By Reg Jones
February 8th, 2013 | Uncategorized
Q. My organization has been approved for Voluntary Early Retirement Authority. I am covered by FERS and will have 30 years creditable service May 24 at age 57. Am I still eligible to request a VERA after I have reached the 30-year mark?
I also have two years of temporary service that I can buy back for approximately $2,500. What would be the monthly pension amount with 30 years versus 32 years, if I purchased the two years of temp time?
A. Although you could accept a VERA, there wouldn’t be any point in doing that if you already have the age and service needed to retire on an immediate annuity. As a FERS employee, every year of additional service is worth 1 percent in additional annuity. You can figure the dollar amount using this formula: .01 x your high-3 x all years and full months of service.
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