Browsing: contributions

Lateral transfer, step increase

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Q. I was approached with a lateral transfer from a GS-1071-9 Step 4 to a a GS-1030-9. I told them I would consider it with monetary compensation (I had a step increase in mind). They responded that they couldn’t do that and would open the position to the outside. Is this true that I could not request a step increase to go with the lateral transfer? A. Yes, what you were told is correct.

Credit for part-time hours

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Q. I am a CSRS employee with a period of “post-April 6, 1986” part-time service of about 10 years. During that time, I occasionally worked hours above my scheduled tour of duty. How do I get credit for that time in my retirement annuity? A. The extra hours you worked are already a matter of record and you’ll get credit for them in your annuity computation.

Benefits for ex-spouse

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Q. My divorce decree doesn’t mention retirement. We made no claim for each other’s retirement nor did we waive any rights. It just wasn’t mentioned. Can my ex-spouse claim any of my FERS retirement benefits? If so, would it only be half of what I put in during our marriage?

Survivor annuity

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Q. My father who lives in Puerto Rico, is retired from the Postal Service, and is 64 years old. He told me that if he passes, I’m listed to get his pension which would be $1,200 a month, what he gets now. He is not married, and I’m curious if it’s that simple. Am I eligible? Will I get that much? For how long? I am 34.

Deferred retirement

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Q. I’m considering resigning from federal service because I’ve been unable to find a federal job at my husband’s new job location across the country. I have career status with 18 years of total federal service, six of which was bought back military time. I was born in 1959, so my minimum retirement age is 56; I’m 53 now. If I resign now with the intention of taking a deferred annuity when I reach 62, do I do anything in the process of separating that might affect my ability to return to the federal workforce? It’s my understanding that I don’t apply…

Resignation and pension

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Q. I am 45 years old with 13 years of service under FERS and will be resigning this month to pursue other activities. I understand that I would eligible for a full pension (computed on my high-3) at age 62. That is 17 years away and, in the meantime, my defined benefit pension would remain static and thus be seriously eroded by inflation. Is there a way to protect myself against this within the pension system, or can I take a lump sum on separation and roll that into an IRA? If I take the lump sum, must I do…

Withdraw or defer

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Q. I have a little over 13 years of FERS service. I am 51 years old. I originally planned on retiring at 56 (MRA+10) but I have recently been contemplating retiring now under a deferred retirement. 1. If I retire now (deferred), will I be able to draw the retirement at 56, or will I have to wait until age 62? 2. If I choose to withdraw my retirement versus defer it, is there a calculator somewhere that can give me a general idea of how much I would get? A. You can’t retire. What you can do is resign…

Beneficiaries

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Q. I will be retiring this summer, and my ex-husband has remarried, so he has no claim to my annuity when I die. Can I choose to leave my annuity to my children? A. No. However, if you designate them as your beneficiaries and die before your contributions to the retirement fund have been returned to you in your annuity payments, any remaining amount would be paid to them.

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