Q. My husband was employed by the federal government from June 1970 through July 1971and was covered under CSRS. He resigned and withdrew his CSRS contributions. He returned to work in the federal government in 1999 on a temporary appointment for a few months. In January 2000, he was appointed to a permanent federal position and began contributing to FERS. He left that permanent position in the fall of 2004. He left his FERS and Thrift Savings Plan contributions in the system. With the CSRS time and the FERS time, he is eligible for a deferred retirement now. He will have approximately…
Browsing: TSP
Q. I will be retiring from the Postal Service with 31 years of FERS at the age of 56. My question is about earning limits with the special retirement supplement. If, at age 56, I withdraw all or a portion of my Thrift Savings Plan account, will this affect my SRS from the USPS? A. No, it won’t. The Social Security earnings limit applies only to earnings from wages or self-employment.
Q. I was a federal air marshal under FERS and paid into the law enforcement officer special retirement plan, five years, and into the Thrift Savings Plan. I have since left the federal government (not retirement age yet) and have had my TSP transferred into a 401(k). I was wondering how to transfer my LEO special retirement that I paid into, or where to get more information on these benefits. A. You can get a refund of the contributions you made to the retirement fund by completing Standard Form 3106, Application for Refund of Retirement Deductions, which is available at…
Q. I am a FERS employee with 26 years, four months service. I am 51 years, two months old. My place of work is experiencing a restructure/reorganization and is offering VERA/VSIP. Will I be able to get the special retirement supplement when I am at the minimum retirement age? I have a Thrift Savings Plan account and was looking at a lump sum from that. A. Yes, you will be eligible to receive the special retirement supplement when you reach your MRA.
Q. I’m 57 years old, started with the Postal Service in June 1987, bought back five years and nine months of military time. What would be the difference in benefits between retiring if a VERA is offered and retiring before a VERA is offered? Would I be penalized on my Thrift Savings Plan? Can I get the Social Security supplement? Would I be able to collect Social Security supplement either way? Reg Jones: There wouldn’t be any difference. Since you already have the right combination of age and years of service, you can retire whenever you want to. Voluntary Early…
Q. I had 3½ years in under FERS when I transferred to an agency that does not participate in it. I took a total withdrawal of my TSP funds (which included four years of military service that I bought back). If I return to an agency that participates in FERS, can I buy back the funds/time I withdrew? A. Yes.
Q. After 30 years of federal service, I retired in 2002. I was re-employed by the Department of Health and Human Services in April 2010, full-time permanent under the same CSRS plan from which I originally retired. At that time, my salary was offset by the amount of my annuity. How long will I need to work without a break in federal service to qualify for a recalculation of my original CSRS annuity? I contribute to CSRS retirement, and I participate in the Thrift Savings Program. I expect to work for six additional years, when I will have reached my 71st…
Q. I will have 25 years of service soon but will only be 48. If the government offers early-outs, what will I be eligible for? Pension at one-quarter of my salary for the last three years? Health insurance? What if I get a part-time job? Will this affect my pension or annuity? Also, if I do an annuity on my Thrift Savings Plan, can I start that now? Will there be a penalty? Do I get this same amount for the rest of my life, or does it stop after a certain number of years? A. Reg Jones: Because you…
Q. I retired in 1995 from the Army after 15 years and two days under the early retirement option offered. I have been working for the federal government for over 16 years. I have not bought back any military service; I draw a military pension and disability pay. I divorced my spouse in 2006; she waived all rights to my current federal annuity, Thrift Savings Plan, etc., but does receive half of my military pension and the other half as spousal maintenance outlined in the divorce decree. Would it be legal to buy back my military service credit and convert…
Q. I have 25 years in civil service. I have a Thrift Savings Plan account and, once I retire, do I get an annuity automatically or do I have to use the money in the TSP account to get that? Should I buy an annuity or just take a monthly payment from the TSP account? Not sure if I will have enough to retire. I heard that in FERS, the government gives an annuity and then you get TSP. But when I go to the website to estimate how much I have in the TSP, I do not see the…