Q. I am a FERS employee. Under VERA/VSIP, does my sick leave contribute toward my length of service computation? A. No. It is added only after you meet the age and service requirements to retire; and, if you retire before Jan. 1, 2014, only half credit is given for it.
Browsing: VERA
Q. I work for USPS. I have 27 years and am 59. If I switch to a 30-hour-a-week job, how will it affect my retirement at age 62 under Social Security or sooner if the agency offers VERA? I am under FERS and have all my quarters in Social Security. A. Switching to part time would affect your annuity and your eventual Social Security benefit. The amount of the reduction would depend on how long you worked part time. Because both calculations would be based on your total years of coverage, the reduction in benefits would likely range from infinitesimal…
Q. Can an agency direct an employee not to submit a retirement packet prior to its Voluntary Separation Incentive Pay decision? Does an agency decision to grant VSIP affect an employee’s ability to pursue optional retirement? I’m a FERS employee with the Defense Department and was eligible for MRA+10 effective December 2011. My agency deemed my position surplus in 2011 and offered VSIP and Voluntary Early Retirement Authority to separate in 2012. I’ve opted to retire under MRA+10 effective Sept. 30, and to request VSIP. (I’m ineligible for VERA.) I’m prepared to submit my retirement packet to the Army Benefits…
Q. I am a Postal Service employee with 27 years of service at age 53. If I take the upcoming Voluntary Early Retirement Authority, is there a penalty for early FERS retirement? Will I qualify for the Social Security special retirement supplement? I heard the supplement would not be paid upon early retirement under the VERA provision if you had not reached your minimum retirement age, and if you retired early, you would have to wait until you reached your MRA to start getting this supplement. As it relates solely to the Social Security supplement, what is the MRA to qualify for…
Q. I am a FERS employee with 27 years of civilian service and six years of military service, for which I made a deposit to get credit for retirement purposes. My MRA is 56. Am I eligible to retire on the first day of the calendar year in which I turn 56, or is it the day I turn 56? At that time, I will have 36 years of service. Will I get 36 percent of my high-3? When am I eligible to get 1.1 percent per year versus 1 percent? If I were offered a voluntary early retirement or…
Q. I turned 53 in July. I worked as an intermediate employee with the IRS for seven months in 1985, then as a permanent employee for the CDC/VA Medical Center from 1986 to 1987. I resigned and was reinstated in November 1987 as a temp for two years, then in November 1989 received a permanent job, which I now hold. My service computation date is 1986, and I checked for retirement and the service computation date is 1988. My installation is now talking about a reduction in force. How much time do I have? Where do I stand? The agency…
Q. I recently applied for disability retirement with the Department of the Interior, and while I am waiting for an answer about approval, I would like to retire early with the VERA, which I qualify for. Will retiring with VERA affect my decision about disability retirement? A. No.
Q. I have seven years’ Postal Service time, plus two years’ military, which I bought back. I turn 65 this year. Gathering from OPM guidelines, I am not eligible for a voluntary early retirement because I lack the years, correct? Or, might they want to get rid of those of us who are older than 62, even though we lack 25 years? A. To accept an offer of voluntary early retirement, you’d have to be either age 50 with 20 years of service or any age with 25, but there are other options for retiring on an immediate annuity. You could retire…
Q. My wife was a CSRS clerk for the Postal Service for 30 years, and on June 30, 2009, she retired at age 54 under a VERA and lost 2 percent because she was younger than 55. Two months after she retired, the Postal Service offered a VSIP of $15,000 to any clerk who wanted to retire because they didn’t get the numbers they were looking for. Would she be entitled to the $15,000 because she left under a VERA? A. No. The purpose of the Voluntary Separation Incentive Payment law is to encourage employees to retire, not to reward them…
Q. The agency has offered me a voluntary early retirement. The agency has agreed that if OPM does not accept my application, I will be returned to work. If my retirement application is denied by OPM and I am returned to work, who is responsible for any lost wages I incur while my application is being processed? If the agency is responsible, do you have any regulations to support your answer? A. You agency has introduced a note of uncertainty where none should exist. If your agency has been granted a Voluntary Early Retirement Authority, it offers you an opportunity to…