Q. I will be 64 this year and am considering retirement as a Senate employee. If I retire and begin my annuity from FERS, can I be employed part time and not lose any of my annuity or benefits if I earn less than the earnings limit set by Social Security? A. With rare exception, if you retire and are re-employed by the federal government, the salary of your new position will be reduced by the amount of your annuity. So, before you accept another position, you’ll need to find out if it is exempted from this basic provision of…
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Q. I retired from FERS on Dec. 31, 2006, and returned to work on May 10, 2009. I am receiving both my salary and my full annuity. Both Medicare and Social Security are being deducted from my paychecks, which is fine. I am receiving my full entitlements from Medicare and Social Security. I am 70 years old. Will my benefits be re-evaluated when I return to retirement status, which will be on or around May 10, 2014? Also, as a retired annuitant, will my sick leave be adjusted to my time in service, and will I be able to draw…
Q. I am a FERS employee who is trying to figure out the best possible time to retire. I have 30 years of service but am only 59. I want to take full advantage of my accrued sick leave of over 2,000 hours. I was considering January 2014, but I’m not sure that is the smart thing to do, when I could also wait until I reach age 62 in April 2015. A. Only you can answer your question. And you have already thought of some of the things to consider that can help you do that. For example, you’ve…
Q. I am a 50-year-old, 25-year U.S. Fish and Wildlife employee hoping to get to full retirement in several years. I have developed Parkinson’s disease, however, and may be unable to successfully fulfill my current role as a biologist. If I take a lesser-grade job available, will my pay stay the same or will it drop? Also, if I go out on disability through this original job, can I get a random nonfederal job at a local business to keep active? A. If you take a lower-graded job, your pay would only remain the same if your current salary fell…
Q. I am a FERS employee and will reach my minimum retirement age, 56, soon. I am thinking of retiring and taking an immediate annuity to keep health benefits. If I went back to work for the federal government in two or three years, would the 5 percent-per-year penalty remain in force when I stopped work again, or is there a way to negate this penalty? Is it set in stone because those were the conditions under which I retired? Am I correct that this would not apply if I left under a Voluntary Early Retirement Authority, even though I would…
Q. I will be retiring next week from federal law enforcement. I live and work in the San Francisco area. I was initially provided with a calculation based on an average high-3 salary of $145,250 and was told I would receive a net of $6,050 per month. However, when I visited Employee Express this morning, I saw that the agency is now listing my high-3 average as $116,000 and my expected net monthly annuity payment would be around $5,000. I pulled my W-2s for the past three years and confirmed that my top average 3-year salary is $145,250. I’m awaiting…
Q. I have been working with the federal government for eight years. I am vested in a retirement program. I earn $69,000 a year. How much will my retirement income be after I retire? A. FERS employees can retire when they meet one of the following age and service combination: age 62 with five years of service; 60 with 20; at their minimum retirement age with 30; and at their MRA+10 (at least 10 years of service but fewer than 30) with a reduction of 5 percent for every year they are under age 62. MRAs range from 55 to 57,…
Q. I worked for a member of Congress for a little more than six years ending 12 years ago. Because he lost the next election, I became vested and eligible to receive a small pension but no health insurance (less than 10 years of service). Although I am over 62, I have never requested of collected any retirement benefits. Now I have an opportunity to go back to work for a federal agency at the GS-15 level. I assume that the benefits and time would be additive in some way, but how long would I have to work for my…
Q. I am retiring under CSRS with 34 years of service. My spouse will still be working as a federal employee and retire in eight years with a 20-year full pension under FERS. Is there any advantage to taking the survivor benefit for my spouse, or is it better to elect not to take the survivor benefit? If I pass away, would it be considered double-dipping for my spouse to collect the survivor benefit from my retirement? A. Let me clear up two points. First, federal employees are required by law to provide a full survivor annuity for their spouses.…
Q. I am 62 and have been with the Postal Service for 26 years. I am hoping to retire this summer. I have a job-related permanent disability and have qualified for workers’ compensation. I have not yet started receiving compensation, but my payout figure on workers’ comp is significantly higher than my FERS pension and is also significantly higher than my Social Security pension, which will also begin this year. Are there any “offsets” to either my FERS pension or Social Security pension if I take the workers’ comp payment? Am I correct in understanding that I am entitled to…