Q. I resigned from federal service with 21 years of service — 20 in FERS, one in CSRS. When I resigned, I was not at minimum retirement age. I now meet the MRA+10 rules and am ineligible for CSRS refunds. Can I wait until age 60 and qualify for an unreduced annuity under age 60 with 20 years of service provision? Is it better to take the reduced annuity today? A. You don’t have a choice. Because you have 20 years of service, you can only apply for a deferred annuity at age 60. Note: Because you had fewer than…
Browsing: MRA
Q. I have been notified that my post office will be downgraded and will operate at reduced hours (four hours a day) as of June 2014. I have also been told if I can’t find another postmaster position in an office operating at six hours a day or more by June 2014, I will be terminated and replaced by the postmaster relief or other non-career personnel. The termination will be involuntary on my part and considered a reduction in force. In June 2014, I will be 55, with 28 years of service under FERS. As of that date, I will…
Q. I am 55 and have five years’ military time (paid deposit for both — Army two years and Navy three years) and will have 27 years with my agency this year when I reach my MRA for FERS. Three years of my military time were with the Navy, and I have a general discharge (two years Army is an honorable discharge). I read that the military time must be honorable and thus am concerned if my Navy time will be allowed for service credit regardless of paying the deposit on it more than eight years ago. Boy, I’d sure…
Q. I, perhaps incorrectly, understood that a person can “declare” retiring at a time earlier than MRA and 30 years’ service, with reduced benefits (reduced pension). I’m in FERS; is this true? A. Not exactly. You can retire at age 62 with five years of service, age 60 with 20, at your MRA with 30 or at your MRA with at least 10 but fewer than 30. In the last case, your annuity would be reduced by 5 percent for every year you were younger than 62. However, if you have at least five years of service and don’t take…
Q. My wife and I are federal employees under FERS. I will be retiring with 25-plus years of service as a federal law enforcement officer this year. I have been enrolled in self and family coverage under the FEHBP during my entire career, and my wife has been covered under my benefit plan during this period. My wife has been employed with the government for a little more than a year in a non-LEO position and plans to remain in her job at least until she reaches MRA, which will give her right at 10 years of service. I do…
Q. In April, I will have completed 20 years of federal employment. I will be only 55 and will not have met the MRA, 56. I was told at a retirement seminar that I could still separate (at 55) and wait to apply for the postponed retirement when I reach MRA. Is this correct, or would this be a deferred retirement and would I lose my ability to renew my health and life benefits options when I reach 60? A. Because you have at least 20 years of service, if you left before being eligible to retire, you could apply…
Q. I am active-duty Army, and I am considering not re-enlisting the next time it comes up. At that point I will be at 11 years, and I don’t want that time to go to waste. What federal jobs can I get into from which I can still retire after 20 years? I heard of a program for buying back your time but don’t know how this work or where to find more information on it. A. Eligibility to retire from the federal civilian service is based on a combination of age and service: age 62 with 5 years, 60 with…
Q. I am a FERS letter carrier. My MRA is 56, and my retirement date is April 2016. I will have 30 years by then. I would like to leave two or three years earlier. Is this possible without an early out or voluntary early retirement agreement? Is it possible to do this under deferred retirement? If it is, what health benefits and annuity would I stand to lose? I have enough money saved to where I could wait two or three years before receiving benefits. Is there any other way of leaving before my full retirement age? Even an extended…
Q. My month of birth is June 1963. I will have 12 years of federal service at age 56. What is my MRA? Is it 56 with a penalty and age 62 with 18 years of service no penalty? A. Your minimum retirement age is 56. Since you are only 49, you’d have to wait until you reached your MRA to retire under the MRA+10 provision. Then your annuity would be reduced by 5 percent for every year you were younger than 62. You could, of course stick around until you had 20 years of service. By then you’d be at least 60 and…
Q. I am 40 years old and have 22 years of federal service as a FERS employee. I am eligible for retirement with 25 years/no MRA with an early-out, deferring retirement until age 57, correct? Can I keep my benefits from age 43 until 57, or at least have the benefits at 57 during retirement? I have been enrolled for 22 years. Also, if there is no early-out offered, what is the earliest age I can retire with so many years? By the time I’m 50, I’ll have 32 years in. A. You appear to misunderstand the rules. If you were…