Q. I worked as a WG-10 for the Air Force from November 1985 to July 2000, after fours years of active duty. I already rolled over my Thrift Savings Plan 401(k). I was under the Federal Employees Retirement System, but I remember contributing a small amount each pay period toward retirement. Where can I find out what benefits I will receive and when I am eligible to collect? A. Assuming that you didn’t get a refund of your retirement contributions, at age 62 you could apply for a deferred annuity. It would be computed using the following formula: 0.01 x…
Browsing: high-3
Q. Under CSRS, I worked 17 years as a full-time employee. For the past 17 years, I worked part time only 24 hours per week. I would like to retire in two years with 35 years of service. How is the calculation done? With the new amendment in 2009, I was told by my HR that my retirement is based on my full-time salary rate ($111,000 as a GS-14). But this doesn’t make sense. I will be making more when I retire. Can you help me understand this? A.Here’s how you annuity will be calculated: 1. The actual hours you…
Q. I am a Civil Service Retirement System employee who will soon have enough service to retire at 80 percent of my high-3 salary, not including sick leave. I will have in excess of 2,080 hours of sick leave at the time of retirement. Can I receive an additional 2 percent above the 80 percent for the unused sick leave? A. Yes. When your annuity is calculated, any leftover hours of actual service will be combined with any unused sick-leave hours and used to increase your annuity above the 80 percent limit. To increase your annuity by 2 percent, that total number of hours would…
Q. I am a 58-year-old letter carrier covered under the Federal Employees Retirement System with 27½ years of service. I recently became incapacitated due to an occupational disease/illness. I am considering submitting a CA-2 form for worker’s comp under the Federal Employees’ Compensation Act, applying for FERS disability and Social Security disability, or applying for early retirement. Can I apply for all four options at the same time and choose the best option later? What is not clear to me is the FERS disability option. Since I have reached my minimum retirement age and qualify for immediate retirement excluding the…
Q: I am considering retiring at the end of the year due to the possible changes to CSRS pension calculations from the current high-3 average to a high-5 average. I have been keeping abreast of proposals and know there is nothing definite from Congress yet. I am already close to my high-3 average and I am topped out in my pay grade. I don’t want to be put into a situation where I would have to stay two more years, until age 59, to get essentially the same average. Of course, this does not count the extra 2 percent per…
Q. I have been an 1811 under covered positions for 15 years. I also have bought back years of active-duty time. My organization is discussing offering a Discontinued Service Retirement. If offered this retirement would I receive: 15 years x 0.017 (25.5) x average of high three plus 10 years x 0.01 (10) x average of high three or a total of 35.5 percent of high three plus 50 percent of my sick leave time applied to length of covered time. (This is only a couple of months – 600 hours). A. Yes and no. While you would receive half credit…
Q. I worked for the federal government from 1980-1982 with a break in service for approximately six months and returned from October 1982 through October 2000. After leaving federal service, I received a refund on my money that I put in but did not receive any interest. I have now returned to federal service since June. I am enrolled in the CSRS offset program and I have three questions. Do I have to pay back the monies I took out to get credit for those years of service? What is the interest rate? Since I am in CSRS Offset, will…
Q: I am CSRS and I have been taking just under six months of LWOP every year for the past 10 years. Is the calculation of my high-3 years the actual pay I received or the pay that I would have received if I had not taken any LWOP. Example: Let’s say my basic pay with locality is $55,000 per year but I have only been receiving $45,000 per because of the LWOP taken. Is the high-3 based on the $55,000 or the actual pay of $45,000? A: It’s based on the pay you would have received, not the pay…
Q. Is locality pay included in a high 3 for someone who works abroad and retires in the states? A. No. Locality pay is only included in determining an employee’s high-3 if he is receiving it in the U.S. Those working overseas don’t receive locality pay. They get allowances and differentials, which aren’t included.
Q. I am under the FERS program. I’m 45 years old with 25 years of federal service. If I quit now to take care of my mother, will I receive a pension, how much, and when will it begin? A. You would be eligible for a deferred annuity at age 60. It would be based on your creditable service and high-3 on the day you left. Here’s the formula: 0.01 x your high-3 x your years and full months of service.