Browsing: postponed annuity

Age 62 or 61?

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Q. I am FERS-covered and eligible to retire this year with 20 years but at age 61. Can I separate (or resign) first at age 61 this year and postpone the start of my annuity to 2014, when I am 62 to get the higher 1.1 annuity (instead of 1.0 at 61)? A. No, you can’t. The only FERS retirees who are eligible to get the higher multiplier are those who retire on an immediate annuity at age 62 or later with at least 20 years of service.

Retirement application

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Q. I am an Air Force retiree who has 13 years as a federal employee. I am eligible for MRA+10 on March 24. If I apply to retire, how long does it take to process my application for approval or what is the earliest date I can actually resign? I am considering a private sector job and they want to start in 30-45 days. A. When you fill out the Standard Form 3107, Application for Immediate Retirement, you’ll put the date you are retiring in Section B2. It doesn’t matter how long it takes to process your application, that’s your…

Postponed annuity and end of leave year

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Q. I will be retiring this year from FERS under MRA +10. I plan to select an immediate annuity postponed for payment to start Dec. 12, 2014, when I turn 62. I want to have my sick leave used to calculate my annuity based on full amount so I will select a date of Jan. 1, 2014, or later. To ensure I can cash out maximum annual leave, what is the last day of the 2013 leave year so that I can take a lump sum for unused annual leave of around 340 hours? A. For most agencies, the 2013…

Postponed annuity and unused sick leave

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Q. I work for the Postal Service. If I retire at 56 with 20 years of service after Jan. 1, 2014, and decide to postpone my annuity, what happens to my sick leave? Will I be credited with 100 percent, 50 percent or 0? If it does not count, is there any reimbursement? A. You’ll receive full credit for your unused sick leave in the computation of your annuity. That’s true regardless of when you begin receiving your annuity. Because you’d be retiring under the MRA+10 provision, your annuity would be reduced by 5 percent for every year (5/12 percent…

Postponing annuity

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Q. I am considering separating from federal employment in July at 58 years old with 21 years and five months of federal service. I will postpone receiving the retirement annuity until I am 60. This will give me 60 years of age with 21 years and five months of service. Since I am separating then doing a postponement of receiving my annuity until 60 which, per the Office of Personnel Management, is different than deferring an annuity, where you will not receive the special retirement supplement, will I get the FERS supplement when I start to receive my postponed annuity…

MRA+10 and special retirement supplement

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Q. I plan to retire from the Postal Service at the end of February, when I reach my minimum retirement age of 56. I will have 21½ years of service and will be retiring under the MRA+10 provision. I plan to start taking my annuity payments at that time. Will I also be entitled to the special retirement supplement? A. No one who retires under the MRA+10 provision is eligible for the special retirement supplement. You also need to be aware that when you retire, your annuity will be reduced by 5 percent for every year (5/12 percent per month)…

Postponed annuity and benefits

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Q. If I take deferred retirement after MRA but before 62, can I re-enroll in my BC/BS plan (that I have participated in for more than five years) later? Does that date have a time limit? I ask in light of this: “If you separated from federal service after reaching the Minimum Retirement Age with at least 10 years of service but postponed the commencing date of your annuity to reduce or avoid the age reduction, you are eligible to re-enroll in the Federal Employees Health Benefits program and the Federal Employees’ Group Life Insurance program if you participated in…

Postponed retirement and benefits

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Q. I am 54 and a federal employee with 14 years of service. Can I take a postponed retirement now and then at MRA, 60 or 62, apply for retirement and have my health and medical coverage reinstated? I have looked at OPM, and it is not clear. I have talked to my agency’s folks and received conflicting information. A. No. To retire on a postponed annuity, you’d have to have at least 10 years of service (which you do) and have reached your minimum retirement age (which you haven’t). Your MRA is 56. At age 54, all you could…