Browsing: maximum annuity

Q. I am a under CSRS. I maxed out (41 years, 11 months) in January. I am aware that CSRS deductions will continue and will be returned to me with interest upon my retirement. However, my leave and earnings statement does not indicate how much is being put into this account. The L & E statement also indicates that the government is also still contributing. Is this normal, or should I be seeing how much is in this account? A. Nothing changes when you reach the number of years and full months of service that would produce the maximum earned…

Q: Where does money go after I have the maximum amount of time under the Civil Service Retirement System? I am still working at the U.S. Postal Service. A: After a CSRS employee has 41 years and 11 months of service, he is entitled to the maximum amount of earned annuity, which is 80 percent. If he continues to work, contributions will still be deducted from his salary; at retirement, he can either receive a refund of those contributions or use the money to buy additional annuity which, like unused sick leave, isn’t subject to the 80 percent limit.