Q: I worked for the government for three years a long time ago and returned recently. I will be eligible to retire at 62 in about three years. I plan to work until 67, if possible. When should I pay back the withdrawals I took from my CSRS retirement? Is it better to do it sooner or later, assuming that I have the funds available? A: Making a deposit sooner than later is the better option because interest continues to accumulate on the amount owed.
Browsing: re-employment
Q: I worked under CSRS for 18 1/2 years, ending in 1987, and withdrew my contributions at the time.I have worked in private industry paying full Social Security for 29-30 years (work totally separate than my CSRS work.) I have recently rejoined the government and was placed in CSRS-Offset retirement.I am 62 and plan to work another three to five years under the CSRS-Offset system (time frame somewhat relative on whether I buy back my previous retirement credit.) I am deciding on redeposit (with interest, of course) to obtain the 18 1/2 years of CSRS retirement credit I formerly had.…
Q: Our base is about to undergo a Reduction in Force. I retired from the Air force Reserve and I’m a retired civil service employee due to the fact I was in the Air Force Technician Program. When I turned 60, I was forced to retire. I am receiving an annuity and have been re-employed. Would my service computation date still help me keep my job, or would I end up at the bottom of the list since I am a re-employed, rehired annuitant? A: As a re-employed annuitant, you are an “at will” employee. This means you can be…
Q: I am a re-employed annuitant (my annuity is being offset from my salary). I have about 2.5 years in this status. If I take a DoD position for a few years where I cannot have my salary offset, and then return to a position in which an offset is allowed for another 2.5 years, will I be eligible for recomputation when I again retire? A: Yes.
Q. I am considering rejoining federal service and have a question about whether a prior temporary appointment is creditable service toward retirement. In the summer of 1970, I had a three-month appointment (summer job) at the U.S. Postal Service. Would this time be creditable toward CSRS retirement? A. If you returned to work for the government, you would be covered by the Federal Employees Retirement System, not CSRS. I don’t know if your particular appointment in the Postal Service would be considered to be creditable service. You’d have to check with a benefits specialist in the agency that is considering…
Q. I took early FERS retirement at age 59 to take care of a family member. That problem has passed. Can I withdraw my retirement and come back to work for the government? A. While you can’t withdraw your retirement, you can apply for a job with the federal government. If you get one, your annuity would continue and your salary would be offset by the amount of your annuity.
Q: I was employed by the Postal Service from 1956 to 1968. In 1986, I was re-employed by the postal service. Am I included in the CSRS Offset? I wonder because I was re-employed after 1983, when anyone hired then went into FERS. A: Because you had at least five years of CSRS service when you were re-employed by the federal government, you were automatically placed in CSRS Offset.
Q: I retired from government at 57 in August 2009 under CSRS with 30 years of service/DoD Excepted Service. Due to the economy, I would like to go back to “regular/full time” government employment. Can I re-apply for government jobs (knowing I will give up my annuity) for a full-time GS position and salary? A: There is no bar to you becoming a re-employed annuitant. However, you won’t have to give up your annuity; instead the salary of your new position will be reduced by the amount of your annuity.
Q. Can a former federal employee, who availed himself of a buyout, hire on at the Federal Reserve Bank on a term-appointment basis? Can he do this less than five years after the buyout and, specifically, without paying back the buyout? A. Here’s what OPM has to say on the subject: “An employee who receives a VSIP and later accepts employment for compensation with the Government of the United States within 5 years of the date of the separation on which the VSIP is based, including work under a personal services contract or other direct contract, must repay the entire amount…
Q. I retired with 28 years of service at age 51 (voluntary early retirement), was rehired as a retired annuitant with my current term ending Jan. 31 after 4 ½ years and collecting both my pension and salary. Now, I wish to come back (reinstatement) to my old field position at the same grade level and wish to rescind the collection of my pension and receive my old salary. Will I have to pay back anything and will there be any off set to my salary at Grade 12 because of receiving a pension in the past? A. Because you retired…