Q. I worked the first three months in 2011 (January, February, March) then retired. Social Security says it overpaid me. And it did. But how much? The Social Security wage figure it uses includes the pay period ending Jan. 1, 2011. The wages earned were the last two weeks of 2010 with the pay period ending Jan. 1, 2011. Is this a correct calculation for the 2011 Social Security wage? A. Like the Internal Revenue Service, the Social Security Administration bases its determination on when the earnings are received, not when they are earned.
Browsing: retirement overpayment
Q: I am under the Civil Service Retirement System and plan to retire Dec. 31. I have already paid my military deposit on my 20 1/2 years of service; my civil service time is 33 years and nine months, which would give me more than 54 years of service at the time of my retirement. That is well beyond the 41 years and 11 months required for the 80 percent maximum retirement benefit. At my time of retirement, it is my understanding that the Office of Personnel Management will automatically refund the excess retirement contributions I will have made for…