Q. I’m a 50-year-old clerk (FERS) in the post office with 23½ years of service and I want to get out. I want to move from Florida back to my home state 1,000 miles away. I think I only have four options and I’m looking for advice on what would be best for me. 1. Retire with at age 50 and pay the penalties or defer or postpone annuities? If I do that, what will the penalties be? 2. Stick it out for another year and a half until I have 25 years of service and retire. If I do…
Browsing: Early retirement
Q. I am 57 years old with 26.9 years under FERS. I am past the minimum retirement age. Would I receive the bridge to Social Security if I retired before any early retirement offers? I know there is a penalty on FERS because I do not have 30 years. A. No, you wouldn’t receive the special retirement supplement. No one who retires under the MRA+10 provision can. Further, you need to be aware that your annuity would be reduced by 5 percent for every year you were under age 62 (5/12 percent per month). You could, of course, retire and…
Q. The Dec. 13 VERA announcement for U.S. Fish and Wildlife Service employees is silent about whether FERS employees 55 to 61 years old will have reductions in their annuities due to age. (I’ll be 59 when I retire next year, with almost 24 years of service.) The “VERA FAQs Final” they sent with the announcement states (p. 1) “FERS Employees: Your annuity is not reduced if you are under the age of 55” and (p. 2) “FERS Annuity … If you retire under the age of 55, there is no annuity reduction.” I assume this discussion about being under…
Q. I was hired Dec. 28, 1984, by the Postal Service. My required retirement age is 57; I am 50. If the Postal Service offers an early retirement option giving me two years, would I qualify for the FERS supplement immediately, and what about my insurance? How much if any penalty would I be subjected to? A. The Postal Service can’t offer you two years to make you eligible for early retirement without a change in the law, which isn’t about to happen.
Q: I have worked in government since April 15, 1991, and in December of that year had an on-the-job accident. I have endured four surgeries since then and the doctors want me to have a fifth. It’s now up to OWCP on the direction to go. I have been on light duty for more than a year, and my employers want to resolve this, including getting me to volunteer to retire, medical retire or even do a fit for duty. I have four more years before I am 57,and I prefer to stick it out, but if I choose to…
Q: I am retired military with 29 years of service on April 1, 2010. I have been employed in the Defense Department lab demo program since April 12, 2010. Have an SCD leave date of Dec. 13, 1990, SCD Civ of April 4, 2010 and SCD RIF of April 12, 2010. If given a notice of involuntary separation by my agency, will I be eligible for unemployment? Where can I find more details? A: You’ll have to check with your state unemployment office.
Q: I have an employee that enrolled in the FEHB plans effective Jan. 2, 2011, and has worked for the government for approximately 30 years. My agency is undergoing a VERA/VSIP announced in September. However, I found out that my agency did not request a preapproved waiver to include the health insurance. Can you tell me if this employee will be eligible to carry her health insurance into retirement? A: In order for her to continue her FEHB coverage, your agency needed to attach a memorandum to her retirement application stating that she met the requirements for a pre-approved waiver…
Q: My activity is offering VSIP/VERA. I am 56 and have 22 years in service under FERS. Do I get the 5-percent penalty if I accept the offer? Am I allowed to withdraw monthly on my TSP? Can I receive the Social Security supplement? A: You won’t be penalized for being under age 62 if you are approved for early retirement. And, because you were born between 1953 and 1964, you’ll be eligible to receive the special retirement supplement.
Q. I work at Robins Air Force Base in Georgia. I am assigned to Defense Logistics Agency (DLA), Richmond, Va. I know that each agency makes the decision to offer the early out to their employees. I have worked for the Air Force for 29 years of my 33-year career. I am 53 years old, and I am ready to retire today! I don’t recall an early out being offered to DLA in the last five years. Will DLA offer an early out to their employees at Robins? A. We don’t get advance notice of early retirement offers. We learn…
Q. I took early FERS retirement at age 59 to take care of a family member. That problem has passed. Can I withdraw my retirement and come back to work for the government? A. While you can’t withdraw your retirement, you can apply for a job with the federal government. If you get one, your annuity would continue and your salary would be offset by the amount of your annuity.