Browsing: Deferred annuity

Q. I was born in 1967. I’m covered by FERS and want to retire at the age of 55 when I’ll have 34 years of federal service. Will I take a huge hit in my annuity? A. Because you were born in 1967, your minimum retirement age is 56 years and 6 months. Although you wouldn’t be eligible to retire, you could resign and apply for a deferred annuity when you reach your MRA. However, if you did that, you wouldn’t be eligible to receive the special retirement supplement nor would you be able to re-enroll in either the FEHB or…

Q. I resigned from the U.S. Postal Service 2.5 years ago. At the time I had over 2,500 hours of unused sick leave. My problem with the Post Office was that from day one we were told to bank your sick leave, which I did. I think it is very unfair not to benefit from saving all of those hours, which would have given me an extra boost to my retirement when I apply for it. A. Employees who retire on an immediate annuity will have any hours of unused sick leave included when calculating their annuity. Employees who resign…

Q. I was a government employee for several years and didn’t ask for a refund of my retirement contributions when I left. How can I find a record of my employment and if I’m eligible for a deferred annuity? A. Your employment record is stored in the National Personnel Records Center, located in St. Louis, Mo. You’ll find the instructions for getting that information at www.archives.gov/st-louis/civilian-personnel/index.html#. Once you have it, you can complete OPM Form 1496A, Application for Deferred Retirement, available at www.opm.gov/forms/pdf_fill/opm1496a.pdf, and send it to OPM. If you have at least 5 years of creditable service and are at least 62…

Q. I’m a firefighter under the special retirement plan. I’m at 20 years of civilian service but 44 years old. I meet the minimum service time, but not the age. Can I leave the civil service now? If I do, when would I receive my annuity? A. If you leave before being eligible to retire on an immediate annuity, you could apply for a deferred annuity when you reach your minimum retirement age, which is 57. That annuity would be based on your high-3 as a firefighter on the day you left. Note: You wouldn’t be able to reenroll in…

Q. I am a 46-year-old employee covered by the Federal Employees Retirement System. I have been enrolled in the FEHB for the last six years. If I resign from the government and apply for a deferred annuity at age 62, will I be able to reenroll in the FEHB when I collect my annuity? A. No, you won’t be able to do that. Deferred annuitants aren’t eligible to reenroll in the Federal Employees Health Benefits program.

Q. In 2005, I resigned from my position as a civil servant and didn’t ask for a refund of my retirement contributions. At the time I was 51 and had 24 years of service. Do I have any options in order to receive a retirement benefit based on my 24 years of service? A. Because you have at least 20 years of service but fewer than 30, you can apply for a deferred annuity at age 60. That annuity will be based on the average of your highest three consecutive years of basic pay and your total years and full…

Q. I’m considering resigning later this year at 54 with 14 years civil service (MRA is 56 years 2 months). I have a 20-year military retirement (retired 2004) and am considering paying the military deposit (estimate $20,000 or so). I also get $660 VA disability (40 percent) that equates to an additional $7,920 per year that wouldn’t be taken from a civilian annuity like it currently is from my military retirement. If I resign at 54 on a deferred retirement with 34 years creditable service (20 military plus 14 civilian) and don’t start taking the annuity until 60 (when it…

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