Q. I am 57 years old and will be 58 on Sept. 19. I will have 30 years of federal service on Jan. 25, 2013, and am covered under FERS. Can I retire on Dec. 28 and still get the Social Security supplement? I am aware that there will be a penalty for retiring before I have my 30 years, but that should be minimal as it is only for one month at a penalty of 5 percent per year. Is that correct? Or is the penalty for 5 percent per year until I reach age 62? A. Because you…
Browsing: MRA+10
Q. I am considering retiring under the FERS minimum retirement age plus-10 rule a month or so after my 60th birthday this year. We have also been considering relocating to Alabama from Chicago, where I work at a VA medical center. Does it make any financial annuity difference whether or not I retire while still living in Chicago, or if I wait until we relocate (or I transfer employment) to Alabama? I know part of my current salary is based upon my physical location, but I don’t understand how that part of my salary affects the final calculations? A. Your…
Q. I would like to know if taking a Voluntary Early Retirement Authority/Voluntary Separation Incentive Payment under a round of base closure and realignment changes any of the issues with the minimum age requirement for receiving the FERS supplement. I thought I would receive the supplement, although I had not reached age 56 when I retired June 30, 2010. Information posted on the Navy’s Human Resources website reads: “The annuity supplement is a benefit paid, until age 62, to certain FERS employees who retire before age 62 and are entitled to an immediate annuity. The supplement approximates the value of…
Q. I am a 58-year-old FERS employee. I will have 25 years of creditable service in November, and I would like to retire. Is it wise to do so, or do I have to wait for VERA? A. If you retire before your agency offers you a VERA, you’ll be retiring under the minimum retirement age +10 provision. Not only would your annuity be reduced by 5 percent for every year you are under age 62 but you wouldn’t be eligible to receive the special retirement supplement.
Q. I am a FERS employee, have 28.7 years of service and am 56 years old, which put me in that MRA+10 provision and am eligible for the “federal supplement” check. I’m seven months away from having my five years under my health insurance. Why is it that I can get the OPM to sign a waiver so I can take my health insurance with me under a VERA, yet if I want to go now, I lose it? Or is there a way I can take it with me now regardless? If I could take my health insurance with me…
Q. I was active-duty military for 24 years, then went contractor for a few, and have been an Army civilian going on four years now. I was told that I could retire at my minimum retirement age (56) after 10 years of civilian service. Is that correct, and if so, what type of retirement would I be eligible for? Also, by looking at the FERS section on my leave and earnings statement, how can I figure out how much a month I would be getting at retirement? A. You would be able to retire under the MRA+10 provision, which would…
Q. I am being involuntarily separated from Nonappropriated Fund service due to my position being abolished. I retained Federal Employees Retirement Service when I became an NAF employee. I am 55 years old with more than 10 years of creditable service and will be Minimum Retirement Age+10 eligible when I turn 56. Will I be penalized 5 percent for every year under the age of 62 if I apply for MRA+10 retirement? My retirement will be a result of being involuntarily separated. Will I be eligible for any Social Security benefits? A. If you are separated before you reach your MRA, you…
Q: I’m an employee under the Federal Employees Retirement System with a hire date of Jan. 19, 1999. I plan on retiring the day after my 60th birthday in 2015 under the minimum retirement age plus-10 provision with 16 years of service. Will I have to take the 10 percent penalty for being two years younger than age 62, or does being age 60 somehow eliminate it? A: The 5 percent-per-year penalty will apply for every year (5/12ths of a percent per month) that you are under age 62. If you had 20 years of service and retired at age…
Q: I asked my HR person if I could retire this September and this is the answer: “I’m sorry but you will not be able to retire in September of this year. What you could do is resign and request a deferred annuity from OPM. Your annuity commencement date would be 2/6/2016. Otherwise you will have to wait until 3/13/2012 for voluntary retirement or 2/6/2012 to become eligible for the MRA +10 option.” What is the difference in money and time for starting monthly checks between regular retirement and the MRA + 10 option? A: While there is no difference in…
Q: I recently read an article on the minimum retirement age in which the author states, “Here are some reasons that the MRA+10 option is not more popular than it is (other than the fact you’ll not be receiving an annuity for two years).” I’ve been considering the MRA+10 option for quite some time now, and this is the first that I have heard of not receiving and annuity for two years. In all of the literature I’ve read on MRA+10, I cannot find any mention of it. Do MRA+10 retirees have to wait two years to receive their annuity?…