Q. I’m a 67-year-old distribution/sales and service clerk. I will have 13 years of service by November. Does this mean I can’t take the retirement incentive? And exactly what do they mean when they say “resign”? Would I be losing any benefits if I resign instead of retire? A. Resigning would make no sense. Any 62-year-old employee with at least five years of service can retire on an immediate annuity. Therefore, if you were to accept a buyout, you could retire at the same time. If you had been enrolled in the Federal Employees Health Benefits plan and Federal Employees…
Browsing: resignation
Q. I am 66 years old with 30-plus years of federal service. If I resign, will I still be able to apply for retirement a few months later, even though I am no longer a federal employee? A. Yes. Since you meet the age and service requirements to retire, you can do that at any time. However, I can think of no good reason for resigning and applying for an annuity at a later date. And there are some downsides to doing that. Among others, you’d be solely in charge of filing the paperwork, parts of which require verification from…
Q. The person who processes retirements at my agency told me that I could not retire with 32 years at 51 years. I am an offset employee under CSRS. I thought the Office of Personnel Management indicated that if you retire before 55 years of age, you are penalized 1/6 (no more than 2 percent for the first year and 2 percent for every after for being under 55. So, I resigned. It’s only been a few days. The agency person said I could only retire at this age if they were offering a buyout. That seems right because I was offered…
Q. I will be 60 years old in December and have worked for the U.S. Postal Service 24 years. The Postal Service is cutting back. If I wanted, could I or resign and defer retirement at a later date without losing accumulated benefits? A. Because you are 60 and have at least 20 years of service, you can retire on an immediate, unreduced annuity any time you want.
Q. I am about to resign from the Postal Service as a carrier after 21 years. At my minimum retirement age of 56 years and six months, can I draw my retirement without penalty? Can I draw it early with a penalty? A. If you resign from the government, you can apply for a penalty-free deferred annuity at age 60. Your annuity will be calculated using the standard formula, with your high-3 being the one you had when you left.
Q. I am a Defense Department civilian employee under FERS. My date of birth is March 15, 1954. My EOD was Oct. 1, 2007, which gives me five years of service. I have accrued 111.75 hours of annual leave, 80 hours of sick leave and 8.5 credit hours as of the pay period ending Oct. 6. I do not meet eligibility requirements for an early retirement under FERS, so If I resign within the next few weeks, what is the process I need to go through, and what can I expect as far as payout? Will I lose any of…
Q. A former federal employee was making his buyback through payroll deduction and still owed approximately $2,500. He was suspended indefinitely and, after several years, resigned. He was never given an opportunity to pay the lump sum to max his buyback. He was led to believe it would be taken out of his unused leave. Will he still be able to pay a lump sum or at least get credit for the amount he already contributed? A. He will neither be able to pay a lump sum to complete the deposit nor get credit for the amount he already put…
Q. I am 53 years old with 24 years of FERS service and considering either a deferred or postponed retirement option in the next year or two. How does the newly enacted benefit for FERS employees to get service longevity credit for unused accumulated sick leave operate under the postponed or deferred retirement scenarios? I know you get 50 percent credit for longevity purposes for all unused accumulated sick leave for retirements between now and Dec. 31, 2013, and full day-for-day credit for unused accumulated sick leave for longevity credit for retirements on and after Jan. 1, 2014 in the…
Q. I am a 59-year-old Army civilian and have 30 years of service as of early August. I had left government service and did not withdraw my contributions from CSRS. I came back to the government after a more-than-five-year absence in the private sector. Hence the CSRS Offset status. Instead of retiring, could I resign and apply for my retirement at a latter age, say 62 or later? Between now and that time, I would be working in the private sector again contributing to Social Security. I still do not understand why the CSRS pension is reduced by Social Security…
Q. If I were to have 20 years of creditable FERS service at age 50; then resign and wait until age 62 to claim the FERS annuity, which formula would be used to calculate my annuity: the standard one (0.01) or the alternative one (0.011)? My confusion on this matter is whether I must be continuously employed until age 62 (for the 0.011 calculation), or can I resign from federal service at 50, wait until 62 to claim annuity, and still have it figured at the 0.011 formula? A. All deferred annuities are calculated using the standard formula, not the…