Q: I entered federal civil service in March 2007 as an Air Reserve technician. I bought back 10 years of military service. I turn 51 in August. I have heard I must retire at age 56 due to being an Air Reserve technician. However, I won’t have 30 years of service. Is this true? A: What you were told was untrue. Go to http://codes.lp.findlaw.com/uscode/10/E/l/1007/10218 and read what the law has to say about mandatory retirement for reserve technicians.
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Q: I just submitted a request for a retirement estimate. I was confused about the reductions section in life insurance. The three selections were 75 percent, 50 percent or no reduction at all. What do the reductions mean? In my estimate request, I selected no reduction with Basic and Option B (times 1). What would be the difference, if I did select a 75 percent or 50 percent reduction? A: In simple terms, the smaller the reduction in the face value of the coverage you elect, the higher your premiums will be. For example, if you elect the 75 percent…
Q: I cannot find what the multiplier is for retirement from the foreign service. I think it is more than civiil service because of the mandatory retirement age of 65, but I could be wrong. A: You’ll find what you’re looking for by going to www.state.gov/documents/organization/85296.pdf and scrolling down to 3FAM6114, Foreign Service Retirement Plans.
Q: I am a 57-year-old retired Marine who was recently hired as a DAC. One question I didn’t ask was the minimum time required in order to qualify for a pension. I would also be interested in hearing how the pension compensation math is done. A: The numbers work out well for you. If you have five years of creditable civilian service, you would be able to retire at age 62. The formula used to compute your annuity would be 0.01 x your highest three years of average salary x your years and full months of civilian service.
Q: If I retire CSRS after 41 years and 11 months of service, can I get an excess retirement contribution refund or purchase additional annuity over 80 percen?. Do I use entire contributions for the additional annuity calculations or just the amount over 80 percent? A: Only the excess contributions may be used to purchase additional annuity. OPM will provide you with the exact amount when they process your retirement application.
Q: I am 47 and served for 23 years on active duty. I am employed in federal service going on a year. How long must I serve in the government before I can retire and receive both military and federal service retirement pay? A: The earliest you could retire from your civilian employment would be when you reach your minimum retirement age, which in your case would be 56. You could then retire under the MRA+10 provision. However, your annuity would be reduced by 5 percent for every year you were under age 62. You could reduce or eliminate the…
Q: I am a Postal employee with 25+ years under FERS. Can I take the Voluntary Early Retirement Authority if I am excessed? A: The VERA applies only when OPM has granted an agency permission to offer early retirement. However, if no such authority has been granted to your agency, but you receive an official notice that you will be separated from your position, and there is no other job at the same grade or pay in your commuting area, you would be eligible for a discontinued service retirement.
Q: I want to elect the voluntary contributions annuity when I retire Dec. 31. I am 59 and will be age 60 on Jan. 3. Since the VC annuity rate pays an extra .2 percent for each year after age 55, I want to elect that the VC annuity start Jan. 3 when I’m 60, not on my Dec. 31 retirement date. I have been unable to get an answer from OPM for the past 2 months on the effective date of the VC annuity. Can you find out what effective-date options are allowed? A: No one can give you…
Q: I am 52 and have 31 years of creditable service. FERS is my retirement plan and my minimum retirement age is 56, when I’m entitled to receive full medical and life insurance benefits, including supplemental income until age 62. I am considering leaving the federal government to work for a private firm for four to five years. Then my plan is to return to the government when I turn 57. When I do return to government service, how many more years must I work before I qualify to retire with full retirement benefits? A: Because you would have the…
Q: I worked for NAF from 1972 to 1983 as a full-time permanent employee and accepted a civil service position in 1983 without a break in service for more than three days. I am enrolled in CSRS. I got credit for these years for leave purposes but not for retirement. Is there any way to get credit for these 11 years for retirement? A: The deadline for making an election to get credit for that time was Aug. 11, 1997. However, you might still be eligible if you meet the criteria for a waiver. For more information, go to www.opm.gov/retire/pre/naf/naf-1.htm.