Q. What happens to annuity payments to retirees when no budget is passed by Congress? Where does the funding come from for payments of federal retirees’ monthly annuity? A. The money used to pay federal retiree annuities comes from the Civil Service Retirement and Disability Fund. According to the Office of Personnel Management, “Sequestration will not stop delivery of FERS and CSRS annuity checks. These monthly retirement benefits checks will continue to be issued.”
Browsing: CSRS
Q. I am 59 years old and covered under Federal Employees Health Benefits as the spouse of a CSRS annuitant. Due to a covered disability, I have been receiving Social Security Disability Benefits for the past 18 months and was just advised that I will be eligible for Medicare Parts A and B in June. If I decline Part B and decide to take it later, will I be subject to the Medicare Premium penalty? A. Yes.
Q. My husband and I each receive a CSRS retirement. If we become citizens of another country, what happens to our CSRS retirement? Do we continue to retain this retirement income? A. Yes, unless you move to one of the blocked countries, such as North Korea.
Q. I am a 39-year SES employee in CSRS. What rules are in place for post-retirement employment? As long as I do not work on items related to my agency, can I seek work with a contractor? Also, will I be able to get my full annuity while earning a salary with a contractor? Are there any cautions? A. You can seek employment with a contractor. However, whether it would be considered a breach of ethics to do so would depend on the extent to which you were using knowledge obtained while a government employee in your new position. You’ll…
Q. I am in CSRS and expect to retire when I have 42 years. I know unused sick leave is added to my length of service on a monthly calculation. I also know, however, that 42 years of service equals the maximum retirement of 80 percent. If I retire with an unused sick leave balance of nine months (which is what I have), will this be lost because I have reached the 42-year/80 percent cap, or is there some other factor? A. You reach the 80 percent limit when you have 41 years and 11 months of creditable service. The…
Q. I worked for the federal government for over 28 years. I retired last year under Voluntary Separation Incentive Pay provisions June 30, 2012. I am considering re-employing/reinstating. Am I eligible to return to work on July 1, one year after retiring? Can I repay the VSIP in cash or in payments? I read once that you can make payments for up to 36 months upon re-employment but am not sure whether this is correct. I understand the VSIP must be paid back before I return to work. Upon re-employing with the government, will I be able to contribute to…
Q. I am a federal employee with the Department of Agriculture who will turn 54 on March 18. I have been with USDA for 35 years and eight months. I understand, under CSRS, that the Office of Personnel Management has to approve early retirement for the federal agency I work for before I can take it. Is there is an option under CSRS where I could get early retirement to care for an elderly family member without requiring overall agency approval from OPM? A. No, there isn’t.
Q. I’m 60 with 10 years in CSRS, 25 in FERS, with about 2,900 hours of unused sick leave (900 of which were in CSRS) and about 440 hours of unused annual leave expected by the end of the year. If I retire on Dec. 31 to try to maximize my unused annual leave lump sum, it looks like I will not qualify to apply up to 100 percent of my unused sick leave to time of service (except the CSRS portion). If I retire on Jan 1-3, 2014, to be able to use the full (rounded in months) amount…
Q. I’ve come to understand that excess retirement contributions can be had/applied in two ways for annuity purposes. One is a lump-sum return of same and the other can be applied toward my annuity over the 80 percent. I’m a CSRS employee and will have almost 43 years of service in May. I also have more than a year’s sick leave on the books, which is another 2 percent, which puts me at 82 percent. If I chose to apply my excess to my annuity, how and what percentages would apply? A. You would receive an annuity based on 42…
Q. I am an unmarried 64-year-old CSRS annuitant who will turn 65 on July 15. I’ve had Blue Cross/Blue Shield coverage for many years. What should I do about Medicare and when? A. You can apply online at www.ssa.gov/medicareonly. Do it a few months in advance to avoid delays in being covered.