Browsing: Deferred annuity

Q. I left civil service employment (CSRS) with the Defense Department in 1994 due to base closure with 17-plus years of service at age 42. I elected to take a deferred annuity when I am 62 (next year). Will I be able to qualify for any FEHB plans when I start drawing my annuity?

Q. How much will my retirement be when I turn 62? I rotated back to the states after more than 22 years of federal service. I was effectively terminated from my position due to the five-year rule in Europe. I was under CSRS. I will not turn 62 for five years, but I would like to know how to get information regarding my CSRS account status.

Q. I am a 29-year-old FERS employee with 3½ years of service. Given sequestration and budget cuts, I fear my position may be eliminated long before I’m able to retire (MRA of 57). I’m trying to be as financially prepared as possible. I understand that I am entitled to my contributions (plus interest) to FERS regardless of years of service. I’m trying to understand when I am entitled to the government’s contribution to FERS. Is it after five years of service? For example, if I have five years of service but am let go because of budget cuts in year…

Q. I work for the federal Bureau of Prisons under FERS. I have eight years of active military paid for and five years’ civilian service. If I resign my position, will I be eligible to collect a deferred annuity at 57, my MRA, with the 5 percent penalty, because that will be more than 10 years’ government service combined, or will I have to wait till age 62?

Q. I am a FERS employee, 54 years old with almost 30 years of service. My performance has been above average, and I am a good employee. I am a licensed (medical field) therapist, and unfortunately, I just got a third DUI, which calls for mandatory jail time and is a class 6 felony. With a class 6 felony, I will lose my medical license and, I am told, my job. I was told by human resources I should resign and then wait until I am 62 to collect a deferred retirement. However, I still need to pay my bills…

Q. I have 14 years of federal service and resigned in July 2011 to enter the private sector. When I resigned, I was 52 and under FERS. When can I apply for my deferred annuity, and do I have the option of taking it earlier than age 62? I also understand that if I elected to take it earlier than 62, I would be penalized 5 percent per year based on what age I elect to take it (starting at 56).

Q. I am 50, have 20 years under FERS and am thinking of retiring in six years when I reach my MRA of 56. If I do this, will I get health insurance coverage right away? Also, can I retire at 56 but delay retirement payments until 60 (or is it 62?) so I can avoid the 5 percent-per-year reduction in the payout? My main concern is keeping health insurance in place as soon as I retire at 56 — I can afford to delay the payout.

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