Q: If offered an early out by an agency, which presumably would allow for the special supplement to apply (the Office of Personnel Management website only says you “may” be entitled to), how is that computed? From what I read on the OPM website, the base amount figured on a 40 year pay into Social Security divided into the number of years of Federal Employees Retirement System service (in my case 24/40). Does the base figure assume I paid into Social Security up through 62 years of age (even though I haven’t); or the figure what I actually have paid…
Browsing: OPM
Q: I retired at the end of 2007 but continued to work part time until February . I “failed” my first earnings test in June 2009, and my supplement was suspended that August. My earnings for 2009 were similar to 2008, but my earnings for 2010 will be below the threshold for a supplement reduction. When and how will my supplement get turned back on? A: According to the Office of Personnel Management, special retirement supplements are reviewed when it receives information on the annual survey they sent to retirees or from either the Social Security Administration or the Internal Revenue Service…
Q: As a Civil Service Retirement System employee who will have 30 years of service by mid-2011 but wont be 55 until the end of 2013, is there any way to retire in 2011? If so, what kinds of penalties would I face? A: The only way you could retire before reaching age 55 would be if your agency were to offer you an opportunity to do so. Early outs are only offered when an agency has received approval from the Office of Personnel Management based on the agency’s need to downsize or restructure its work force; those opportunities usually…
Q: Is a reserve-component retired military person considered a nonveteran the same as an active-duty retired military person in a reduction-in-force? A: To find out how your service in the armed forces would be credited during a reduction-in-force, read the Office of Personnel Management’s VetGuide, located online here.
Q: I am under the Civil Service Retirement System and plan to retire Dec. 31. I have already paid my military deposit on my 20 1/2 years of service; my civil service time is 33 years and nine months, which would give me more than 54 years of service at the time of my retirement. That is well beyond the 41 years and 11 months required for the 80 percent maximum retirement benefit. At my time of retirement, it is my understanding that the Office of Personnel Management will automatically refund the excess retirement contributions I will have made for…
Q: My husband was previously married, and a portion of his retirement was going to his ex-wife. After we married, I signed a paper giving her the full annuity if he were to pass away. My husband has since passed away, and she is now receiving the full amount. As per the papers I signed, if she passes away before me I am to receive the full amount. If she were to pass away, who do I contact, or will they contact me? A: Because your original paperwork specified that you would receive the full survivor annuity if your husband’s…
Q: My father retired several years ago under the Civil Service Retirement System. At the time of his retirement, he elected to reduce his benefits to provide my mother with spousal survivor benefits. She died a number of years before him, but it does not appear that he ever adjusted his benefits after her death. He recently passed away, and I am the executor of his estate. Does the estate have a claim to the difference between the benefits he actually received and what he was entitled to receive in the years after her death? A: You’ll need to notify…
Q: I am under the Federal Employees Retirement System and have 25 1/2 years of federal service. Early in my career, I had a few years of part-time employment. What is the formula to figure how this impacts my annuity? A FERS Benefit Estimate Report from the Office of Personnel Managment listed a FERS part-time proration factor of 92 percent at age 50 with 23 1/2 years of service and 94 percent at age 56 1/2 with 30 years of service. I am assuming this means my annuity will be reduced by 6 percent at 30 years of service. If…
Q: If you are the retiree with survivor benefits and the survivor dies first, what forms do you need to fill out? Do you inform Medicare? Do you change health benefits from family to single? What form do you fill out to remove the survivor benefits? A: All you need to do is call the Office of Personnel Managment at 888-767-6738 to report the death of your spouse. A benefits specialist will guide you through the process and provide the forms your need.
Q: You answered a question with the following: “A: According to OPM, you only need to complete your 80-hour work week to get credit for any annual and sick leave earned during that pay period.” I cannot find this clarification at the OPM website. The “popular” opinion amongst co-workers is that you must be employed for the entire pay/leave period if you have a standard Monday-Friday work week in order to receive annual leave credit for that period. Specifically, if I retire on Dec. 31, 2010, with 80 hours worked, will I receive credit for pay period 26, or must…