Browsing: high-3

Q. If I have less than three years in civil service but qualify for retirement based on military time I bought back, what is my high-3 calculated from? A. Your annuity will be based on your combined civilian and military service for which you made a deposit. However, you don’t qualify for retirement. To do that, you will need to have five years of actual civilian service and meet the age and service requirements: 62 with 5 years, 60 with 20 years, at your MRA with 30 or at your MRA with between 10 and 29 years. In the last…

Q. Is the average high-3 based on my gross pay including shift differential? The Office of Personnel Management site says yes. However, my employer is taking deductions for pension contributions only on my basic pay. I would get less by this method. I work for Treasury. A. Night shift differentials are considered to be a part of basic pay if you are a prevailing rate (wage) employee. If you are a GS employee, they aren’t.

Q. I am 51 years old and have 16 years of 6c time in federal law enforcement. I am also a veteran and bought back 11 years of active-duty time, bringing my total federal time to 27 years. I am considering leaving the government for a position with a private company. I want to make sure I understand what I would give up before I leave, and it is my understanding that my benefits would be based on a straight 1.0 percent per year vice 1.7 percent since I will not have completed 20 years of 6c time. I am…

Q. I have 26 years of federal service under FERS. I am 51 years old.  I would like to leave federal government.  Am I eligible to apply for a deferred retirement? If so, how is my penalty calculated? A. Because you have at least 20 years of service, you could resign and apply for a deferred retirement at age 60. Your annuity would be calculated using the standard formula: 0.01 x your high-3 x your years and full months of service. Your high-3 would be determined by your highest three consecutive years of average salary on the day you left.

Q. I receive military retirement pay for 21 years of service in the Air Force. I started working as a federal civilian employee (GS 9 step 1) two months ago. I have not bought back my military time. I am 41. If I continue to work as a federal civilian for another 20 years and buy back my military service, which would give me 40 years total, does my combined retirement/annuity add up to more than if I wouldn’t buy back my military time, keeping my separate military retirement check and my separate FERS annuity check? A. You are asking…

Q. You have stated that to calculate the high-3, OPM will consider only salaries from which the government has deducted retirement contributions. For which items will they not deduct the contributions? Social Security taxes? Medicare taxes? Medical, dental and vision insurance payments? Thrift plan payments? I think it is fraud when everywhere it is stated “average of three highest salaries” and the actual amount is way low. Nobody told me that’s how it is calculated. I was a title 38 physician and have retired under FERS, but I also have CSRS component. A. First, let’s clear the deck. There isn’t…

Q. My spouse is older than 60 and has become disabled. My spouse has 28-plus years of service in FERS. Is is true that my spouse would get less on disability than normal retirement since my spouse would get no Social Security bridge? I know about the annuity recomputation at 62. A. When your spouse applies for a FERS disability annuity, your spouse will also have to apply for Social Security disability benefits. If your spouse was approved for a disability annuity, it would be calculated as follows: — For the first 12 months: 60 percent of your spouse’s high-3,…

Q. I retired from civil service on disability as a GS-11 under FERS in 2007 with nine years of service. My disability monthly pay is about $ 1,630. I will be age 62 in August and, from what I have been reading, my disability will convert to regular retirement at that time. If my time in service is counted up until age 62, I am thinking I will have about 15 years service. Can I expect my monthly pay to drop or increase at age 62? I don’t know what my high-3 is or would be since I am retired.…

Q. In February 2014, I will have 33 years of government service. If I receive a step increase in February 2014 and retire in March 2014, will the step increase be factored into my high-3? A. Assuming that it is part of your highest three consecutive years of average pay, it will be included in the 78 pay periods used to calculate your high-3.

Q. I am a registered nurse and I am considering taking a job at a Veterans Affairs Department outpatient clinic. If I work 20 years, what would my monthly pension include? I would like to know a monthly dollar amount. A. While I can’t give you a dollar amount, I can give you the formula that would be used to determine your annuity. Here it is: .01 x your highest three consecutive years of average basic pay x your years and full months of service. To be eligible to retire, you’d have to meet one of the following age and…

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