Q: Regarding the article in the May 16 Federal Times “How to Calculate SRS Benefit”: The first paragraph says that employees are trying to find out what their annuities would be if they get the opportunity to retire early or are RIF’d. However, the article doesn’t seem to address retiring early until the second to last paragraph. So if someone is 50 years old with 20 years of service of any age with 25, which is the criteria to retire early, they won’t get the special retirement supplement? They would have to be the MRA with 20 or 25 years…
Browsing: Early retirement
Q: I am a CSRS employee with 29 years, one month of service to date. I took the survey asking if I would consider early retirement and, if so, when. I said I would and would like to leave in December. I would be four months short of my 30 years. I have more than 600 hours of sick leave as well. What would happen to my sick leave? A: After you met the criteria to retire, your unused hours of sick leave would be combined with any hours of actual service time that don’t add up to a full…
Q: I’m a CSRS employee who is thinking of taking an early out if offered. My age will be 54 years and 2 months, so I will have a penalty. I was told the penalty goes away once I reach 55. Is that true? A: No, it isn’t true. The reduction in your annuity for being under age 55 would be permanent.
Q: My Agency has been authorized to offer employees an early out and buyout program this year with the requirement of being off the roles by Oct. 3, 2011. This is three days before I turn 55. However, I meet the years-in-service requirement. What will be the penalty if I take the early out/buyout three days before I turn 55 on Oct. 6.? A: At retirement age and service are counted in years and full months. Because you would be one month shy of your 55th birthday, your annuity would be reduced by roughly 1/6 percent.
Q: If offered voluntary early retirement at age 52 with 27 years of service, would an individual still receive the 5 percent FERS benefit reduction a year for each year under 62? In other words, are FERS folks still subject to the 5 percent penalty minimum retirement age rule that is part of the FERS Immediate Retirement policy? A: Any FERS employee who meets the age and service requirements for early retirement — age 50 with 20 years of service or at any age with 25 — and accepts the offer won’t be subject to the age reduction penalty.
Q: I’ll be 54 years soon and I’m under CSRS with 35 years and six months of service. Can I get out in November of this year taking the 2 percent reduction in my annuity? For me that would be around $1.65 a day for the rest of my life. A: No, you can’t. To be eligible to retire before meeting the standard age and service requirements, your agency would have to offer you an opportunity to retire early. I’LL BE 54 YRS. SOON AND I’M UNDER CSRS WITH 35 YRS. 6 MONTHS, CAN I GET OUT…
Q: I am eligible for retirement under CSRS in October. Civilians at a local base are being polled to see how many would be interested in early retirement. Since they are under another command, we have not had that same opportunity. I kid with my supervisor about it, and he says that even if we were polled and I applied for early retirement, he could prevent it. Is that correct? A: If your agency offered you an opportunity to retire early or receive a buyout, there isn’t anything your supervisor could do to prevent you from accepting the offer.
Q: I will turn 53 on June 10. My SCD is June 5, 1978. I have 33 years of federal service. I worked for the Air Force for the first 29 years. Then I was transferred to Defense Logistics Agency. We were told at that time that nothing would change. I have heard that the Air Force is submitting a survey in May asking how many federal Air Force employees would be interested in an early out. How might I get an offer for an early out? During the past years I missed out on two early outs, one because…
Q: I am a 30-year Defense Department employee under CSRS who will become eligible for regular voluntary retirement on Jan. 4, 2012. There is buzz around my organization that there will be a VERA/VSIP with retirement dates being offered in September and December of 2011, but no real details yet. Would it be considered a VERA or a VSIP if the designated date for December retirees ended up being in the same pay period in which I become eligible (for example, Jan. 1-14, 2012) if the designated retirement date occurred before Jan. 4, 2012? Would this affect any incentive money…
Q. I am 49 years old with 22 years of federal service. I am in FERS. Is there any situation whereby I can voluntarily retire at 50, keep my health benefits (me plus spouse) for life and receive an immediate annuity next year? Side notes: My MRA is 57 and I have had health insurance (Blue Cross Blue Shield family for 15 years). Am I looking at a 5 percent a year reduction (to 57 or 62)? Would the supplemental annuity (at age 57) go away? Finally, how would a VERA (or something similar) change my situation and are we…