Q. I bought back my military time and will have 15 years (combined military/federal service) in 2013. I am under FERS. My husband has a rare form of cancer that has left him permanently disabled and his prognosis is unknown due to the rarity of the cancer. Is it possible for me to retire early — I am 49 — and keep my benefits so that I can take care of him? A. Unfortunately, no. The earliest you could retire would be at your minimum retirement age, which is 56. Even then, your annuity would be reduced by 5 percent…
Browsing: military buyback
Q. I’m a traditional CSRS employee with 35 years and no break in federal service. My retirement contributions have been taxed over the years through the bi-weekly payroll deductions. I also paid $5,000 to get credit for military time. When I retire, will some of my monthly annuity check be exempt from taxation since it is considered return of principal? How is this amount calculated? A. Your answer is in the Internal Revenue Service’s Tax Guide to U.S. Civil Service Retirement Benefits. You can download a copy at www.irs.gov/pub/irs-pdf/p721.pdf.
Q. I will have been employed with USPS for 10 years in March. I bought back my four years of military time. I will be 56 in June. Do I qualify for SRS? A. First, the only way you could retire is under the MRA+10 provision (minimum retirement age with at least 10 years of service). Second, no one who retires under the MRA+10 provision is eligible to receive the special retirement supplement.
Q. I am an Air Force Reservist, in for 29 years or the equivalent of 11 active-duty years. I am also a federal employee for 23 years, six of which have been on active duty. Before I make a decision to buy back my federal civilian time, can I receive both an Air Force Reserve and federal civilian retirement at the same time, or do I have to choose one over the other? A. You can receive both reserve retired pay and a civilian annuity without a reduction in either.
Q. I retired from the military in 1980 after 20 years and receive my Navy retirement. I started working as a CSRS employee with a service computation date of November 1979. I have been receiving my full Social Security since attaining full retirement age. I plan on retiring from CSRS in January 2014 with 35 years of CSRS service with no military buyback. Will I have any offset since my Social Security was based on my military and private employment and not CSRS? A. Because you will be receiving an annuity from a retirement system where you didn’t pay Social…
Q. I was in the active Air Force for five years and in the Pennsylvania Air National Guard for 18 years. I am retired and am receiving benefits. I also have two years as a federal employee in the VA health system. I am considering a job with VA. How do I determine my status regarding years of service and how this affects benefits while working and at retirement? What office gives the definitive answer? A. OPM is the ultimate source of definitive answers; however, your own agency personnel office should be able to give you the same answers. They…
Q. With five years of federal civilian service and eight years of military paid for, if I left federal service, would I be able to apply for the MRA+10 retirement option when I reached that age, since that would be more than 10 years? Or would it just be a deferred annuity at 62 that I would be eligible for? A. Age 62.
Q. I plan on retiring in 2013 under FERS immediate annuity under the 30-year/minimum retirement age with no penalty for age. I am FERS code 8, and my annuity computation date and retirement computation date are both Feb. 8, 1983. 1. Is the earliest date that I can retire on to give me 30 years Feb. 8, 2013? 2. My 30 years will consist of FERS employment, “bought back” military time and “bought back” (via a redeposit) CSRS time. Will I qualify to receive the FERS annuity supplement even though I will not have 30 years of FERS-only time? Can…
Q. I am a retired chief petty officer with 17½ years of service. I am an information technician specialist under the Federal Employees Retirement System. I am buying my military time back and will have it paid off shortly. I have a couple of questions: 1. Will my military retirement check stop as soon as I pay the military deposit off, or does it stop when I retire from the federal government? 2. Part of my military retirement goes to the Veterans Affairs for my 30 percent service-connected disability, which is then sent back to me from the VA. Do…
Q. I am 48. I was active-duty enlisted Navy from 1983 to 1993, so I have 10 years’ active duty. I got out as an E-6 with an honorable discharge. I am also 10 percent disabled, which happened when I applied for the CAVET program. I live in California. I took an early-out special separation bonus lump sum to get out after 10 years. President Reagan was drawing down the forces at the time and offered the early out. I don’t see any money because I understand I have to pay back the SSB lump sum. I have been working…