Q. I am a 57-year-old postal employee and I am considering retiring under a FERS Voluntary Early Retirement Authority with 26 years of service. I have reached my mandatory retirement age. Am I eligible for the supplement if I retire Jan. 31, 2013? In researching the special retirement supplement, I read that a bill may have been signed by the president eliminating this benefit for those who retire after Dec. 31, 2012. Can you give me the correct information regarding this supplement? A. Yes, you’ll be entitled to the special retirement supplement. No, the president didn’t sign a bill eliminating that benefit.
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Q. Postal Service employees can carry over 440 hours of annual leave. The next year, they earn their new annual leave upfront (208 hours), making their balance 648 as of January. They work every holiday for leave for an additional 80 hours of leave and take no annual leave during the year, making their balance 728 hours of annual leave. They now want to retire Dec. 31. Will they get paid a lump-sum check for 728 or only 440 hours? A. As a rule, Postal Service bargaining unit employees may only receive a lump-sum payment for 440 hours of unused…
Q. I was in CSRS for five years and six months. Returned to the post office in 1993 under CSRS Offset. Reached 20 years under CSRS Offset on Oct. 1. Paid into Social Security for 32 years. What does my retirement look like? I am told I was put into a real bad retirement plan. A. I’ll tell you what your retirement will look like. Then you can go back to whoever told you that you were “put into a real bad retirement plan” and laugh in his face. As a CSRS employee, you’ll be eligible to retire at age…
Q. I am a USPS retiree receiving an estimated annuity from USPS. I am 63½ and am thinking of applying for Social Security. I have more than 40 quarters of Social Security deductions outside USPS. I also have more than 40 quarters of Social Security deductions within USPS under the CSRS Offset retirement system. How will this situation affect my Social Security benefits and/or annuity? A. If you have fewer than 30 years of substantial earnings under Social Security, you’ll be subject to the windfall elimination provision. It will reduce but not eliminate your Social Security benefit. That’s because part…
Q. I spent 10 years on active duty, and I am in the Navy Reserve. Between the active-duty and Reserve time, I worked for the post office. I know the post office allows you to buy back your military time. Is the reverse also true — can you transfer your Postal Service time to count toward military retirement? A. No.
Q. I am 62 and a U.S. Postal Service retiree. I retired five years ago after 38 years of service. I receive a CSRS pension. During the time I worked at the Post Office, I also worked some part-time jobs, for which I contributed to Social Security. After I retired, I continued to work these part-time jobs, trying to get enough quarters to be able to collect a small Social Security pension when I reached age 62. In April, I turned 62 and applied for Social Security. The Social Security representative told me that I was eligible to collect $184…
Q. If I take the $15,000 retirement incentive being offered now, (I have 25 years under FERS, am a Postal Service employee, and am 64 years old), will my Blue Cross premiums go up? If so, by how much? I now pay $81.68 a month. Also, if I decide to get married, my family option now would be $203.61 a month. How much would these premiums be if I take the retirement incentive? I must make the decision by Dec. 3. Is the FERS pension amount taxed? If so, is it taxed by income and Federal Insurance Contributions Act? My…
Q. I retired Aug. 31. I understand I will receive 1.7 percent increase in my Social Security check. Will I receive anything on my FERS annuity with the Postal Service? A. As a retiree who is already age 62, you’ll receive a FERS cost-of-living adjustment that is proportional to your months on the annuity roll before the COLA becomes effective. Since the 2013 COLA is effective in December 2012 and payable in January 2013, your three months on the annuity roll will result in your receiving a 0.4 percent increase in your annuity.
Q. I am retired from the USPS (under CSRS) and am turning 65 this year. Can I keep my FEHB insurance? Or must I go on Medicare? Thank you for your time. A. You can — and should — continue your FEHB insurance. You should also sign up for Medicare Part A. It’s free, because you already paid for it through payroll deductions while you were working. Further, your FEHB coverage and Part A work together to reduce your out-of-pocket expenses. Whether you enroll in Part B, for which you’d pay the premiums, is up to you.
Q. I am a Postal Service employee under FERS. I’m 65 years and three months old. I’ll have 26 service years by Nov. 8. I work four hours a day because of a job-related injury. The other four hours are paid by the Office of Workers’ Compensation Programs. Will my work status allow me to qualify for the Voluntary Early Retirement Authority this year? If so, can I apply for disability retirement instead of the regular retirement and still get the $15,000 incentive? What happens with my accumulated sick leave? Can it be credited as added service if I submit…