Q. I am a Postal Service employee. I am taking the Voluntary Early Retirement Authority that is being offered. My mandatory last day is Jan. 31. The USPS only gives credit for full months of service plus years. I have 23 extra days of service time and one day of extra sick time. I am only getting credit for half of my sick time. Is there any way to get that 24 days to a full month? My statement was prepared in October so some sick leave will accrue. My retirement computation date is June 8, 1985. A. Although you…
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Q. I will be 56 in December and have a bit over 26 years of Postal Service employment under my belt. I was told that I would not be eligible for the special retirement supplement until I have 30 years of service. That would seem to mean that I would not be able to receive the supplement for a little less than four years. Under the present Voluntary Early Retirement Authority, is this true? Has the VERA changed my minimum retirement age even in light of the present SRS requirements? A. No it isn’t true. Whoever told you that was…
Q. With the possibility of reductions in force in the Department of Justice starting in February, what are law enforcement’s early retirement options (VERA)? I am 58 with only 15 years’ law enforcement and 19 years’ government service. Will I get any credit for law enforcement years? A. Although you are age 58, you only have 19 years of service; therefore, you wouldn’t be eligible to retire under the Voluntary Early Retirement Authority. However, you would be able to retire under the MRA+10 provision (minimum retirement age with between 10 and 29 years of service). If you did that, your…
Q. I was offered and accepted a Voluntary Early Retirement Authority payment from the Post Office last month under CSRS. If I return to work in the private sector, will it affect my CSRS pension or the VERA I received? A. Working in the private sector will affect neither your CSRS annuity nor the VERA payment you received.
Q. I am a 57-year-old postal employee and I am considering retiring under a FERS Voluntary Early Retirement Authority with 26 years of service. I have reached my mandatory retirement age. Am I eligible for the supplement if I retire Jan. 31, 2013? In researching the special retirement supplement, I read that a bill may have been signed by the president eliminating this benefit for those who retire after Dec. 31, 2012. Can you give me the correct information regarding this supplement? A. Yes, you’ll be entitled to the special retirement supplement. No, the president didn’t sign a bill eliminating that benefit.
Q. I’m a CSRS employee with 34 years of service, but I am only 54. Thus I am not eligible for optional retirement. My agency has been talking about a possible VERA/VSIP, which would probably require leaving by the end of December at the latest. I would still be about six months too young for a normal optional retirement. I am fully aware of the 2 percent per year penalty for taking a VERA at 55. Is that penalty always rounded up to the full year, or at just six months early, would it be pro-rated to 1 percent? While…
Q. I am a Postal Service employee under FERS. I’m 65 years and three months old. I’ll have 26 service years by Nov. 8. I work four hours a day because of a job-related injury. The other four hours are paid by the Office of Workers’ Compensation Programs. Will my work status allow me to qualify for the Voluntary Early Retirement Authority this year? If so, can I apply for disability retirement instead of the regular retirement and still get the $15,000 incentive? What happens with my accumulated sick leave? Can it be credited as added service if I submit…
Q. I retired under CSRS on a Voluntary Early Retirement Authority at age 46 with 26 years of service. I’m considering going back to work with the agency from which I retired. I’m still under age 55 (53 years old). What benefit would returning to full-time work be for me? Can I retire again any time after 55? Will my additional years apply to my retirement the second time around? What happens to penalties previously taken on early retirement? A. If you return to work for the government, your annuity will terminate and you’ll be treated as if you had…
Q. My service date is June 22, 1987, giving me 25 years of government service. I am under FERS; however, I am 43. If I take the early out my agency is offering, will my pension be penalized because I am under the age of retirement? Would my TSP lose value if I leave early? Would my monthly annuity be reduced under FERS? Would the IRS apply the 10 percent penalty tax because I have not reached the appropriate age to begin my withdrawals? Or does this not apply under the early out? A. The age penalty on a FERS…
Q. I am 58 with 28 years of service under FERS. If I accepted an offer for early retirement under VERA, would my special retirement supplement begin with my first annuity (since I have reached my MRA) or when I reach my normal retirement date with full annuity (when I will be 59 and would have had 30 years of service)? A. Because you have already reached your MRA, the special retirement supplement will be payable immediately. Just be aware that you won’t see that money until your annuity is finalized. Then it, like any underpayments of annuity, will be…