Q: I served in the Air Force from 1971 to 1977. In 1977, I joined the Air National Guard. I retired from the Air National Guard in 1991 with 20 years of military service. In 1977, I also got a job with the federal government as a civilian employee under the Civil Service Retirement System. In 1986, I paid back my six years of active-duty time I spent in the Air Force into CSRS. I am planning to retire in 2011 from the federal government with 40 years creditable service in CSRS (this includes the six years of military time…
Browsing: CSRS
Q: What interest rate is applied to excess retirement contributions under the Civil Service Retirement System when the principal is refunded in July 2010? A: Interest rates for excess contributions are applied annually. For excess contributions made during 2010, the interest rate is 3.125 percent.
Q: In previous responses, you indicated that when a lump-sum base closure and realignment payment is made, federal and state income taxes, as well as Medicare deductions, will come out of the payment. You also indicated Social Security deductions can be taken out. As a Civil Service Retirement System employee, I do not pay into Social Security. Does that mean that no CSRS retirement payments will be taken out? Also, the lump sum will be close to $80,000 and should be paid in my last paycheck; are there any limitations on payouts? A: Social Security deductions would only be made…
Q: I served in the Air Force from 1971 to 1977. In 1977, I joined the Air National Guard. I retired from the ANG in 1991 with 20 years of service, including the six active-duty years. In 1977, I also got a job with the federal government as a civilian employee under the Civil Service Retirement System. In 1986, I payed back my six years of active-duty military time to receive credit for them under CSRS. I am planning to retire in 2011 from the federal government with 40 years of creditable service in CSRS, including the six years bought…
Q: I plan on retiring Dec. 3. I am a Civil Service Retirement System employee. Can I delay my lump-sum payment for unused annual leave until January 2011? A: In most cases, lump-sum payments are made at the same time that an agency closes out an employee’s file and authorizes a final check covering his last days on the payroll. You’ll have to check with your payroll office to learn when they expect that to happen.
Q: I am a Civil Service Retirement System employee, with 35 years of service and meet the age requirement to retire. My agency is offering a buyout of $25,000 if we leave by Sept. 30. I am considering this offer as I was planning on leaving Dec. 31, but because Sept. 30 is in the middle of a pay period, should I leave at the end of the pay period which would be Sept. 25 in order to get all leave I would be entitled to and when would my first pension check be for. A: Yes, it’s true that…
Q: I served three years in the Army from December 1976 to December 1979. After my Army years, I worked for the government under the Civil Service Retirement System from January 1980 to December 1990. I left civil service in 1990 and returned in 1996. I am now under the Federal Employees Retirement System. In 1999, I wanted to payback my military time and was told that since I was under FERS I would pay it back under FERS rules. I paid $530 for my three years. In 2000, I was told that when I was hired I should have…
Q: I have a one year time frame working for the Army in an overseas limited position, paying FICA taxes, but not in a retirement system. Can this time be bought back for retirement purposes? A: If you are currently covered by the Federal Employees Retirement System, the answer is no. If you are covered by Civil Service Retirement System, the answer is maybe. You’ll have to check with your agency’s personnel office to be certain.
Q: I was married to a military person for 10 years while he was on active duty. I will be eligible for Civil Service Retirement System retirement and understand the Social Security offset concept. I believe I will be eligible for Social Security benefits based on my ex-husband’s Social Security benefits (I never remarried). Will it be worth it to apply for Social Security benefits despite the offset due to my CSRS annuity? Also, I withdrew three years of deposit in 1980 and was told by a co-worker that it wouldn’t be worth it to pay this back as the…
Q: Can you tell me which retirement plan should I have been in? I was temporarily employed by the federal government in 1983 but became a permanent employee in 1984. Shouldn’t I be under the Civil Service Retirement System? And not the Federal Employees Retirement System? A: No, I can’t tell you. What I can tell you is this: If you had five years of creditable service under CSRS before Jan. 1, 1987, you would have been entitled to be covered by CSRS with the option of electing to be covered by FERS. Since the Office of Personnel Management has…