Browsing: RETIREMENT

Q: Let’s say I have six months of sick leave credit. Can I retire at age 61 1/2, and qualify for the multiplier of 1.1 that we get at age 62? A: No, you can’t. Sick leave may only be added after you have met the age and service requirements for a retirement benefit.

Q: I am a Postal Service employee with 25 years of service. My question is, does a civilian federal employee receive full health benefits upon retirement or do they have to purchase a plan? How about retired postal employees? A: If you were enrolled in the Federal Employees Health Benefits program for the full five years before you retire, you can carry that coverage into retirement. If you weren’t, you can’t carry that coverage into retirement, nor may you enroll in the FEHB program after you retire. Note: Because you are a Postal Service employee, your premiums would be higher…

Q: I am a federal employee covered under the Civil Service Retirement System and will be retiring on Jan. 3, 2011, with 42 years, 1 month of service and 2,700 hours of sick leave. I need knee surgery, which will require that I be off work for three months. Should I have the surgery before I retire and use my sick leave, or postpone the surgery until I retire and apply all the sick leave toward my annuity? A: You are asking for advice, which I don’t give. The decision is up to you. However, assuming that you are going…

Q: I plan to retire next year at age 62. I had 10 years of service under the Civil Service Retirement System. I took a 15-year break and returned under the Federal Employees Retirement System. I have 19 years under FERS. I will receive retirement benefits under both systems. I understand my Social Security benefits will be reduced due to the Windfall Elimination Provision. My question is, will the reduction be based on just the CSRS portion of my annuity or on the full annuity (FERS and CSRS)? A: The reduction will be applied to your entire annuity, not just…

Q: If you retire, will you be paid for any earned hours over the 440 annual leave hours? A: No. Because you are a Postal Service bargaining unit employee with a maximum carryover limit of 440 hours, that’s the maximum amount for which you can receive a lump-sum payment.

Q: I read your Nov. 16 column about how Federal Employees Retirement System employees can redeposit retirement refunds. I’m a military retiree, but I spent approximately 5.5 years post-military time at the Small Business Administration and Department of Homeland Security. Unfortunately, I made the mistake of taking a very small refund for my retirement time at SBA, totaling about 18 months. That put me under the 5 years of federal service that I would need to qualify for a pension, albeit a small one. As I read your column, I gathered that I can repay the amount I received at…

Q: I am preparing to retire under the Civil Service Retirement System. I believe that all of my ducks are in a row for this event, but there is one question that I have regarding leave benefits. I was a drilling Army reservist until I transferred to the retired reserve in 1998. I will be eligible for a pension when I turn 60 in four years. My question is in regard to the military leave balance that shows up on my leave and earning statement every payday. While working as a civilian employee, I was entitled to 15 days per…

Q: I recently heard that if you were eligible for Civil Service Retirement System retirement and retired, receiving your retired pay, you could return as a FERS employee for a period of time and not effect your CSRS retired pay. Could you elaborate on this program or provide information where I could find out more about it? A: As you described it, no, it isn’t true. As a rule, if you retire and return to work for the government, the salary of your new position — it will be offset by the amount of your annuity. It doesn’t make any…

Q. In preparation for my projected retirement as a Civil Service Retirement System employee from the Defense Department on Jan. 2, 2010, I would like to confirm when I will receive any payments due to me. Since Jan. 2, 2010, is not only the end of the pay period but the last day in which any accrued leave can be paid out, can I expect to see not only my regular pay but my accrued leave included on the next scheduled pay date, estimated to be Jan. 8, 2010. After this, my annuity would then arrive the first week of…

Q: Your recent article on the Personal Advisor in the Nov. 2 issue of Federal Times described retirement benefits. You note that in 1983, “Those already covered by [Civil Service Retirement System] had the option of electing full coverage under both CSRS and Social Security …” However, your description doesn’t seem to recognize the Windfall Elimination Provision, such that those who elected to be covered by both get the severe reduction on their Social Security from the WEP. Is my understanding correct, or is something on WEP changed? I understand that I will get the WEP reduction on my Social…

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