Q. I have read that “If there is no spouse, former spouse, eligible child or some other insurable interest named to receive a survivor annuity upon the death of the FERS annuitant, then a lump sum of the employee’s contributions to the FERS Retirement and Disability Fund will be paid to the individual(s) entitled under the order of precedence.” The order of precedence is: designated beneficiary, widow/widower, children, parents, etc. Does this mean, if I haven’t named someone to receive my FERS annuity, upon my death, anything not paid to me while I was retired will be paid in a…
Browsing: lump sum
Q. My agency was planning to conduct a reduction in force in November 2011. Prior to that, there was a mock RIF in which we pretty much determined where employees would bump/retreat to. Based on that information, I elected to apply for a Voluntary Separation Incentive Payment and was approved in September 2011, under optional retirement (30 years FERS with minimum retirement age). Retirement would be by March 31, 2012, for the VSIP. Two months later, in November, the RIF was canceled, and a second VSIP date established, where we could leave Aug. 31. Since the RIF was canceled, I…
Q. I retired (federal law enforcement) on Feb. 29 at the age of 55. My total law enforcement time was 20 years with an additional seven years of federal service. I am receiving a partial annuity until the Office of Personnel Management has the time to finish it, which may be six or seven months. I received a lump-sum payment upon my retirement for my annual leave. I would like to take a job as a reinstatement employee with federal service. Do I lose my entire annuity if I do this? I understand that retirement deductions will be held, but…
Q. Please tell me approximately how much money I will receive upon expecting to retire June 3 with accrued annual leave of 240 hours, use-or-lose of 208 hours, plus 49 years of government service? A. To find out the gross amount you’d receive, multiply your hours of unused annual leave by your hourly rate of basic pay. For example, if you had 240 hours of unused annual leave and your rate of basic pay was $20 an hour, then your lump-sum payment would be $4,800. However, the amount you will receive will be less because federal taxes, state taxes (where…
Q. I worked for the government from 1970 to 1979 and then quit. I took a lump-sum payment. I then worked for a church for 28 years and retired in 2011. I filed for Social Security recently (I just turned 62), and they replied they need to know the amount of my lump-sum payment from the government back in 1979 before they could process my Social Security benefits. Can you tell me how I can figure my lump sum based on my income those nine years with the government, or is there a place I can contact to find out?…
Q. I am CSRS and made 41 years, 11 months in August 2011. I continue to have deductions for retirement taken out of my pay. As I understand it, the Office of Personnel Management will send me a lump sum for my excess payment after I retire. My options are to accept the refund or return the money to buy additional annuity. 1. Will the excess retirement dollars from September 2011 to Dec. 29, 2012 (date of retirement) equate to another 2 percent annuity? 2. Do I have the option of putting that money in a Voluntary Contributions Program account?…
Q. Can a FERS employee who resigns and not retires sell accumulated annual leave? A. If you resign from the federal government, you will receive a lump-sum payment for your unused annual leave.
Q. I had 38 years of federal service with the Architect of the Capitol. Will I receive the extra money paid into CSRS system six years past 32 years? How will that money be paid to me? A. As a rule, CSRS employees have to work 41 years and 11 months to earn an annuity that equals 80 percent of their high-3. That’s the maximum amount that can be paid in an annuity based on creditable service. Only special category employees, such as law enforcement officers and firefighters, can reach the 80 percent limit with fewer years and full months…
Q. I worked for the Department of the Army as a civilian from 1966 to 1972. I do not remember if I took my retirement as a lump sum when I left. How do I find out if I am still in the program and what my payments would be if I went on retirement? A. Go to www.archives.gov/st-louis, click on Official Personnel Folders, and follow the directions for making an inquiry. If you did leave your contributions in the retirement fund, your annuity at age 62 would be calculated using the standard CSRS formula: 0.015 x your highest three…
Q. I am a Department of Army civilian employee, GS-12 (about two years of service). I plan on quitting in a few weeks for a job in the private sector. How many hours of annual leave can I sell back upon my departure? A. There is no limit. You will be entitled to a lump-sum payment for all your unused hours of annual leave.