Q. If my agency offered an early retirement package, and I wanted to accept (under FERS — age 56, which is my minimum retirement age, with 18 years service), how would not having the 20 years of service affect me. Am I still a candidate, and would I have to accept penalties? Or do I have to wait until I have the full 20 years? A. You wouldn’t meet the age and service requirements for early retirement. If you still wanted to leave, you could do so under the MRA+10 provision (minimum retirement age with between 10 and 29 years of service).…
Browsing: MRA+10
Q. I retired from active-duty service in the U.S. Army in 2002. I became a Department of the Army civilian in 2009. When — how many years — can I retire from federal service? What is the computation/formula used to determine retirement pay? A. When you can retire is determined by your age and service. You can retire at age 62 with five years of service, 60 and 20, at your minimum retirement age with 30 or at your MRA+10 (but fewer than 30). If you make a deposit for your years of active-duty service, you’ll get credit for that time in…
Q. I am under FERS and have been employed by the General Services Administration since Feb. 5, 1985. I am 45 years old with 27 years of federal government service. I am a GS-14. I would like to know exactly when can I retire. A. It’s amazing that you could have been a FERS employee for that many years and not know the age and service requirements for retirement. Here they are: age 62 with five years of service; age 60 with 20; at your minimum retirement age with 30; and at your MRA with 10 but fewer than 30.…
Q. I am in FERS, 58 years old, with 25 years in at the VA medical center. I read here, I think, that a Postal Service employee had 25 years in and you said he can retire with 30 years in. But you said if you were born between 1953 and 1964, you can go with 25 years in. Is this true? A. No, twice over. I didn’t say that, and it isn’t true. Here are the age and service requirements for a FERS employee to retire: 62 with five years of service, 60 with 20, at the minimum retirement…
Q. I am a FERS employee who will have approximately 100 hours of sick leave by the time I plan to leave my federal position (March 1, 2013) under the MRA+10 policy. I plan to defer my pension disbursement as I will be 52 when I leave federal service. How will my unused sick time figure into my deferred annuity calculation? A. It will be added to your actual service time and used in the computation of your annuity. However, your annuity will only be increased if your leftover hours of actual service and sick leave hours add up to…
Q. I am still uncertain on one nuance of the five years to be vested. I am working through the process to “sell back” my four years of Air Force Academy time. I started work this year (March 2012). When I hit March 2018, I will have six years of civilian time and four years of military credited time. Will I be eligible for a MRA +10 using the four military years? I will be past my minimum retirement age with over five years of civilian time and over 10 years of total creditable service. A. Yes, you can retire…
Q. I turned 54 in December. I will have 14 years of service by June. Our Postal Service facility is rumored to give an early-out by September. Will I qualify to take an early-out via the deferred MRA+10? A. You wouldn’t qualify for an early-out because your minimum retirement age is 56. However, you could resign and apply for a deferred annuity when you reach age 62.
Scenario 1: I am considering retiring on Dec. 31, 2013, which is in the middle of a pay period. Can a person retire in the middle of a pay period? Scenario 2: What if I decide to retire at the end of the pay period (Jan. 4, 2014) instead? This way, I could collect my full sick leave, which goes into effect on Jan. 1, 2014. My concern is that I could still receive my first retirement check for the month of January and all my 2013 accrued vacation time as though I retired Dec. 31, 2012. Or will I…
Q. I resigned federal employment after 21 years. A few years later, I was advised by the Office of Personnel Management that I was eligible for the reduced benefits of minimum 10-year early retirement (FERS). However, they made no mention that if I wait until age 60 (another three years), I may receive unreduced (full) benefits. As I understand the regulations, I am eligible for unreduced benefits at age 60, with at least 20 years of service, even if I resigned before reaching the minimum retirement age. Is this correct? Do I need to appeal the decision of OPM regarding…
Q. I am really confused by the Social Security offset. I retired from active duty in the Army after 22 years. Soon after retiring in 1998, I took a job as a letter carrier with the Postal Service. I am covered under FERS. I want to retire from the Postal Service in 2014. I will be 60 years old and have 15 years with the USPS. Will my Social Security be reduced when I am eligible at age 62? If so, by how much? A. Because you are a FERS employee, you won’t be subject to any offset. You’ll be…