Q. I am 51 years of age and was born in 1961, which makes 56 my minimum retirement age. My birthday is Jan. 20. I recently lost my job in my hometown and was fortunate to gain employment with another federal agency, which is two hours from my home. I want to retire at my MRA. 1. Is Jan. 20, 2017, the date that I can retire? I would be 56 on that day. 2. If I retire at age 56, would the penalty be 5 percent per year of my FERS, or 20 percent? 3. Would I take this…
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Q. I plan to take a postponed annuity in 2013 at age 60, under the FERS MRA+10 provision. I assume I need to specify the start date of my annuity when I apply for retirement with my agency human resources office this year. Can I later move up my annuity date? If Congress proposes to take away some of our FERS retirement benefits such as the special retirement supplement, I would like the option to start my annuity sooner even if it means my annuity may be slightly penalized? A. Yes, you can specify when you want to receive your…
Q. I am a Navy civilian Defense Department employee in my mid-50s. I have been in my current position since August 2001. I also have six years active Army (two separate hitches — a two-year and a four-year) as an enlisted man. I haven’t repaid that time. I don’t know whether I should pay that back or not. That gives me over 10 or over 15 years depending on how it is viewed. I have considered leaving this position for a nongovernment job. What would my retirement options be in my current situation? What options are open to me given…
Q. I’m a FERS employee in a permanent, salaried position with the Air Force. I’m eligible for immediate retirement in December at age 60 with 28.5 years. With all the civilian cuts in the Department of Defense (no official reduction in force yet), are there any safeguards that protect people this close to retirement so they don’t have to worry about losing their jobs (and well-deserved benefits)? All I’ve found is: 1) my seniority (for RIF purposes), and 2) CFR Title 5, Ch. 1, SubCh. A, Part 351.606 and Part 630.212. A. No, there aren’t any safeguards as such. However, because you would meet the…
Q. I retired with a minimum retirement age at 58, which incurred penalty percentage. At the age of 62, will I be given the full retirement benefit or will it always remain at the same penalized percentage? A. Since you mention a percentage penalty, I have to conclude that you retired under the MRA+10 provision, which reduced your annuity by 5 percent for every year you were under age 62. If so, the amount of your annuity won’t change when you hit age 62 because the age penalty is permanent. However, for the first time, you will be eligible to receive…
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).…
Q. I am 45 years old. I have been working for the federal government since June 7, 1985, approximately 27 years. Our government facility is closing its doors. I was offered a job outside of our local travel area and had to turn it down due to personal reasons. Can I still qualify for discontinued service retirement? What would the penalties be? I have plenty of years but not the age. I have performed all my employment under FERS. A. Because the position you were offered was outside your commuting area, the fact that you turned it down wouldn’t keep…
Q. I was approved for OPM disability retirement and Social Security. I understand that I can elect Medicare Part B coverage and pay an additional premium. I already am covered under the Federal Employees Health Benefits plan and pay that premium. I also have been advised that I will pay a penalty for every year that I do not sign up for Medicare Part B while eligible. Is that so in every case? Should I pay both premiums? I am 52 years old. A. Yes, there is a penalty for every year you don’t sign up for Part B. However,…
Q. I am 54 years old with 31 years of service. My wife is terminally ill and has only about two years left at best, and I want to retire. I know that I have qualified for my retirement annuity, but do I also qualify for the Social Security supplement bridge pay? Also, I am 18 months from my 56th birthday. Am I subject to the early retirement penalty? If so, how much? A. Unfortunately, you aren’t qualified for a retirement annuity. To qualify, you’d need to have reached your minimum retirement age. The only way you’d be able to…
Q. I am 44 years old, and I am covered under FERS with a scheduled leave date of November 1985 but did not start working full time until August 1989. I recently enrolled in the Federal Employees Health Benefits plan, as my wife’s insurance coverage was better than FEHB. If offered, would I be eligible for a VERA/VSIP without any penalty? A. Yes. Although you worked part time for several years, your service computation date shows that you were given full-time credit for those years of service. The only effect of having worked part time is that your annuity will…