Q. I am a retiree from the military after 20-plus years. As a civilian, I plan to work in the federal government. What is the federal government’s vested time? What is the early (minimum) retirement time — i.e., service time and age? A. You would need to work for five year to be vested in the retirement system. The age and service requirements to retire are: 62 and five, 60 and 20, at your MRA (minimum retirement age) with 30 or at your MRA+10, but with a 5 percent reduction in your annuity for every year you were younger than…
Browsing: MRA
Q. I am 51 (I turn 52 in April) and have been a law enforcement officer for 23 years, plus four years of military time that I bought back. Because of torn retinas, I have lost all depth perception permanently and have been placed on light duty pending further medical review. I will likely be ruled unable to perform in a law enforcement position and unfit for duty. I wasn’t planning on retiring, but now it might be forced on me with a FERS disability retirement. If that is the case, what is better — to just retire voluntary, before…
Q. For a FERS retiree at 50, working air traffic controller, so no earnings test applies to FERS supplement until MRA of 56: Assuming the retiree earns significant income, and birthday is June 1, when does the earnings test apply? There is some confusion about Social Security earnings test beginning at the end of the year in which they turn 56, and others say it would apply at the end of the month in which they were born. A. The answer is at www.opm/gov/retire/pubs/handbook/C051. Scroll to Section 51A3.1-1D.
Q. I was a postal employee between 1983 and 1996. When leaving the Postal Service, I took a withdrawal from the pension system. 1. Could these funds be redeposited into the system so I could qualify to draw an annuity? 2. If I must return as an employee of the Postal Service AND redeposit the funds I withdrew from the pension system, how long would I have to work before I could qualify to retire? I also contributed funds into the TSP which I never withdrew. Those funds are still active with the plan. A. You cannot redeposit the refund…
Q. I have 28 years of service at 56½ years of age. My MRA is 56. If I defer/postpone my retirement, at what age can I collect without any penalties? Also, would I be eligible for the special retirement supplement at that time? A. If you retired under the MRA+10 provision, you could postpone the receipt of your annuity to age 60 and avoid the age penalty. However, you wouldn’t be eligible for the special retirement supplement. Although you could resign from the government and apply for a deferred annuity at age 60, doing so wouldn’t gain you anything. But…
Q. I will have 20 years of 6c covered law enforcement officer service at age 48. Can I retire then? Maybe if I don’t draw benefits until I’ve hit the MRA of 50? If this is possible, how will it affect my health benefits? A. No, you can’t retire at 48. To retire on an immediate annuity and continue your health benefits coverage in retirement, you will have to work to age 50, in either a covered or noncovered position. Alternatively, you could resign from the government and apply for an annuity at your minimum retirement age, which would be…
Q. Can I apply for an air traffic controller FERS retirement even if I am not employed by the federal government? I left the FAA OCT in 2009 and was 47. I resigned in good standing and left only for personal reasons. I am now 50 with more than 21 years of good air traffic controller time. I was hired by the FAA in 1988 and also have 6½ years’ Air Force time. I have also paid back my military service. I now receive Social Security for disability. Does this impact my eligibility for FERS? What do I do? A.…
Q. Can I apply for an air traffic controller FERS retirement even if I am not employed by the federal government? I left the FAA OCT in 2009 and was 47. I resigned in good standing and left only for personal reasons. I am now 50 with more than 21 years of good air traffic controller time. I was hired by the FAA in 1988 and also have 6½ years’ Air Force time. I have also paid back my military service. I now receive Social Security for disability. Does this impact my eligibility for FERS? What do I do? A.…
Q. I want to clarify how my unused sick leave will be calculated into my retirement annuity. I worked for more than 10 years in federal service, left and came back for one year. I meet the MRA+years. I am 58 and planning on leaving federal service. Do I need to retire and postpone to 62 for my unused sick leave to be calculated in my retirement annuity? Or will it be calculated at 62 when I apply for retirement? A. Your unused sick leave can be added to your actual service only if you retire on an immediate annuity.…
Q. I am a FERS employee and had 10 years of active-duty military time before becoming a federal employee. I bought this time back. Now I have 14 years as a federal employee and the 10 years of military time. My understanding is that under FERS, the military time is creditable service up front — i.e., I have 24 years of creditable service for retirement purposes. Is this correct? Based on what I have read, in six years I will have 30 years of service (10 military/20 FERS) and therefore will be eligible for my full retirement at my MRA…