Q. I worked for the Department of the Interior from April 25, 1988, as a seasonal employee until I was converted to career conditional on Dec. 4, 1988. I was then hired at the Postal Service on March 11, 1989. Can I buy back my seasonal time? Will that help with creditable service toward the Voluntary Early Retirement Authority? Can sick leave and annual leave be credited toward the VERA? I do not have the age and my current service computation date is Dec. 4, 1988. I am hoping to reach the 25 years at any age, but it appears…
Browsing: VERA
Q. I am 52 and have been with the Postal Service for 24 years. Will I be able to collect the special retirement supplement at 52, taking the early retirement, or will I have to wait until a certain age? A. You’ll have to wait for the special retirement supplement until you reach your MRA (minimum retirement age), which is 56.
Q. I am planning to retire Feb. 21, 2014. I will be 60 years old and will have completed 10 years and one month of service. I am prepared to take the permanent reduction for being under age 62. 1. If a Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay is offered at the time of my planned retirement, would I qualify for one or both? 2. I was told that if a VERA/VSIP is offered at the time of my retirement, I could approach my leadership and ask that the 10 percent reduction be waived. I believe this was because…
Q. I have been mobilized on active duty with the military. If the Department of Justice allows for early retirement while I am mobilized, can I seek Voluntary Early Retirement Authority once my activation is over? If so, what is the window of time? A. Only if you have returned to your civilian position, the offer applies to that position, and you retire within the time period that the VERA is being offered.
Q. I work for USPS. I heard from one of my supervisors that there was an article in Federal Times about postal employees told by OPM that if they took the 2009 VERA before reaching their MRA, the employee would not be eligible for the special retirement supplement at the time they take the VERA, but that when they reached their MRA, they would be able to receive it. She said that after these employees who hadn’t reached their MRA took the 2009 VERA reached their MRA, they were being told that because they took the VERA before they had…
Q. I started employment with the Defense Department in September 1981 under CSRS. In 1995, I took advantage of a Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay because my organization was downsizing. I also took a refund on my retirement account, which I tried to invest in buying a home and lost it. I was reinstated in the government in 2004 and came back as CSRS Offset. I also rolled my 401(k) from the job I had outside the government into the Thrift Savings Plan. I will be 65 on March 7, and was planning to retire in May. Because…
Q. I retired under a Voluntary Early Retirement Authority offered in 2009. Because I was below my minimum retirement age, I will not be eligible for my special retirement supplement until July, when I will become 56. I retired with 25 years of service. How do I calculate my benefit? A. I imagine that you mean, how will you calculate the special retirement supplement? If so, it can’t be done with any accuracy. What you can do is estimate the amount using this formula: Take your Social Security benefit at age 62 (available from the Social Security Administration), multiply it…
Q. I work for the Postal Service. I have 34 years and five months under CSRS. I will be 55 in October. If I What percentage would I receive, retiring with the Voluntary Early Retirement Authority? A. Get out your pencil and paper (or calculator). Here’s the formula: .015 x your high-3 x 5 years of service, plus .0175 x your high-3 x 5 years of service, plus .02 x your high-3 x all remaining years and full months of service If you retire before age 55, deduct 1/6 percent for every month you are under age 55.
Q. I retired under a VERA in 2008 from the U.S. Postal Service with 23 years and collect an annuity and have my health insurance deducted from my annuity. I pay the postal service premium for my health insurance, which is less than those of other government agencies. I am looking to be reinstated with another government agency. 1. Will my annuity end or decrease? If so, how will it be calculated? 2. Will I have to pay the higher premium for my health care through the new agency? 3. Will my annuity amount increase when I retire from my…
Q. I’m a civil service employee covered by FERS. My agency is offering Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay. I am 62 and receiving military retired pay. I’ve been told that I’m not eligible for either VERA or VSIP because I’m receiving military retired pay. Is that true? A. Not that I’m aware of. According to the Office of Personnel Management: Employees in the following categories are not eligible for VSIP. Employees who: 1. Are re-employed annuitants; 2. Have a disability such that the individual is or would be eligible for disability retirement; 3. Have received a decision notice…