Q. I work for a federal agency that has offered a VERA/VSIP. I have 31 years of civilian service under CSRS, and I’ll be 53 years old on July 12. Employees who accept the buyout offer are to be off the agency payroll by June 2012. I’ve applied for the offer, but I’ve only been enrolled in the health insurance program for 2½ years. I’ve also discovered that the estimated annuity calculated through Employee Benefits Information System is not accurate because it is based on working 40 hours a week for 31 years (I was part time for 17 years,…
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Q. If I receive a buyout from the federal government, will I have to pay back monies if I take a job with a local college sponsored by the Department of Agriculture and go to work in my old office as the government slot was deleted. A. For an overview of the employment situations that would require a repayment, go to www.opm.gov/employ/html/vsi.htm and scroll down to Repayment Requirements. For a specific answer to your question, you’ll have to go to your personnel office and, probably, your general counsel.
Q: I am 58 and have been with the government for 37 years under CSRS. My high-3 salary was achieved Jan. 18. I have read the best dates to retire are: June 30, 2012 – which is the first date the pay period ends at the end of the month for annuity to start in July; Jan. 3, 2013; in which I will receive payment for annual leave over 240 hours; or June 29, 2013 – in which I would receive 75 percent of my salary. (My 39th anniversary with the government. By waiting, I am concerned about several things: …
Q: After receiving a buyout, would employment with a government contractor require repayment of the buyout? A: You would only have to repay the buyout if you later accepted employment with the federal government (including work under a personal services contract or other direct contract) within five years of the date of the separation on which the VSIP is based.
Q: It looks like our agency is going to offer buyouts/early outs. I know I would have to pay back the buyout pay if I go back to work for the federal government within five years. Does this restriction apply to quasi-governmental entities such as the Federal Reserve and the bank regulatory agencies that are funded by the regulated community? A: The restriction applies to the Board of Governors of the Federal Reserve and the FDIC because they are federal agencies. Federal Reserve banks aren’t.
Q: I am leaving federal service and have some unanswered questions that my servicing personnel office is unable to answer. I have more than 20 years in service and I am 49. I requested a one-year LWOP sabbatical but it was denied, as I was informed that it is typically only granted when you are taking time off to do your doctorate, which I am not. I want to know if a) I return to federal service, will my sick leave balance start over at 0 (it is currently nearly 700 hours) b) will the same retirement rules apply if…
Q. I am a Civil Service Retirement System postal employee. I am eligible for optional retirement in December 2011. Are there any incentives available, or are they only for early retirement? A. If your agency offered you an opportunity to retire early or a buyout, you would be free to accept it.
Q. If I retire on Dec. 31 with 30 years at age 57 with a buyout, when will I receive my final paycheck, lump-sum buyout payment and my first FERS retirement annuity and supplement pay? A. Only your agency payroll office can tell you when you’ll receive your final paycheck and lump-sum buyout payment. And only the Office of Personnel Management knows when you’ll receive your first annuity interim payment, which won’t include the special retirement supplement. You’ll only get that when you receive your first full annuity payment, which will include any amounts you are owed for both benefits. There…
Q. I accepted a buyout in 1997 under the Federal Employees Retirement System. I had 22 years of continuous service at that time but was under age 50, so I couldn’t retire. In February, I will be 60 and eligible to receive my pension. I was covered by the federal health insurance program for my entire federal career. Can I opt into it when I start receiving my benefits in February? A. No, you can’t. Anyone receiving a deferred annuity, like you will be, can’t re-enroll in the Federal Employees Health Benefits program.
Q: I am 50 with 30 years of service. Will I be penalized if I take the early buyout at age 50 or at any age before my MRA of 56 years? If I draw my retirement at age 50, will I be entitled to receive my FERS supplement at age 56? A: Yes, as a FERS employee you would be eligible to retire without the age penalty. That’s because you are at least 50 and have at least 20 years of service. As for the special retirement supplement, you’d be eligible to receive that when you reach your minimum…