Q. I worked for the federal government for over 28 years. I retired last year under Voluntary Separation Incentive Pay provisions June 30, 2012. I am considering re-employing/reinstating. Am I eligible to return to work on July 1, one year after retiring? Can I repay the VSIP in cash or in payments? I read once that you can make payments for up to 36 months upon re-employment but am not sure whether this is correct. I understand the VSIP must be paid back before I return to work. Upon re-employing with the government, will I be able to contribute to…
Browsing: Eligibility
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. I have 26 years of federal service under FERS. I am 51 years old. I would like to leave federal government. Am I eligible to apply for a deferred retirement? If so, how is my penalty calculated? A. Because you have at least 20 years of service, you could resign and apply for a deferred retirement at age 60. Your annuity would be calculated using the standard formula: 0.01 x your high-3 x your years and full months of service. Your high-3 would be determined by your highest three consecutive years of average salary on the day you left.
Q. I am 67 years old, employed as a federal civil servant with 35 years of service this year. Can I collect Social Security benefits? What effect will that have on my retirement? I was under CSRS until FERS came into existence. I switched to FERS, believing I would not stay in civil service and wanted to pay Social Security taxes. It worked out that I did stay in the government, so I should have a portion of CSRS (about eight years) and the rest under FERS when I retire. A. Because you have reached full Social Security retirement age,…
Q. I plan on retiring in 1½ years. I will be 56 and have 23 years federal service. I bought back my three years of military time, but I understand that I will not be able to use that unless I do 30 years. I am FERS and was born in 1958, so my minimum retirement age is 56. Will I be able to retire at 56 with 23 years of federal service? A. You could retire under the MRA+10 provision. However, your annuity would be reduced by 5 percent for every year (5/12 percent per month) that you were…
Q. With 20 years of federal civilian employment at age 50, would I be eligible for Voluntary Separation Incentive Pay if it’s offered? I am under FERS. A. Yes, because anyone who is offered a VSIP can accept it, whether or not he is eligible to retire. In your case, you have the years and service to both accept the payment and retire.
Q. I am an Air Force retiree who has 13 years as a federal employee. I am eligible for MRA+10 on March 24. If I apply to retire, how long does it take to process my application for approval or what is the earliest date I can actually resign? I am considering a private sector job and they want to start in 30-45 days. A. When you fill out the Standard Form 3107, Application for Immediate Retirement, you’ll put the date you are retiring in Section B2. It doesn’t matter how long it takes to process your application, that’s your…
Q. If I decided to retire this year and submitted my retirement paperwork already… If my agency came along later and offered a buyout, would I be eligible for that buyout? A. Highly unlikely, since the purpose of a buyout is to encourage people to leave or retire who wouldn’t do so without a financial incentive. However, the decision is up to your agency. And their decision is final.
Q. My position was not listed as eligible under the last Voluntary Separation Incentive Pay round offered by the Department of Energy. I was told that, before another round of VSIP can be offered, the department must request or renew its buyout authority. How and when is this done? Where can I find a description of the process that departments must go through to request buyout authority and how eligibility lists are determined? A. For basic information and legal and regulatory background, go to www.opm.gov/hcaaf_resource_center/assets/Tal_tool9.pdf. To learn how your agency establishes eligibility lists, you’ll have to check with your own…
Q. I work for a Veterans Affairs hospital under CSRS Offset. I was employed at the Postal Service from 1980 to 2001. I was reinstated at VA in 2008. I work Monday to Friday, 8 a.m. to 4:30 p.m. I am a GS-5. I have 178 hours of annual leave and 1,027 hours of sick leave. My service computation date is Feb. 12, 1987. I am eligible to retire on my 60th birthday, which is March 28. I have planned a European vacation from March 21 to April 9. I want to take annual leave March 21-29. I have annual…