Q: I am a 57-year-old CSRS employee with 35 1/2 years creditable service. I am eligible to retire now (since June 21, 2009) but enjoy the challenge of my job, so I have stayed on. I gave serious consideration to retiring Dec. 31, 2011, but I am not 100 percent certain that is what I want to do (my wife wants to work a while longer). Am I running a risk of losing any benefits by staying a while longer? What is the minimum amount of time required after mailing my retirement application, and the effective date I retire?
A: As to your first question, at this point, no one knows what risk you are taking by staying on. Only time will tell. On your second question, you can submit your paperwork up to the day you leave work. However, prudence suggests that you let your employer know what your plans are well in advance and that you take enough time to have your application reviewed by your personnel office. The consequences of putting your application in at the last minute include having it bounce because of errors or omissions and/or delays in processing by your agency that keep you from getting your initial interim annuity payment until months after you leave.