Browsing: creditable service

Workers’ compensation

0

Q. I work for the postal service. Can I buy back the time I was on workers’ compensation? Does it count toward my retirement? A. Because you weren’t approved for disability retirement, the time you spent on workers’ compensation will be treated as Leave Without Pay and will be fully creditable for determining your length of service and used in the computation of your annuity. No deposit is required for you to get than credit.

Opting out of FERS

0

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.

Years to be vested

0

Q. I’m in the FERS program. Do you know how many years of service are required in order to be vested? If I leave government service after almost eight years, will I be vested in my TSP and annuity? Will I receive a pension? A. You’ll be vested in the retirement system when you have five years of full-time service. If you leave your contributions in the retirement fund and leave government, you’ll be entitled to a deferred annuity at age 62.

Vested employee

0

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.

Return after LWOP

0

Q. If a person is in a voluntary LWOP for a period of time and then returns to active service, is the service time necessary to meet retirement qualifications affected? For instance, if a person went on LWOP for three months does that time need to be made up in order to meet a minimum service requirement? A. No, it doesn’t. You can be on LWOP for up to six months in a calendar year without it affecting your creditable years of service.

High-3 calculation

0

Q. I have been a federal employee for Homeland Security for 6-1/2 years. I have been medically disqualified from my job. I am going to try to get disability. I have worked full time for the first 4-1/2 years, and went part-time down to 25 to 30 hours a week. Will they use the highest three salaries, even if when discharged I was working part-time for the agency? How does the calculation work for this situation? A. An employee’s full-time salaries are used in determining his high-3, even if he is in a part-time position.

Refund of contributions

0

Q. I went to work for the federal government in 1974 under CSRS and worked until 1984, when I resigned and drew my retirement out. I returned to federal service in 2007 under FERS. I will have 20 years service counting military next May 4th. How will drawing my retirement out affect my retirement check? A. Although you got a refund of your retirement contributions before October 1, 1991, you’ll still get credit for that time in determining your length of service; however, your annuity will be actuarially reduced based on the amount you owe, including accrued interest, and your…

Prior LEO service

0

Q. I worked for 10 years and five months under CSRS prior to moving to a law-enforcement covered position. How will the first 10 years be calculated with the 21 years as a LEO? A. All time beyond 20 years of covered service will be computed using the standard formula, not the enhanced one for LEOs.

Deferred retirement

0

Q. I’m a federal law enforcement officer with 16 years covered and three years federal service not covered. If I decide to take a deferred retirement will I still get the enhanced 1.7 x the number of years x my high three and 1 x the number of non-law enforcement years X my high-3? I also bought back 13 years of military service. How will those years be added?

FERS rate following transfer

0

Q. I was hired at the Defense Department in October 2012, and thus I contributed .8 percent of my pay to FERS. I transferred to VA in April 2014 with no break in service and now have 3.1 percent of my pay deducted, and I am told that it is increasing to 4.4 percent of my pay, as this rate applies to new hires after January 2014. Is it correct that I should be treated as a new hire, despite in all other areas being treated as a transfer (leave carried forward, no ability to change benefits until open season)?…

1 2 3 15