without reduction of 5 percent for every year I am younger than 62 and continue my FEHB family plan? Suppose I take my annuity immediately after this MRA+10 and buyout. A. No, you couldn’t get your full annuity without reduction because you’d be retiring under the MRA+10 provision. Therefore, your annuity would be reduced by 5 percent for every year you were younger than 62. You could reduce or eliminate that penalty by postponing the…

Buyout questions

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Q. I qualify for a buyout with 25-plus years of service. If I take the buyout, it is my understanding that I must wait until my normal minimum retirement age of 56 to begin receiving the Social Security supplement. Would this prevent me from receiving increases in Social Security supplemental benefits that I would have received had I waited until 56 to retire? I believe I would get the increases at 62, in any event, when I could first draw reduced SS benefits. Also, what happens to my Thrift Savings Plan account? May I purchase an immediate annuity and/or take a…

Buyout and annuity

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Q. I am 50 years old with 24 years of service under FERS. If I am offered a buyout, would the amount of my retirement annuity be based on the amount I would receive if I retired at 62 or a reduced amount minus the 2 percent reduction per year? A. If you accepted a buyout, it would be based on the standard formula: 0.01 x your high-3 x your years and full months of service. There wouldn’t be any penalty for retiring early. P.S. For FERS employees who retire under the MRA+10 provision, the reduction is 5 percent (not 2 percent) for every year…

Buyout eligibility for LWOP employee

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Q. I’ve been on leave without pay for more than a year, having opted out of receiving a top-up from the federal government (I’m with HRSDC), instead collecting employment insurance only. My thinking was that I may not want to return to work, and I didn’t want to owe anything if I was to resign. I opted out of paying into my pension, as well, so I’m on indefinite “care of immediate family” leave. Today, my branch was summoned to a meeting, where we were told to expect the worst (they are cutting 30 percent of staff). I would like…

Social Security, buyouts and survivor benefits

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Q. I am curious to know if I qualify for Social Security benefits as my late husband paid greatly into them. I am a FERS employee, age 52, with 29 years of service and am considering taking the early-out expected to be offered soon at our company. If I were to assume one of the terms of this early retirement/buyout is a bridge, would it be somewhat more possible to retire given that I would be entitled to survivor benefits? A. You would first be eligible for a Social Security survivor benefit at age 60. However, it would only be…

VSIP

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Q. I am a FERS employee working at an Air Force base with the Defense Department. I have about 31½ years service and am 62 years old. During the last year, my base has offered two VSIP/VERA opportunities to reduce the manning levels to what they were in 2010 and accommodate some reorganizing, and I hear they will be making a third offer in May. I applied for the last two and was denied for both. I was told by my management that our wing organization had vacant slots they could give up so a person could be offered a…

Waiver for buyout?

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Q. Does the federal government give a waiver for a buyout if you only have one month left to make 20 years of civilian service? A. No, it can’t give a waiver of the age and service requirements to retire. However, in the case of a buyout, that’s irrelevant. Anyone who has been offered a buyout is free to accept it, whether he is eligible to retire or not.

VSIP list?

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Q. I was just wondering if there is a list of people in civil service who are being offered a buyout but for some reason can’t take it. I have 40 years in service, and if they could qualify for my job, can we exchange their buyout for my job? I work for FISC out of Norfolk, Va., and I haven’t heard of any buyouts being offered through them yet. I was just wondering if someone needed another 6-10 years in service and was being offered a buyout because of downsizing or whatever, then maybe we could swap. If so,…

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