Browsing: EMPLOYMENT

Q. I am a recently retired regular army officer. If I accept a GS position with the government, will I forfeit some of my retirement? A. The choice is up to you. If you take that job, you’ll have the option of making a deposit to the civilian retirement system to get credit for your active-duty service in determining your years of civilian service and have it used in your annuity computation. Then when you retired from your civilian job, you’d have to waive your military retired pay. Doing so would have no affect on any other benefits you are…

Q. I recently retired and received a Voluntary Separation Incentive Payment. If I get another government position, will I be required to pay back the buyout money I received? A. Yes. If you received a buyout and later accept a paying job with the federal government within 5 years of the date of the separation on which that buyout is based, including work under a personal services contract or other direct contract, you must repay the entire amount to the agency that paid it to you before your first day of re-employment.

Q. I’m on CSRS disability retirement. I’ll soon be 60 years of age. Am I obligated to report any earnings I make after I turn 60? I’m under the impression that when I turn 60 some things change. A. Yes. From the point you go on disability retirement to age 60, you are subject to periodic medical re-evaluation to determine if you are still disabled. There is also an annual review of your earnings to determine if you are restored to earning capacity. However, after you reach age 60 those are no longer required.

Q. I have worked for the government in two different agencies. I worked for the U.S. Postal Service for 12 years under CSRS, which was followed by time in the U.S. Department of Commerce for the remainder. This includes four years of military service. There was a break of more than a year between the two. I was classified as being Offset CSRS in the Department of Commerce, but I have always paid into Social Security both in the Postal Service and Commerce. Shouldn’t I be exempt from WEP? A. Because you had a period of service under CSRS –…

Q. I quit the U.S. Postal Service after working 14 years for them. Am I entitled to any sort of pension from the USPS when I turn 62 or 65? A. Yes, if you didn’t ask for a refund of your retirement contributions when you left. Regardless of whether you were covered by CSRS or FERS, you could apply for an annuity at age 62. If you were covered by FERS, you could also apply for an annuity when you reach your minimum retirement age. MRAs range from 55 to 57, depending on your year of birth. However, if you…

Q. My spouse is sick. I am 59 and have 19 years of service. Can I take early retirement and keep my health insurance and life insurance? A. Yes, you could retire under the MRA+10 provision and continue your health and life insurance coverage, as long as you had been enrolled in them for the five consecutive years before you retire. However, your annuity would be reduced by 5 percent for every year you were under age 62. Alternatively, you could ask your employer to let you work part-time and retire on a penalty-free annuity at age 60.

Q. I’m a 62-year-old FERS retiree who is receiving a Social Security benefit. I’m thinking about taking a job in the private sector. How will that affect my Social Security benefit? A. If you are under full retirement age, your Social Security benefit will be reduced by $1 for every $2 in earnings that exceed the annual earnings limit, which is $17,640 in 2019. In the year when you reach your full retirement age, your benefit will be reduce by $1 for every $3 you earn over a different limit, which is $46,920 in 2019. Beginning in the month you…

Q. I’m retired from the government and receiving a Social Security benefit. I’m thinking of taking a job in the private sector. How will that affect my Social Security benefit? A. If you are under full Social Security retirement age, your Social Security benefit will be reduced by $1 for every $2 in earnings from wages or self employment that exceed the annual limit, which is $17,640 in 2019. In the year when you reach your full retirement age, your benefit will be reduced by $1 for every $3 you earn over a different limit, which is $46,920 in 2019.…

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