Q. I plan to retire at the end of the year under CSRS with 30 years of service. I received my last cost-of-living increase Jan. 3, 2010, which would be part of my high-3. Do I have to stay until Jan. 3, or can I retire Dec. 29 and still receive full credit for the cost-of-living increase toward my high-3? If I have to stay until Jan. 3, will I still get paid in my last check for my 439 hours of annual leave? A. The 2012 leave year ends Jan. 12. If you want to be on the annuity…
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Q. My service computation date is July 15, 1978. I turn 55 on May 10, 2013. Would it be wise to continue to work until I am 60? I am in CSRS. A. “Would it be wise?” This is a question that only you can answer. All I can tell you is that your annuity would be increased by 2 percent of your high-3 for every additional year you work.
Q. What percentage do FERS employees get for the retirement pay if they work until 62? A. If you have at least 20 years of service and retire at age 62 or older, your annuity will be computed using the following formula: 0.011 x high-3 x years and full months of service.
Q. I have eight years of federal service as a FERS employee and believe I qualify for a deferred annuity at age 62. Would I be eligible for a VSIP (if offered), and if I were to accept a VSIP to leave; would this affect my annuity beginning at age 62; and if so, how? A. Yes, you’d be eligible for a VSIP. And you’d be eligible for a deferred annuity at age 62. The annuity would be calculated using the standard formula: 0.01 x your high-3 on the day you left x your years and full months of service…
Q. I am a 59-year-old Army civilian and have 30 years of service as of early August. I had left government service and did not withdraw my contributions from CSRS. I came back to the government after a more-than-five-year absence in the private sector. Hence the CSRS Offset status. Instead of retiring, could I resign and apply for my retirement at a latter age, say 62 or later? Between now and that time, I would be working in the private sector again contributing to Social Security. I still do not understand why the CSRS pension is reduced by Social Security…
Q. I’m a FERS employee with the USPS. I’m thinking of retiring in a few years, I know the USPS uses the high-3 formula. Is overtime factored in? I plan on doing as much as I can before retiring. A. No.
Q. I’ll be 62 years old in March and covered by FERS for six years. After retirement, I’ll leave the country. Besides a small amount in the Thrift Savings Plan, there will be no health care coverage (will be covered by my home country) or other retirements service in the future. Social Security will be my only monthly U.S. income. The rough estimate retirement amount from FERS will be around $260 per month. Do I get the amount that I contributed AND the amount the government contributed in a lump-sum payment? A. No, you wouldn’t get a lump-sum payment. Instead,…
Q. I am rather new to civil service and am not well-versed at finding information on my FERS retirement account. I see deductions from my check on my leave and earnings statement and the current balance. However, I also see contributions made by the government on my behalf are going into my account. The balance for my contributions is clearly found; the balance on the account to include the contributions made by the government on my behalf is not. Combined contribution amounts should make the overall amount in my account considerably more than what it shows on my LES. Please…
Q. I am accredited with 41 years, 11 months of civil service and am eligible to retire. The time includes two years, six months, and 13 days of military service, which I did not buy back. I was told it didn’t matter that the difference between buying your military time and not buying it is that you would only have more money on the retirement fund but that the time would still be counted toward retirement. Is this correct? Also, I want to know what day I need to make my effective date of retirement so that I will receive…
Q. I am a CSRS employee with 40 years in the government. What percent of my check will I get if I retire? A. Assuming you have exactly 40 years of service, your annuity will equal 76.25 percent of your high-3. Each additional month of service will increase it by 1/6 of 1 percent. Further, if you have unused sick leave, every 174 hours will increase that amount by an additional 1/6 of 1 percent.