Q. I am a Defense Department employee in CSRS. I am 55 and have 30-plus years of service. I can retire tomorrow with an annuity. I am married and have a 21-year-old son who is in school. Will he still be covered under my Blue Cross medical benefits should I retire? A. I’m assuming that you have self and family coverage and that you will have been enrolled in the Federal Employees Health Benefits program for the five consecutive years before you retire. If so, your son can continue that coverage up to age 26.
Browsing: CSRS
Q. My husband will be retiring from the federal government under CSRS. I, his wife, am a permanent alien resident. I have heard that because I am not a citizen, I would receive only 55 percent of the survivor annuity. Is that true? Do I need to become a citizen before he retires? A. No. You would receive 55 percent of his unreduced annuity if he were to die.
Q. I served 9.5 years in the Air Force and just short of five years for the FAA under CSRS. When I left the FAA in late 1987, because of a misunderstanding of how CSRS worked, I thought I had to withdraw my contributions to CSRS because I had fewer than five years. Counting most of my Air Force time, I have 39 years of substantial contributions to Social Security. I returned to government employment two years ago and am considered CSRS Offset. Since I plan to retire in four years, I am trying to determine my best option regarding…
Q. When doing an online search about leave without pay during the high-3 years for annuity calculation, I found the FedExperts response from Nov. 30, 2012. It stated that less than six months LWOP per calendar year does not count against time in service, nor does it reduce one’s salary calculation for the high-3 years. However, on my CSRS Personal Benefits Statements for 2011 and 2012, it appears that it does reduce the retirement annuity. In September/October 2011, I took 79 hours of LWOP. My Jan. 2, 2011, CSRS PBS shows a high-three of $110,657, and an annuity of $6,982…
Q. I am contemplating retiring this year with 30 years in FERS. I was under CSRS when I started in 1970 and left in 1974 to start my family. I was reinstated into the federal government in March 1987, with a new service computation date of 1983 and four years in CSRS. When I returned, I was automatically placed into FERS. Now that my retirement is drawing closer and I have been to Social Security, they are telling me that they will take two-thirds of my Social Security benefits, listed as CSRS Offset. I have done some research and see…
Q. I worked for the Defense Department from 1976 to 1985 under CSRS. I withdrew my contributions at that time but find in talking with an Internal Revenue Service agent about another subject that she could see a deferred annuity. Could this be from sick leave that had accrued that I would not get paid out for, or could it be from the employer match of my contributions? A. Because you withdrew your retirement contributions when you left government, you wouldn’t be eligible for any retirement benefit.
Q. I am a 35-year Postal Service employee covered under CSRS. If the USPS becomes insolvent, will my retirement annuity be safe? With the fiscal crises, can Congress change my annuity to a lower benefit? A. The solvency or insolvency of the Postal Service would not affect your entitlement to an annuity. However, the law that specifies what retirement benefits could be changed for all retirees. Such changes are usually prospective, meaning that they would apply to those retiring at some later date.
Q. How can I find out the total value of my CSRS pension? Is there a methodology or interactive tool online where I enter my annual earnings throughout my career and a value is produced? I am a few years away from retirement and, from my annual personal benefits statement, I see my estimated monthly annuity based on options for when I retire and what survivor benefit I choose. But what is the total value today: past contributions + interest? My situation: totally CSRS (no FERS), no break in service, no extra contributions or withdrawals, just a straight 30 years…
Q. How many years of federal service does one have to work before retiring and receiving the exact amount of pay they are getting while working? Someone said you had to work until 35 years of service to receive your full retirement pay. A. Regardless of which retirement system you are in, it would be impossible to retire and receive an annuity that equaled what you were earning as an employee. Under FERS, even if you worked for 50 years, your annuity would only equal 55 percent of your highest three years of average salary (.011 x your high-3 x…
Q. I am 55 and was hired Dec. 29, 1984, under CSRS and forced into FERS when it was implemented. I have since paid a deposit for four years of military service, and according to my SF-50, my service computation date is Dec. 29, 1981. I want to retire Dec. 29 with 32 years. With 28 years of federal service and 4 years of deposit paid military time, for a total of 32 years, will I be eligible for the FERS special retirement supplement? Or will I have to complete two more years of FERS to be eligible for the…