Q. In the first year retirement, you can get your full check after you retire, say, in June, but if you already made $60,000 at that point in combined income with your wife, do you end up paying 85 percent of it back?
Browsing: RETIREMENT
Q. I was an air traffic controller. My Federal Aviation Administration hire date was Sept. 30, 1990. I was terminated March 8 — 261 days from being eligible for retirement because I lost my medical. My 50th birthday is Nov. 24. I have over 22 years of “good time” and five years of military time, which I bought back, for a total of 27 years of government service. The FAA says I can file for a disability retirement, but otherwise I am entitled to nothing. Can this be right? Even if I get the disability retirement, it will be less…
Q. In the 2012 Federal Retirement Handbook, it states that if you meet the following age and service requirements — age 62 and five years — you are entitled to an immediate retirement benefit. I will be 65 years old in May, so I already meet the first requirement. In June, I will have been a federal civilian employee for two years. However, I have 12.3 years of Air Force (1971 to 1984) service, and I plan to make the required deposit so the 12.3 years becomes part of my federal creditable service. Therefore, in June, I will have 14.3…
Q. What are the tax benefits, if any, for buying back my military time into my FERS? In 2012, I paid close to $11,000 to buy back my military time into my FERS. Now I’m finishing up my 2012 taxes and I’m curious if there is any kind of adjustment/deduction for having shelled out $11,000 toward retirement?
Q. I will have approximately 503 hours of annual leave when I retire at the end of May (183 hours were carried over). I also have 24 hours of a time off award and 30 hours of home leave unused as a result of a previous overseas assignment. Will my payout for leave include the 24 hours of the time off award added to my 503 hours? Will I receive a payout for the 30 hours of home leave, will I simply lose it, or will it be added as creditable service in my retirement calculations?
Q. I’m retiring at the end of this month. If there were to be an announcement of a buyout before 5 p.m. of my last day, would I qualify? I’m 62 with 29 years in the Postal Service. A. Highly unlikely because the purpose of a buyout is to encourage employees to leave who wouldn’t do so without a financial incentive. Since you have already made the decision to retire and are on the verge of departing, your agency would have no reason to either offer or approve a buyout for you.
Q. If I am subject to a reduction in force with just under 25 years of service (say, with 24 years and nine months), can I use sick or annual leave to make up the difference? If not, is there any recourse to take a retirement in lieu of a RIF when you are so close to the 25-year threshold? I am 46 years old. A. While you may only use sick leave for purposes spelled out in law and regulation, your agency can allow you to use your annual leave to continue past the date on which you’d be…
Q. The following statement was made in an answer to a question ask about post-1956 deposit: “You can’t get a refund of the deposit you made for your active-duty service. What’s done is done. If you retire at age 62 and aren’t eligible for a Social Security benefit at that time, you’ll never have to worry about losing those years and having your annuity recomputed.” I will retire at age 60 and have paid in a post-1956 deposit. I am in CSRS and will have 41 years and eight months with the post-56 deposit (eight years, six months of military…
Q. I will have 20 years of congressional employment as of Jan. 23, 2014. I will be 60 years old three months earlier, in October. It is my understanding that members and congressional personal staff will be forced into Affordable Care Act health coverage as of Jan. 1, 2014. Can I retire Dec. 31 and keep my Federal Employees Health Benefits? How will this affect my FERS annuity? A. If you retire as a FERS-covered employee, you would be entitled to a FERS annuity. And if you have five consecutive years under the FEHB program and retired before the Affordable…
Q. I am a 58-year-old CSRS Offset civilian employee with 20 years of federal service. What is the earliest date that I can retire? A. Because you have at least 20 years of service, you could retire on an immediate, unreduced annuity at age 60.