Q. I am a FERS/frozen CSRS Postal Service clerk who will be 56 years old with 34 years service. I’m eligible for retirement in November. If the Postal Service offers a Voluntary Early Retirement Authority with monetary incentive after I submit my retirement forms but before I actually retire, will I be eligible for the VERA with monetary incentive? A. It’s possible but unlikely. The purpose of the Voluntary Separation Incentive Payment is to encourage employees to retire who would be less likely to do so without a cash incentive.
Browsing: CSRS
Q. I am CSRS, planning on retiring at the end of 2012. I am debating retiring either Dec 31, 2012, or Jan. 4, 2013. What is the effect of each date on my January 2014 cost-of-living adjustment. I know that if I retire on Dec 31, 2012, my COLA in January 2014 will be 11/12 of the Consumer Price Index. If I retire on Jan. 4, 2013, will my Jan. 2014 CPI be 11/12 or 10/12 of the CPI? A. If you retire Dec. 31, you’ll be on the annuity roll in January 2013 and receive 11/12ths of the 2014…
Q. I have 40 quarters of private-sector experience to qualify for Social Security. I will be 61 years old in October. I want to start collecting my Social Security at age 62. I am in CSRS. I had 30 years on June 3. Will I be able to get my full benefit of Social Security at age 62 and still work in my federal job? Also, I have had problems figuring out how much I will eventually get from Social Security when I retire due to the windfall elimination provision. I have all of my earning statements from the Social…
Q. My wife and I are both federal employees. I am CSRS and she is FERS. Since 2009, I have carried “family” health coverage that is deducted from my CSRS paycheck to cover our health insurance needs. Prior to 2009, she carried her own federal health insurance. She has had no break in federal service (health care coverage) between 1988 and August 2012. Should I precede my wife in death, how much spousal retirement benefit should I leave her so she can continue to receive full federal health insurance benefits? I have been told that all I have to leave…
Q. Someone with 30 years of federal service under CSRS plans to retire this fall, has been married in the U.S. for approximately five years now. However, the spouse has not yet become a U.S. citizen (he is a permanent resident). After five years, the spouse is eligible to apply for citizenship. The spouse works, has a Social Security number, pays taxes, etc. How are the Office of Personnel Management forms, especially survivor benefits, handled with a spouse who is not a U.S. citizen? What about adult children? What financial opportunity can an only child (18 years old and not…
Q. I am 60, retired from USPS under CSRS. I was told I will receive my Social Security along with my postal pension at age 60. When I reach 62, I then will be dropped from this and can apply for Social Security directly. I have my 40 quarters in Social Security. Is this true? A. Whoever told you that was mistaken. He may have thought you were covered by FERS. FERS retirees receive a special retirement supplement that approximates the amount of Social Security benefit they earned while FERS employees. As a CSRS retiree, you would be eligible for…
Q. I am 51 and a postmaster with 29 years in CSRS. I was told my office at USPS will go to four hours in 2014 (I will be 53). If I don’t find another job in the Postal Service before 2014 and am terminated due to reducing my office to a non-postmaster office, can I collect a immediate annuity and keep my health insurance? A. If you are involuntarily separated, you will be eligible for an immediate annuity. The same is true if you are offered an opportunity to retire early. If you have been covered under the Federal…
Q. I resigned from federal service with 21 years of service — 20 in FERS, one in CSRS. When I resigned, I was not at minimum retirement age. I now meet the MRA+10 rules and am ineligible for CSRS refunds. Can I wait until age 60 and qualify for an unreduced annuity under age 60 with 20 years of service provision? Is it better to take the reduced annuity today? A. You don’t have a choice. Because you have 20 years of service, you can only apply for a deferred annuity at age 60. Note: Because you had fewer than…
Q. I am turning 65 and, although professional and educated, am struggling with the “right” choice for Medicare. My service was 15 years CSRS and 18 years FERS. I pay approximately $100/month for excellent HMO coverage. Taking Medicare Part B seems to be doubling my cost without seeing much return on investment other than to appear to be over-insured. Is there any legislation pending or any other compelling reason to take Part B in addition to maintaining FEHBP? A. Signing up for Medicare Part B is a personal decision. No one is pressing you to do that by either persuasion…
Q. I am a CSRS employee with 30 years of service. If I marry a retired federal employee, will this reduce my monthly retirement benefits? Also, in the event of death, are we entitled to each other’s benefits? A. Marrying either a federal employee or retiree would not affect your retirement annuity. Whether you would be eligible for each other’s survivor benefit would depend entirely on whether you elected to provide such a benefit and accepted the reduction in your own annuity to pay for it.