Q. I work for the Postal Service. If my job moves 75 miles away and I only have 15 years of FERS under my belt but will not move, what would be the difference in dollar terms under FERS of resigning with 14½ years at 43 years old vs. putting up with commuting or renting during the workweek for five more years of FERS to make 20 total years at 50 years old. Last high-3 basic pay would be around $56,000 per year. A. If you really want an answer to your question, you’ll have to hire a financial adviser…
Browsing: high-3
Q. I am a federal law enforcement officer with more than 30 years of CSRS service. I do not have 20 years of federal law enforcement coverage, a main reason I remain on duty. Would I be eligible for VERA or VSIP, and by participating, would I receive the 18 months I need to attain 20 years in a covered position? Twenty years of law enforcement coverage computes to 50 percent of my high-3 plus the remaining years. I need 18 months of additional law enforcement time on duty to be eligible for a law enforcement retirement calculation. Does VERA…
Q. I have 20 years of FERS law enforcement coverage, with approximately four years in nonlaw enforcement coverage. I am only 51. We don’t get administrative overtime, so if I could find a nonlaw enforcement position that paid the same grade, that would be nice. If I obtain such a position, what happens to my 20 years of law enforcement coverage? It is safe, right? My understanding is that my basic annuity is calculated at 1.7 percent of my high-3 times 20 plus 1 percent of my high-3 average times years of additional creditable service. Further, my understanding of the…
Q. I am 48. I was active-duty enlisted Navy from 1983 to 1993, so I have 10 years’ active duty. I got out as an E-6 with an honorable discharge. I am also 10 percent disabled, which happened when I applied for the CAVET program. I live in California. I took an early-out special separation bonus lump sum to get out after 10 years. President Reagan was drawing down the forces at the time and offered the early out. I don’t see any money because I understand I have to pay back the SSB lump sum. I have been working…
Q. I plan on retiring when I am approximately 62½ years old. I’ve worked for TSA 10 years now and 2½ years will be 12½ total years. What would my retirement include, i.e. health benefits and anything else? A. Your annuity would be 12.5 percent of your highest three consecutive years of average basic pay (your high-3). And you’d be able to apply for a Social Security benefit. You’d also be able to continue your health benefits and life insurance coverage if you had been continuously enrolled in those programs for the five consecutive years before you retired.
Q. I’m 50 and have 21 years of federal government service under FERS. If my agency offers Voluntary Early Retirement Authority next year, which I expect it will, I’ll probably accept. My high-3 average is $100,000, I’ll have 22 years of service, and my Thrift Savings Plan is around $200,000. 1. Can I receive my FERS annuity ($22,000/year) as soon as I officially retire, without penalty? 2. Can I receive FERS supplemental annuity from when I’m 57 (minimum retirement age) to 62? 3. Can I receive my Social Security from as early as 62 (or, if I choose, 67 or 70)? A. 1. Yes. 2.…
Q. I am planning on retiring in February. At that time, I will be 60 years old and will have 27 years under FERS. 1. Am I entitled to the special retirement supplement? 2. Does receiving the supplement affect my Social Security payment at age 62? 3. How long after retiring can I expect to receive my first payment, and roughly how much will it be? 4. Are state and federal taxes deducted from it? A. 1. Yes. 2. No. The special retirement ends at age 62 when your Social Security benefits begin. 3. I have no idea. However, the…
Q. I am a Postal Service employee under CSRS. I am planning on taking the incentive and retiring Jan. 31, which will give a total of 34 years and nine months of service including sick leave. I have used approximately 3,700 hours of leave without pay over my entire career with the maximum used in one year being 408.46 hours and the minimum being zero. 1. It is my understanding that any LWOP used during that time, as long as it does not exceed six months in any year, will not affect my length of service used to determine my…
Q. I am a Postal Service employee under CSRS. I am planning on taking the incentive and retiring Jan. 31, which will give a total of 34 years and nine months of service including sick leave. I have used approximately 3,700 hours of leave without pay over my entire career with the maximum used in one year being 408.46 hours and the minimum being zero. 1. It is my understanding that any LWOP used during that time, as long as it does not exceed six months in any year, will not affect my length of service used to determine my…
Q. I am part of CSRS set to retire Feb. 1. However, with the fiscal cliff looming and consideration of a change to the retirement calculation based on a high five years of performance, should I consider retirement in 2012. How quickly could retirement criteria change, and could this change affect those of us who are considering retirement in the next few months? A. There is no way to know what the future will hold. Nevertheless, things will become clearer as we get closer to the so-called fiscal cliff. The best you can do is keep your eyes and ears…