Browsing: Social Security quarters

WEP

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Q. I retired in 2011 with 30 years and three months employment with the Postal Service at the age of 56 years and six months with a CSRS pension. I had 32 quarters of paying in to Social Security when I retired. I worked part time from June 2012 to October 2012 for an insurance company and earned about $6,200. How many more quarters do I have to go to receive a supplemental Social Security pension, and is it also true that I will only receive about one-third of what I would normally be entitled to? A. You have already…

Military buyback

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Q. I will have 39 years of total service as of May 12, of which four years are military service and 35 years civilian service. I have my 40 quarters paid in. Will I have to buy back my military time to achieve my 80 percent at retirement (41 years, 11 months)? A. Yes, you will. Otherwise, when you retire, those years of active-duty service for which you haven’t made a deposit will be eliminated and your annuity recomputed without them. That will happen at age 62, if you are retired, or when you retire if it’s after that.

Social Security and CSRS

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Q. I am not eligible for Social Security retirement. I have 35 quarters of coverage and need 40. I was told if I waited until after age 62 and then earned my 40 quarters and became entitled to Social Security retirement, I would not receive a reduction to my CSRS retirement check. Is this true? A. As a CSRS retiree, you would not have your annuity reduced if you were eligible for a Social Security benefit. However, because you are receiving an annuity from a retirement system where you didn’t pay Social Security taxes, you’d be subject to the windfall…

CSRS Offset

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Q. I worked for an independent federal agency from 1977 to 1989, which had its own retirement system that was neither CSRS nor FERS. I had a break in service for one year then returned to work for the federal government (Transportation Department), where I was erroneously placed in FERS by human resources. In 2006, following a FERCCA ruling that took over 2½ years, I chose to be placed in CSRS Offset rather than FERS. I paid Social Security as a federal employee (plus through part-time jobs dating back to 1970) until I retired in 2010 with 32 years of service. I…

Buying back retirement credits

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Q. I worked for the Postal Service from late 1979 until about 1991. I had a lot of personal and work-related problems and was also given a letter of termination. I decided to quit. I also tried to pursue a disability, but I dropped that because of stress and depression. I withdrew my retirement to pay an accumulation of four months of bills and rent that I was behind in. I vaguely recall reading that there was a buyback of retirement. Is this true? I am applying for Social Security benefits. I am only 58, but, due to health concerns,…

CSRS retirement and no military payback

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Q. I have 38 years under CSRS and have not paid back my four years of military service. I am 63 years old and am thinking about retiring this year. I have 40 quarters under Social Security. When I retire, am I eligible for a partial Social Security annuity, along with my federal retirement pension? A. You’ll get full credit for your active-duty service in determining your length of service. However, when you reach age 62, your annuity will be recomputed without those four years, which will reduce your annuity. While you’ll be eligible for a Social Security benefit, it…

WEP

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Q. I am retired under CSRS, and have more than 40 credits of Social Security accrued. I am almost 62, and want to apply for Social Security benefits. How much will the windfall elimination provision hit me for? I spoke to several other CSRS retirees, and only a few said they took a 60 percent reduction, while some took no reduction. I can’t figure why each case appears to take a different amount off due to WEP. A. Anyone who receives an annuity in whole or part from a retirement system where he didn’t pay Social Security taxes is subject…

Retirement and reinstatement

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Q. I am 64 and plan on retiring out of civil service so that I can move back home. Even though I am not ready to retire, can I leave in my FERS annuity so, if and when I can find another position with another government agency and get reinstated, I can continue with my retirement fund? I plan on working part time, since I have over 40 credits in Social Security to help out. A. If you simply resigned, left your contributions in the retirement fund, and found another job at a later date, you could be reinstated. However,…

WEP

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Q. I retired in 2008 from the Department of the Navy as a civilian with 37 years of service. I also had 33 Social Security credits prior to starting my government service. I have worked in the private sector for the past five years and have met and exceeded my mandated 40 Social Security credits. I have been receiving My most current Social Security statement cites that I will receive $632 at age 62, etc. I’m somewhat confused about the government pension offset process/impact and was hoping you could help define my situation. I plan to retire from my private-sector…

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