Q. I will turn 62 in March and was planning on retiring with 22 years of service under CSRS. A job opportunity may come available before then, and I’m trying to figure out my options. If I retired now, would there be a significant difference in my annuity because I haven’t turned 62? Should I consider a deferred retirement? If so, until when? Should I keep my federal health benefits even though the new job will have better coverage? I probably will only work there for about five years — the minimum time to become vested in the 401(k) plan…
Browsing: resignation
Q. I am a postal employee looking to continue my service with the Army Reserve. Child care cost is about to pass my income level with the Postal Service. With my wife as the main bread winner, we are considering having me separate from the Postal Service to be a homemaker. I have 15 years with the Postal Service and some military time. If I enter the Army Reserve, could I combine my Postal Service years with the reserve retirement? A. No, you can’t. There is no provision in law that would permit you to get credit for your civilian…
Q. I resigned from the federal government in 2002 and have now been reinstated in 2012. Am I entitled to my sick leave balance back? A. Yes.
Q. I am 46 with 22 years of service, and have been told that I will soon receive a letter of directed reassignment to a job in my same grade far outside my commuting area. When the letter arrives, if I should decline to move to the new position, what are my options for drawing retirement? How about insurance? Severance pay? What about my 401(k) in the Thrift Savings Plan? My performance ratings are not an issue. A. Reg: Because you wouldn’t meet the age and service requirements to retire, you’d only have one option. If you didn’t take a refund of…
Q. I work for the Postal Service. If my job moves 75 miles away and I only have 15 years of FERS under my belt but will not move, what would be the difference in dollar terms under FERS of resigning with 14½ years at 43 years old vs. putting up with commuting or renting during the workweek for five more years of FERS to make 20 total years at 50 years old. Last high-3 basic pay would be around $56,000 per year. A. If you really want an answer to your question, you’ll have to hire a financial adviser…
Q. I am 48 with 25 years of federal service under FERS. I am considering my options and was wondering what would be the ramifications of leaving government service by resignation or early retirement, if available. A. If your agency offered you an opportunity to retire early, you could do that. If it didn’t, you couldn’t. With early retirement, you’d receive an annuity computed as follows: 0.01 x your high-3 x your years and full months of service. You wouldn’t be eligible for the special retirement supplement until you reached your minimum retirement age (56) and your first cost-of-living adjustment…
Q. I am 48 with 25 years of federal service under FERS. I am considering my options and was wondering what would be the ramifications of leaving government service by resignation or early retirement, if available. A. If your agency offered you an opportunity to retire early, you could do that. If it didn’t, you couldn’t. With early retirement, you’d receive an annuity computed as follows: 0.01 x your high-3 x your years and full months of service. You wouldn’t be eligible for the special retirement supplement until you reached your minimum retirement age (56) and your first cost-of-living adjustment…
Q. My friend, a co-worker, was diagnosed with cancer about a year ago. She is at the point where she may have to go into hospice. She is looking into applying for disability retirement, but is there another option if an individual may not live long enough to receive all of her retirement pension? Can she withdraw her total retirement and not be penalized for federal taxes? Will her creditors take her life insurance? A. If she were to resign from the government, she could request a refund of her retirement contributions. Because she already paid taxes on those contributions…
Q. I am 60 and was hospitalized in March. I used all my sick and vacation leave because of a medical condition that will last more than a year, used all my FMLA and have applied for disability retirement. I got a call from the nurse executive that if they don’t receive a letter from me within five days that I am resigning, they will have to terminate my federal service, since they say I am AWOL. This same executive in May completed the supervisor portion of my disability retirement application. Can they fire me even though I have applied…
Q. I was born in 1959, which gives me a minimum retirement age of 56. I have bought back my military time and have 25 years with the federal (Veterans Affairs) government. I am thinking of retiring because my husband now lives and works in Canada. What retirement is right for me so I don’t lose much money? A. You can think about retiring, but you can’t retire. That’s because you don’t meet the age and service requirements. If you don’t want to stay until you do, you could resign from the government and apply for a deferred annuity at…