Q. I am planning to retire at the end of this year with 30 years’ service under CSRS. I received my last cost-of-living increase Jan. 3, 2010. I received my final step increase Nov. 10, 2010. To use the cost-of-living increase toward/as my high-3, do I have to stay until at least Jan. 3 to get full credit? If I go on Nov. 1, will I lose the benefit of staying until Jan. 3? My EOD date is Oct. 17, 1982. A. Your high-3 will be based on the average basic pay you received during 78 consecutive biweekly pay periods.…
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Q. I read recently on the Q&A about the opportunity to purchase additional annuity not subject to the 80 percent limit for CSRS employees with more that 41 years and 11 months. How does that work? I will have 41 years and 11 months in October, and I am planning to work beyond that. I thought the only way to add more than 80 percent was with excess sick leave (which I don’t have). Would this additional annuity be in lieu of the refund? A. Yes. To see how it works, read my March 5 column, available at http://blogs.federaltimes.com/federal-retirement/2012/03/05/several-options-can-help-supplement-maximum-annuity.
Q. I am a federal employee under CSRS. If I resign, instead of retire, and withdraw all of the money I have contributed to my retirement, will I receive interest on that amount? A. No.
Q. Can a CSRS employee withdraw all or part of their retirement fund and continue working? A. No.
Q. I am planning to retire soon with 30 years of federal service and am CSRS. I carry a family health insurance policy because my husband is retired and his company did not offer anything for him to carry into retirement. He has been on my plan for several years. My plans are to NOT take a survivor annuity. Should I die before him, will he be allowed to continue the health insurance? If not, can I ensure that if I die before him that he can continue the insurance coverage? A. The only way you can ensure that he…
Q. I’m planning to retire from CSRS on Nov. 2, 2012, with 37.6 years. Can I sell back my comp time along with my annual leave, or do I need to take it before I retire? A. As a rule, any unused compensatory time you still have to your credit will be paid in a lump sum at the overtime rate in effect when the leave was earned. However, compensatory time earned during non-duty hours while on TDY has no cash value.
Q. How can an employee use creditable sick leave toward retirement? A. While sick leave can’t be used to make an employee eligible to retire, once he has meet the age and service requirements to retire, it will be added to his actual service and used in the computation of his annuity. Note: While retiring CSRS employees will receive full credit for any unused sick leave, FERS employees will receive only half credit if they retire before Jan. 1, 2014.
Q. My wife and I are postal employees. I am CSRS, and she is FERS. If we choose the survivor benefit, upon either of our deaths, can the other of us collect our retirement and the other’s survivor benefit? A. Yes.
Q. I am a federal employee and will retire under CSRS next year. I have kept up my medical benefits with Kaiser (self only) (FEHB) but I am also under my spouse’s medical plan with her private employer. When I retire, I plan to continue with Kaiser (self only) and with her medical plan until she retires. At the time of her retirement (she will not be offered health insurance from her employer in retirement), will she be able to enroll in FEHB as my spouse under my FEHB plan (I would change my enrollment to self and family) or…
Q. I’m a current CSRS employee with 34 years’ federal service and also have 15 years of “substantial earnings” for Social Security. My plan is to continue to work until age 70 under the CSRS retirement system. At age 66, can I apply and draw full Social Security retirement benefits? Is it correct that the WEP reduction will take effect only once the individual retires from federal service? I read that WEP does not affect an individual who continues to work and is drawing Social Security benefits. A. Yes, you can begin receiving your unreduced Social Security benefit when you…