Q. I am a Postal Service level 21 employee, and will retire with about 41 years and 11 months in early 2013 with my high-3 close to my frozen level 21 value. When I retire, I will have been detailed to a level 23 position for about a year and a half, with a modest increase in pay during that time. Will the Office of Personnel Management use only my level 21 pay for annuity calculations or will the detail/higher level pay be considered? A. A high-3 is based on the highest three consecutive years of average salary from which…
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Q. I have 33 years in and am under CSRS. I will be 60 years old in May. I served less than two years in the Army in my 20s. I am a WG-8 making almost $25 an hour. I receive correspondence statements from Social Security that if I retire at age 62, I would be eligible for approximately $300 based on a second job 12 years ago and jobs before joining the government in the 1980s. 1. Should I buy back the time I have in the Army? 2. Will the buyback help increase my Social Security? Or will…
Q. I am a 43-year-old federal employee, and I had seven years of military time and so far 15 years of service under FERS. I have made a deposit for my military time, so I am at 23 years. I just made GS-11. What is the option for retiring at the end of that three-year period as a GS-11 for my high-three? A. There is no option because you won’t meet the age and service requirements to retire on an immediate annuity: age 62 with five years of service, 60 with 20, at your minimum retirement age with 30 or…
Q. If I’m retiring under CSRS with a date of Jan. 3, 2013, would it be advisable to change to Dec. 31, 2012, to avoid the possibility of a change from high-3 to high-5? A. If a change is made, it would likely be prospective. Nevertheless, keep your antenna up and be ready to change your plans if things take a turn for the worse.
Q. My retirement plan is CSRS Offset. I have 35 years of civil service will be 55 years old in February. I have been a GG-12, Step 7 for the past three years. What will be the percentage of my high-3, and what year can I retire? A. You can retire on an immediate annuity at age 55. I’ll give you the formula so you can figure out the percentage of your high-3 you’d receive: .015 x your high-3 x 5 years of service, plus .0175 x your high-3 x 5 years of service, plus .02 x your high-3 x…
Q. I am 65 years old, have 30 years continuous military service and am retired, so I know I will get Social Security next year if I choose. However, I also now have 10 years continuous civilian federal service. My SF-50 indicates FERS-FICA. I am in a full-time indefinite status but have been a GS for three straight years and in NSPS status for two years following that. There have been no breaks in service. I also contribute 7 percent to TSP. If I retire from federal service next year, what, if any, are the retirements benefits under FERS-FICA excluding…
Q. I am 51 (I turn 52 in April) and have been a law enforcement officer for 23 years, plus four years of military time that I bought back. Because of torn retinas, I have lost all depth perception permanently and have been placed on light duty pending further medical review. I will likely be ruled unable to perform in a law enforcement position and unfit for duty. I wasn’t planning on retiring, but now it might be forced on me with a FERS disability retirement. If that is the case, what is better — to just retire voluntary, before…
Q. I received a career appointment with USPS as a letter carrier in 1977 and resigned in 1995 with 17 years’ service. Whom do I call or email for details on my reduced pension benefits? I turned 62 in October. A. All you need to do is complete a copy of Standard Form 3107, Application for Immediate Retirement, and mail it to the address on the form. You annuity will be computed as follows: 0.01 x your highest three consecutive years of average salary x your years and full months of service.
Q. I am 48 with 25 years of federal service under FERS. I am considering my options and was wondering what would be the ramifications of leaving government service by resignation or early retirement, if available. A. If your agency offered you an opportunity to retire early, you could do that. If it didn’t, you couldn’t. With early retirement, you’d receive an annuity computed as follows: 0.01 x your high-3 x your years and full months of service. You wouldn’t be eligible for the special retirement supplement until you reached your minimum retirement age (56) and your first cost-of-living adjustment…
Q. I am 48 with 25 years of federal service under FERS. I am considering my options and was wondering what would be the ramifications of leaving government service by resignation or early retirement, if available. A. If your agency offered you an opportunity to retire early, you could do that. If it didn’t, you couldn’t. With early retirement, you’d receive an annuity computed as follows: 0.01 x your high-3 x your years and full months of service. You wouldn’t be eligible for the special retirement supplement until you reached your minimum retirement age (56) and your first cost-of-living adjustment…