Browsing: MRA+10

Q. I am planning on taking a FERS MRA+10 postponed retirement in 2016, when I will be 56 and have 25 years of federal experience. a) What is the earliest age I can receive unreduced benefits? Can I start at 60 since I will have more than 20 years of federal service? b) Will any unused sick leave be credited toward my years and months of service at that point? c) How do I start receiving benefits when I am ready?

Q. I have completed 20 years in the Navy Reserve. I have been working as a GS for five years now and am 48. I am crediting my active-duty time to my GS service. It should total around seven years. 1) At age 56 (I was born in 1964), I will have 20 years of service (including the seven years of active duty I purchased). Can I begin my annuity then for the FERS retirement with no penalties? 2) At age 59, I can begin drawing my Navy Reserve retirement due to time served in a war zone. Are there…

Q. I work for Customs and Border Protection. I am 59 years and eight months old with 20 years and three months of service. If I retire ASAP, can I receive the special retirement supplement? A. You wouldn’t receive the special retirement supplement because you’d be retiring under the MRA+10 provision. No one who retires under that provision can.

Q. I have a little over 13 years of FERS service. I am 51 years old. I originally planned on retiring at 56 (MRA+10) but I have recently been contemplating retiring now under a deferred retirement. 1. If I retire now (deferred), will I be able to draw the retirement at 56, or will I have to wait until age 62? 2. If I choose to withdraw my retirement versus defer it, is there a calculator somewhere that can give me a general idea of how much I would get? A. You can’t retire. What you can do is resign…

Q. I am 54 and have over 26 years of creditable service under FERS. I am going to be leaving government service in the next few months. Is it better to take a reduced annuity at age 56 or wait until I can take the full annuity? A. You don’t have a choice. If you leave government, you won’t be eligible for a deferred annuity until you reach age 60. And the only reason you won’t have to wait until age 62 for that annuity is because you have at least 20 years of service.

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. Are there pay differences in FERS retirement after 20 years versus retiring at 18 years? A. The simple answer: In most cases, the difference will be 2 percent because the standard formula is .01 x your high-3 x your years of service. However, the simple answer leaves too much out. You are eligible to retire only when you meet the age and service requirements for an immediate unreduced annuity, which are: 62 with 5 years of service, or 60 with 20, or at your minimum retirement age (MRA) with 30 You can also retire at your MRA with at…

Q. I’m in FERS and can retire at 56 (my minimum retirement age) in four years, but I will have only 28 years in the Postal Service at that time. Will I eligible for the special retirement supplement? A. No one who retires under the MRA+10 provision is eligible to receive the special retirement supplement.

Q. I am 61 years old. I have more than 17 years of civilian service. I would like to retire early by age 62. Is this an option with MRA+10? Voluntary early retirement is not an option yet. A. At age 62, you could retire on an immediate, unreduced annuity with as few as five years of service.

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