Q. I elected the 75 percent reduction after retiring. I understand that, at age 65, the coverage declines 2 percent per month until it reaches 25 percent of its face value. How can I find out what the “face value” is? Is it the salary at retirement? What if I had the 2X salary? Does that have any bearing? I have been told by some retirees that the final amount is $2,000, and by others that it’s anywhere from $8,000 to $10,000. A. When you retired, the amount of your basic insurance was equal to your basic pay plus $2,000. Since you…
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Q. I am receiving Social Security benefits. I am still a federal employee under FERS and having Social Security deducted from my pay. I get a statement from the Social Security Administration for the amount I received for taxes, but it does not acknowledge the amount deducted from my salary as being against the amount received. I called them, and they don’t know if it could be deducted or not. The IRS doesn’t seem to know either. Do you know? A. There is no reason why the statement of benefits you received would include any information about the deductions taken from your pay. The…
Q. I am retired under CSRS. If I were to accept a temporary or term position (i.e. NTE one year), would my salary be offset by my retirement or would I be able to collect both? A. Unless you were hired into one of those rare positions that allowed you to receive your annuity and the salary of your new job, your salary would be offset by the amount of your annuity.
Q. I am a civilian employee who accepted a permanent Defense Department GS-07 Target 09 position overseas. The salary in the letter of offer/acceptance that I signed was $66,941 per year, which is the salary I was receiving from my former command, Edwards Air Force Base, Calif. The $66,941-per-year salary included the cost-of-living adjustment. Because the position is an emergency essential (EE), it took me several months to complete all the requirements. Three days after my household goods were picked up and two days before my original flight schedule, I received an email from the human resources specialist notifying me the change of my pay to $52,642 per year. Nothing…
Q. I am 47 and receive a CSRS monthly annuity. I retired from the Postal Service after 26 years. If I accept a position at the Veterans Affairs hospital, how will that affect my annuity? A. The salary of your new position would be offset by the amount of your annuity. For example, if your annuity is $40,000 and the annual salary of your new position was $50,000, you’d receive a salary of $10,000.
Q: I will retire from the federal probation system in July 2012 at the mandatory age of 57. Can I be hired by the TSA in a non-law enforcement position and continue to receive my federal retirement? If not, what will be the arrangement? A: In most cases, the salary of your new position would be offset by the amount of your annuity. If you worked for at least one year, you’d receive a supplemental annuity based on that service. If you worked for at least five years, your annuity would be recalculated as if you had never retired. On…
Q: I am a retired Civil Service Retirement System annuitant who is currently employed in the private sector. Due to the economic downturn, I am going to have to work longer than I had planned and have been tentatively offered a job with the government. I know that previously, if I returned to work for the government, my salary would be reduced by the amount of my annuity, i.e., I would only draw a salary for the difference. I saw an article that indicated this might be changing with the new Defense Authorization Bill that the president was expected to…