Q. When I retire as a CSRS retiree, how can I assure myself that upon my death, my retirement annuity shall transfer over to my immediate spouse and continue to receive it? A. When you fill out your Application for Immediate Retirement (Standard Form 2801), Section E, Marital Information, requires that you provide the name of your spouse and Section F, Annuity Election, requires that you check one of the boxes. By law, nearly everyone with a current spouse is required to check Box 1, which will result in your own annuity being reduced to provide a full survivor annuity…
Browsing: CSRS
Q. I am now eligible as a CSRS/FERS hybrid for a maximum pension for my previous service, since I am over 62. I understand there is no more actuarial adjustment (higher annual benefit) after age 62 for delaying receipt. My last employment was about 20 years ago. If I take my annuity and am later rehired, I understand that I cannot have my high-3 and high-5 years recalculated unless I serve more than 5 years. However, what if I just don’t take my annuity? Aren’t I then eligible for redetermination for each year of re-employment? Is there any age at…
Q. I plan on retiring in September at age 60. I left service for a period of years and took the amount I had in my retirement that had accumulated for the two years I was under CSRS. When I came back I was put into the FERS. How will taking that money out affect my retirement? A. As a rule, you won’t get any credit for that time unless you redeposit the amount you took out with accumulated interest. Because that short period of CSRS service will automatically be treated as FERS service, you’ll need to check with your…
Q. I’ve got 37 years in the CSRS system and I’m 57 years old. I also have 37 quarters in the Social Security system. Would it be advantageous for me upon retirement to earn the remaining quarters to become eligible for Social Security? I’m hoping to retire within two years and wanted to know about the offset with my annuity within the CSRS system? A. Earning the additional credits needed to qualify for a Social Security benefit would have no affect on your CSRS annuity. Instead, the windfall elimination provision of law would reduce the amount of your Social Security…
Q. I will be covered by a Civil Service FERS/CSRS Component retirement & am currently considering an overseas assignment where a cost-of-living allowance (COLA)/post allowance (PA) will be paid. Since I lose my current stateside locality pay when overseas, will this COLA/PA be included in computations for my high-3 retirement calculation? A. No, it won’t be included when computing your high-3.
Q: I have a question about minimum retirement age-plus 10. I am 55 and have 27 ½ years of service. If I retire at age 56, am I to understand that my annuity would be reduced by about 30 percent if I started collecting it right away? Also what would happen to my health benefits? Could I still use them immediately upon retiring? I have 14 years of frozen service under the old Civil Service Retirement System so how would that be affected? A: If you retire under the MRA+10 provision and begin receiving your benefits immediately, the Federal Employees…
Q: I hired on with the federal government Oct. 15, 1985. At that time, I wasn’t given a choice of Federal Employees Retirement System or Civil Service Retirement System, everybody was FERS. However, I did buyback my Air Force service and my service computation date is April 15, 1982. This maybe fishing, but should I have been given the option to go CSRS if the service computation date is in 1982? I also had about four months of civil service in a temporary job in 1978 if that makes any difference. Is there any circumstance that would ever allow someone…
Q: I know that I can retire at 30 years of service and 55 years of age. At the present time I have more than 30 years of service; however, I am under 55. I am 50. I would like to know: 1. For every year above 30 years of service do I get 2 percent more or only at 30 years and age 55? 2. If so? If I decided to retire say at 52 or 53 with 34 years would that balance out to a full retirement? A: Here’s the formula used to compute the annuities of Civil…
Q: I will be retiring in August 2010 under CSRS. I am 55 years old. I will be keeping my FEHB coverage. Currently, my wife is covered under my FEHB plan and she is 49 years old. When I reach the age of 65, I realize that I will be covered by Medicare as my primary health provider, while my FEHB plan will be my secondary health plan. My question is, Will my wife continue to be under FEHB plan as her primary provider? Which health plan will cover my wife? A: Since she won’t be old enough to qualify…
Q: I am a substantial contributor to Social Security through the military reserves, and I worked six years as a teacher. I also have 26 years of CSRS service and five years of CSRS OFFSET for a total of 31 years of service. My high three is $107,800. I am 61 years old and could retire now. I understand how the security portion of the offset will be calculated but I do not understand how the substantial contribution portion will be handled through the military and as a teacher. A: Substantial earnings under Social Security are substantial earnings, no matter…