Browsing: CSRS

CSRS retirement

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Q. I realize the answer to my question depends on the tax rate of the individual, but assuming their income is exclusively from their pension, how many years would a CSRS retiree need to work (excluding the effect of sick leave) in order to bring home approximately the same pay after retirement? In other words, what deductions will cease at retirement? Medicare? CSRS payments? The other variable is how much they are having deducted for the TSP every year. If it’s 10 percent, and that ceases at retirement, then I can see a person taking home 100 percent at about…

Survivor benefit

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Q. I am a federal employee who will retire under CSRS. I also get Social Security. My wife will also will retire soon under CSRS. If I die, can she get my Social Security benefits? A. Her Social Security survivor benefit would be subject to the government pension offset provision of law, which will reduce it by $2 for every $3 she receives in her CSRS annuity. In most cases, the GPO wipes out that benefit.

Social Security disability

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Q. I am receiving a CSRS pension since 2005 obtained under a VERA/VSIP authority. I have recently become disabled and I am considering SSDI. I have enough quarters but not 30 years. Will this affect my CSRS pension? I am 58 years old. A. I you were approved for SSDI, it would have no affect on your CSRS annuity.

Buyback age limit

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Q. I am 65 and still working but at this time, I have not or did not buy back my military time, is there an age limit where I do not have to buy it back, or yes, if I want the extra money, I will have to buy it back? A. There isn’t an age limit on when you may make a deposit to get credit for your active-duty service. The only requirement is that you make that deposit before you retire. Note: If you are a CSRS employee who doesn’t make a deposit, you’ll still get credit for…

Excess contributions

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Q. I began my civilian federal employment in May of 1974. I am a Vietnam era veteran with three years military time and paid back that time. My service comp date for retirement is May 1971. I am going to retire at the end of this year. Based on the above, will all CSRS contributions I paid after reaching 41 years, 11 months, qualify for refunding to me? A. If you have 41 years and 11 months of service from which retirement deductions were taken (or a deposit made), any excess deductions will be refunded to you with an option…

Re-employed annuitant benefits

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Q. I retired in January as a CSRS annuitant after 32 years of service with the Navy and Marine Corps. I am considering returning to the Navy as a re-employed annuitant. In accordance with DoD policy, I understand that I will be able to draw my full salary and my full annuity without a waiver from OPM. I believe Social Security taxes will be withheld, and I cannot make CSRS contributions if I draw both a pension and full salary. Will I be able to contribute to TSP? Will I accrue annual leave and sick leave? If so, how many…

CSRS pension

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Q. I am a postal employee in the CSRS pension plan. I’m 64 with 33 years service. If I die before I retire, will my wife get the 55 percent of what my pension would be as if I was retired? Would she be eligible for the survivor benefit as if I would have been retired?

Waiting for Social Security

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Q. I am 60 and retired three years ago under CSRS with the post office. Will my annuity be reduced if I do not claim Social Security benefits at 62? I want to wait until I am 65 to claim Social Security. I worked nine years under Social Security when I was younger. A. Because you retired under CSRS – not CSRS Offset – your CSRS annuity will never be reduced. If you are eligible for a Social Security benefit, the fact that you retired from a retirement system where you didn’t pay Social Security taxes means that your Social…

Prior LEO service

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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.

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