Browsing: Retirement Contributions

Q. I have 10 years with the Department of Veterans Affairs, and I paid my military deposit (14 years, nine months and 18 days), so my total time is 24 years and nine months. I’m leaving to return to school full time. If I come back after three to five years, I’ve been told I would be starting over, i.e., all that time is gone because of the break in service. Is that true?

Q. I am somewhat confused as to what the Civil Service Retirement System (CSRS) Offset actually is. I am quite sure they have been taking Social Security out of my checks for the extent of my government employment, but it was my understanding that CSRS Offset retirees were still able to draw Social Security with their retirement checks. Here’s some of my history, for context: I started working for the VA in March 1981. I have had no break in my service and chose not to switch to FERS when it was offered to me. I have completed nearly 35 years of service. I…

Q. I’m in the FERS program. Do you know how many years of service are required in order to be vested? If I leave government service after almost eight years, will I be vested in my TSP and annuity? Will I receive a pension? A. You’ll be vested in the retirement system when you have five years of full-time service. If you leave your contributions in the retirement fund and leave government, you’ll be entitled to a deferred annuity at age 62.

Q. Once I get vested after five years of being in the federal system, and perhaps I leave the job a month later. Where can I find, or how can I calculate, how much I’ll get when I retire? A. If you leave you contributions in the retirement system, you’d be entitled to a deferred annuity at age 62. That annuity would be computed using this formula: .01 x your high-3 x your years and full months of service.

Q. I began my civilian federal employment in May of 1974. I am a Vietnam era veteran with three years military time and paid back that time. My service comp date for retirement is May 1971. I am going to retire at the end of this year. Based on the above, will all CSRS contributions I paid after reaching 41 years, 11 months, qualify for refunding to me? A. If you have 41 years and 11 months of service from which retirement deductions were taken (or a deposit made), any excess deductions will be refunded to you with an option…

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