Q. I submitted my application for retirement at the Postal Service, accepting the early-out. While waiting for my returned papers, I received a letter from Postal headquarters stating I was put in the wrong retirement. As I had more than five years of prior service, I should have been put in CSRS Offset instead of FERS, so it says to be patient and Washington will send me a new retirement package. With my Jan. 31 retirement date approaching, what can I do? A. If you had five years of CSRS service before Jan. 1, 1987, you should have remained in…
Browsing: prior service
Q. I left a Federal Reserve Bank for a position in the federal government. Public Law No: 106-168 permits former Federal Reserve Bank employees to receive credit in FERS if a former bank worker becomes a federal employee. Am I eligible to receive service credit for retirement in FERS for my years of service at a Federal Reserve Bank? Or, must my service have been with the Federal Reserve Board of Governors to qualify? A. According to OPM, “Employees of the Board of Governors meet the 5 U.S.C. 2105 definition of employee. Employees of the Federal Reserve Banks do not…
Q: I am 67 years old and have 10 years of federal service. I want to work another 10 years before I retire. I worked for 15 years in government beginning in 1966 before resigning and taking the retirement money. I would need to pay $23,000 at this point to refund that money. Is it worth it, or should I remain in the Civil Service Retirement System Offset program? A: Let me clear up a few points. First, because you took a refund of your retirement contributions before March 1, 1991, you’ll get credit for those years in determining your…