Browsing: TSP

TSP and taxes

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Q. I intend to make a lump-sum payment this year to pay off the balance owed to recapture my military service for inclusion of this time toward my FERS retirement. I am paying it with after-tax dollars I have saved. Can this amount be claimed as a tax credit or claimed as a tax deduction? Which document says what can be claimed or that neither can be claimed? A. No. It can neither be claimed as a tax credit nor a tax deduction.

Rehired annuitant looking to add to retirement

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Q. I retired as a CSRS employee Nov. 30, 2006, and am a rehired annuitant. I have been working in my current position with the Air Force for the last 22 months, receiving both my annuity and the full salary of my new position. I want to find another way to add to my retirement before this overseas job ends. What additional retirement program options do I have? I was told by Air Force personnel management that I do not qualify for supplementing/contributing to my CSRS annuity. TSP also is closed for me to invest in since I started to…

FERS combined employment time

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Q. I left civil service with just shy of 21 years of combined time (bought back 14 years of military) in November 2011 at age 44 (1967). I did not withdraw any money from FERS, but I moved my TSP to an annuity. My intent was to just apply for a deferred retirement at age 62 to avoid penalties. However, if I returned to Civil Service before 62, how many years would I have to work to be eligible for full health benefits under FERS? I also assume that if I returned by age 47 and worked until 56, I…

Leave of absence, retirement and high-3

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Q. I’m going to be doing charity work for several months in 2014. I’m considering requesting a leave of absence for it (I understand such leaves are at the discretion of management). If I’m not granted the LOA and I resign, how will a few months (seven to eight total) affect my retirement? I plan to rejoin federal service after the charity event. I’ve consulted my local HR department and OPM, but I’ve received conflicting information. If I’m granted the LOA, is my high-3 affected by such an absence? Then, assuming I’m not granted the LOA and I resign, can…

Switching back to CSRS

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Q. I switched to FERS from CSRS. Do you know of anyone who has been permitted to return to CSRS from FERS? At first, CSRS folks were not allowed the Thrift Savings Plan option, and later they were. I think I would have opted to stay with CSRS had I known that. Is there any way to go back?

Step increases during disability

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Q. I am a veteran of the armed forces and a civilian federal firefighter of Hawaii and have about 13 years government time under FERS. While on duty in 2010, we were in route in the fire engine and an oncoming vehicle lost control and collided with the fire engine, causing substantial injuries to myself and the crew. The majority of the kinetic energy was absorbed by me because the point of impact was where I was seated. I sustained injuries to my lumbar area in my lower back and injuries to my left limb, for which I’ve undergone a…

Break in service and vested time

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Q. I am a 29-year-old federal employee and I may have to move at some point in next few years because of my husband’s work or if I go back to school. I have been working for 2½ years and I am starting to build up my Thrift Savings Plan (all L2050; if I leave, I am hoping to return to a job in the federal government at some point). I am wondering how vesting works for both TSP and my FERS annuity. Will I have to work a consecutive five years to keep both before I can leave, or…

Re-employed annuitant

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Q. I am 55 years old and took an early retirement offer with an incentive from the Postal Service in August of last year. I had 26 years of full service. I am considering an opportunity to become re-employed part time with the U.S. Forest Service as a GS4 information receptionist at the local visitor center. This is a seasonal position lasting six months a year. How will this affect my Thrift Savings Plan withdrawals and my special retirement supplement when I turn 56? I retired as an EAS-18 postmaster.

Resignation and pension

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Q. I am 45 years old with 13 years of service under FERS and will be resigning this month to pursue other activities. I understand that I would eligible for a full pension (computed on my high-3) at age 62. That is 17 years away and, in the meantime, my defined benefit pension would remain static and thus be seriously eroded by inflation. Is there a way to protect myself against this within the pension system, or can I take a lump sum on separation and roll that into an IRA? If I take the lump sum, must I do…

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