Q. I am a FERS employee, have 28.7 years of service and am 56 years old, which put me in that MRA+10 provision and am eligible for the “federal supplement” check. I’m seven months away from having my five years under my health insurance. Why is it that I can get the OPM to sign a waiver so I can take my health insurance with me under a VERA, yet if I want to go now, I lose it? Or is there a way I can take it with me now regardless? If I could take my health insurance with me…
Browsing: VERA
Q. I have 25 years with the Postal Service. Will I be eligible for the VERA when and if one comes available? A. If offered a voluntary retirement opportunity, any employee with 25 years of service can accept it. With 25 years, it doesn’t matter how old you are.
Q. I work for a federal agency that has offered a VERA/VSIP. I have 31 years of civilian service under CSRS, and I’ll be 53 years old on July 12. Employees who accept the buyout offer are to be off the agency payroll by June 2012. I’ve applied for the offer, but I’ve only been enrolled in the health insurance program for 2½ years. I’ve also discovered that the estimated annuity calculated through Employee Benefits Information System is not accurate because it is based on working 40 hours a week for 31 years (I was part time for 17 years,…
Q. The Dec. 13 VERA announcement for U.S. Fish and Wildlife Service employees is silent about whether FERS employees 55 to 61 years old will have reductions in their annuities due to age. (I’ll be 59 when I retire next year, with almost 24 years of service.) The “VERA FAQs Final” they sent with the announcement states (p. 1) “FERS Employees: Your annuity is not reduced if you are under the age of 55” and (p. 2) “FERS Annuity … If you retire under the age of 55, there is no annuity reduction.” I assume this discussion about being under…
Q. Special provision employees’ careers are much shorter than those of typical federal employees.The “20 years service and 50 years old or 25 at any age” requirement for Voluntary Early Retirement Authority mirrors our normal retirement plan. Is there a VERA rule that would allow a firefighter/air traffic controller/ law enforcement officer to get out earlier than the 20 years and 50 years old? A. No.
Q. I retired at 54 under the Voluntary Early Retirement Authority and am eligible for the supplement at 56, which is two months away. Since I been in the FERS retirement system for two years, will my special supplement start automatically or do I have to apply for it? If it does start automatically, about what time frame can I expect notification from the OPM about the change in my annuity, or will they just start it and will need to keep checking my account? A. You will begin receiving the special retirement supplement automatically. I have no idea when…
Q. I am a Defense Department employee with close to 32 years of service. I am 51 ½ years old. I fall under CSRS. They are talking about offering voluntary early retirement with a $25,000 bonus. If I had a firm offer, I would love to negotiate a trade of the $25,000 for some or all of the 2 percent per year reduction I will need to take if I accept the VERA. Have you ever heard of this being done? A. No, because it can’t be done. The law doesn’t permit it.
Q. I am a Civil Service Retirement System federal employee who is considering taking the Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay offered if I am approved. Are you taxed at a higher percentage rate on the $25,000 than you are taxed on your regular salary? According to the tax bracket table, my salary is taxed at 25 percent or 28 percent. A. Buyout incentives are taxed as ordinary income, just like your wages.
Q. My agency has offered an early out (Voluntary Early Retirement Authority) but no buyout. Now we are hearing that a buyout is coming early in fiscal 2012. If I am approved for VERA, I will have until my retirement effective date to accept or decline. If a buyout (Voluntary Separation Incentive Payment) was offered prior to my retirement date, could I apply for it without losing my already approved VERA and still retire under the early out if not approved for the buyout? A. As a rule, VERAs are offered to a wider audience that are VSIPs, which are…
Q: I work at Kirtland Air Force base, N.M. A Voluntary Separation Incentive Pay/Voluntary Early Retirement Authority survey was sent out in May with a suspense date of May 21 to show interest. I completed the survey and received confirmation that it was received. The VSIP/VERA is scheduled for fiscal year 2011/2012. It’s been more than a month and I haven’t heard anything. I’d like to know for planning purposes; I am a Civil Service Retirement System employee with 33 years’ experience. Are you aware of any details or rulings? A: We haven’t heard a thing.