Q. I’m contemplating retirement, but I want to make sure what I’m hearing is correct. My service computation date is January 1980, so I have almost 33 years’ service. However, after my first seven years of service, I chose to retire and stay at home with my two babies. Thinking I wouldn’t return, I withdrew my retirement, which was in the $6,000-$7,000 amount. After 3½ years, I came back and worked another four years and then again resigned to stay home with a third child. I returned a year later (1989) and have been here since that time. I switched…
Browsing: retirement withdrawal
Q. I resigned from the government in 1985 and withdrew $10,000 from my retirement. I returned to the government in 1986. If an early buyout was offered and I accepted it, what effect would this have on my annuity? Would I be penalized for the $10,000 I withdrew, or am I responsible for paying it back? My service computation date is 1976. A. Because you withdrew your retirement contributions before March 1, 1991, you’d get credit for that time in determining your total years of service; however, if you didn’t redeposit the money you took out, plus accrued interest, when…