Q. I am a 62-year-old federal police officer. I have over 33 years of combined military and civilian time. I have an adjusted service computation date of Jan. 4, 1978, and I have FICA, CSRS (partial) and FERS offset. Promotions and upward mobility are few and far between in my job series, not to mention reaching a “high- 3.” I am contemplating retirement. However, since we no longer have a local human resources department to assist us, I am writing to ask if you can advise me. A. It doesn’t make any difference what level of income is used, the…
Browsing: CSRS
Q. I was born on Aug. 2, 1967, and was in the military for nine years and three months (Feb. 25, 1992, to June 13, 2001). I worked at the VA hospital for 11 months (October 2003 to September 2004) and while there received my 10 years of service pin. I am looking to obtain GS employment again (soon) and wanted to know if I could retire and receive a retirement check once I complete 10 more years of service, giving me 20 years of service. If I am unable to receive my retirement check after 20 years of service,…
Q. I need to work three more years of about $4,800 each year to qualify for Social Security benefits. Is this something I need to do? Will my annuity reduce if I never apply for Social Security? Is it more, less or closely the same benefit financially to draw Social Security? How can I generally know this mathematically? Also, is there a site and/or calculator that provides additional help with the government pension offset? A. If you earn 40 credits under Social Security, you’ll be entitled to a Social Security benefit; however, because you are a CSRS employee who will…
Q. I am a former federal employee covered by CSRS. I am approaching retirement age (62). I do not have 30 years of substantial Social Security earnings, and will be affected by the windfall elimination provision. I first left federal employment in 1983, and withdrew my CSRS pension funds. With interest, I owe about $59,000 to make a full redeposit. I was re-employed by the government within a year, and remained on CSRS. The second time I left federal employment (in 1993), I left my CSRS (not CSRS offset) funds with the government, which is the basis for my CSRS…
Q. I have a friend under CSRS who is eligible to retire. If he retires and then changes his mind about being retired, can he be hired/reinstated into another agency at the same grade? Would he lose his CSRS retirement? A. Once he is retired, he’s on his own when it comes to seeking other employment. He would only be hired at the same grade if his qualifications match the job for which he is applying. If he was hired, in most cases the salary of his new position would be offset by the amount of his annuity. In rare…
Q. I am a CSRS employee and plan on retiring Sept. 1. I believe if you retire the last day of the month or the first two days of the next month, you will receive your first retirement check at the end of that month. Sept. 2 is Labor Day. Is there a benefit to making my retirement date Sept. 2? All three days — Aug. 31, Sept. 1 and Sept. 2 are nonworking days for me. A. Because you are a CSRS employee, you can retire up to the third day of any month and be on the annuity…
Q. I am a CSRS employee and plan to retire March 29. 1. Will I be on the annuity roll for my first check on April 1 or May 1? 2. Will I incur a reduction in my annuity because of the retirement date? 3. I will turn 65 in April, so I will be eligible for Medicare. I have had Federal Employees Health Benefits for four years, and I am Tricare-eligible. I am aware that my time with Tricare will count toward my five years and that I can suspend my FEHB and go with Medicare/Tricare for Life. What…
Q. I work for the Postal Service. I have 34 years and five months under CSRS. I will be 55 in October. If I What percentage would I receive, retiring with the Voluntary Early Retirement Authority? A. Get out your pencil and paper (or calculator). Here’s the formula: .015 x your high-3 x 5 years of service, plus .0175 x your high-3 x 5 years of service, plus .02 x your high-3 x all remaining years and full months of service If you retire before age 55, deduct 1/6 percent for every month you are under age 55.
Q. I’m in CSRS. In the 1980s, I worked part time for a few years, and my SF-50 shows part time, 32 hours a pay period. I saved all of my leave and earnings statements, which show that I actually put in 70 hours per pay period. How will this service be viewed for retirement calculation purposes? This situation doesn’t fit into an electronic calculator! A. The method used to compute part-time service is at www.opm.gov/retire/pubs/handbook/C055.pdf. Scroll to Part 55B2. Although this applies to FERS employees, as the result of a recent court case, it also now applies to CSRS.
Q. Can a widow receive survivor CSRS pension benefits from her first husband and widow’s Social Security benefits from her third husband? She is receiving both without any penalties. The widow is 74 and was collecting her own Social Security benefits before her third husband committed suicide. A. Yes, as long is she isn’t receiving an annuity based on her own work record from a retirement system where she didn’t pay Social Security taxes. If she is, she’ll be subject to the government pension offset, which will reduce or eliminate her Social Security survivor benefit.