Q. I am almost 62 years old and qualify for a CSRS deferred annuity, even though I left federal service 18 years ago. I have not been able to find anywhere (including the Office of Personnel Management website) how to apply for the deferred annuity. Do I initiate the action? If so, how? Do they initiate the action? If so, when? The only form I can find seems to indicate that OPM will initiate the action by sending me a letter and attached form, but they do not even have my current address, and I certainly do not have all…
Browsing: Deferred annuity
Q. I am 54 and have over 26 years of creditable service under FERS. I am going to be leaving government service in the next few months. Is it better to take a reduced annuity at age 56 or wait until I can take the full annuity? A. You don’t have a choice. If you leave government, you won’t be eligible for a deferred annuity until you reach age 60. And the only reason you won’t have to wait until age 62 for that annuity is because you have at least 20 years of service.
Q. I’m 53 with 27 years and 10 months. I could get six months of military service for Army Reserve full-time training credit. I’m in a term position. If I’m given a reduction in force, what are my options? Can I defer my retirement until my minimum retirement age of 56? If so, would I lose my health and insurance benefits? If I’m RIF’ed and do not defer, does that means I lost health benefits? A. If you receive a RIF notice, you have two choices. You can either sit tight and see if you are going to be separated,…
Q. I was separated by a reduction in force in March 1996. I left all retirement dollars in CSRS. I have more than 21 years of combined federal service from the Department of the Army and Department of Energy. I am 56. Can I apply for a deferred retirement at age 60 (with over 20 years service) since my separation from DOE was due to a reduction in force, or do I have to wait until age 62 to apply for my deferred retirement? A. As a former CSRS employee, your only option is to apply for a deferred annuity…
Q. I am 51 years old and have 16 years of 6c time in federal law enforcement. I am also a veteran and bought back 11 years of active-duty time, bringing my total federal time to 27 years. I am considering leaving the government for a position with a private company. I want to make sure I understand what I would give up before I leave, and it is my understanding that my benefits would be based on a straight 1.0 percent per year vice 1.7 percent since I will not have completed 20 years of 6c time. I am…
Q. I am 52 years old and have 22 years of federal employment. Can I retire? If so, how soon can I receive monthly payments, and how much would they be reduced by? How would this affect my Social Security benefits later? Also, how would this affect my medical insurance? A. Unless you are a special category employee, such as a law enforcement officer or a firefighter, you don’t meet the age and service requirements to retire. For FERS employees, these are: age 62 with five years of service, 60 with 20, at your minimum retirement age (MRA) with 30, and…
Q. If I retire with 32 years at age 57 (minimum retirement age) and start receiving annuity payments at that time will I get a cost-of-living adjustment for the years from age 57 to 62 when I hit 62? Or do I merely start getting the COLA for the year I am 62 and each subsequent year? If I defer annuity payments until age 62, would I get a COLA for the years from age 57 to 62? A. You would only receive a COLA to your annuity when you are age 62.
Q. I am a 51-year-old FERS employee whose minimum retirement age is 56. I will have over 30 years of service when I reach the minimum retirement age. A couple of years ago, I went under my wife’s health plan. We incorrectly assumed that she needed five years to become vested and that we could just stay under her plan when we retired (as with FERS). However, she is a Non-Appropriated Funds Defense Department employee and would need 15 years. I am picking up my Federal Employees Health Benefits insurance again so that I will have five years under the…
Q. I am a federal agent with the Department of Homeland Security. I have 18 years on and am 47 years old. If the furlough goes into effect, and they offer early-outs, is there a way for me to take it? Will I lose a huge chunk of my retirement? Will the deferred annuity work for me? I have a couple of prospects for private-sector employment with great benefit packages. I just would like to know is it worth staying the last two years. A. You don’t meet the age and service requirements for early retirement: age 50 with 20…
Q. I have been a postal Service employee for 19 years and a member of the Air Force, Air Force Reserve and Air National Guard for 26 years. I have approximately three years of active-duty time. If I buy back my military time to put toward my postal retirement, will that affect my military retirement? Also, when is the earliest I can retire/separate from the Postal Service and keep my pension, and what effect will retiring early have on my benefits? A. First, making a deposit for your active-duty service will have no effect on your reserve retired pay. Second,…