By Reg Jones
Military service and buyback
May 15th, 2013 | Uncategorized
Q. I am a traditional guardsman and am considering federal employment.
Does any of my inactive duty or mobilized time count toward retirement or leave accrual? I’m 43. What is the minimum number of years I would need to work to qualify for a pension, even deferred? Whom can I contact for more information?
Tags: annual leave, annuity, Deferred annuity, military buyback, military service, minimum retirement age, MRA+10
Deferred annuity under FERS
May 14th, 2013 | annuity reduction Deferred retirement FERS annuity computation Minimum retirement age Resignation RETIREMENT
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).
MRA retirement and pension, health insurance
May 8th, 2013 | annuity reduction Coverage after retirement Deferred retirement FEHBP HEALTH INSURANCE MRA + 10 Re-enrollment RETIREMENT
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.
Tags: Deferred annuity, FEHB, FERS, minimum retirement age, pension
Obtaining deferred annuity
May 1st, 2013 | Deferred retirement DOWNSIZING Resignation
Q. I resigned from the Postal Service in August 2005. My start date was Jan. 15, 1975. My pension was placed in a deferred annuity. I understand this annuity is maintained in Pennsylvania.
Could I obtain the address of this place, and will I be able to draw my pension at 60 or 62?
Tags: CSRS, Deferred annuity, OPM, Postal Service
Firefighter retirement
April 24th, 2013 | annuity reduction Deferred retirement DOWNSIZING Eligibility Eligibility FEHBP HEALTH INSURANCE Minimum retirement age Resignation RETIREMENT Special category employee retirement
Q. My wife just resigned from the U.S. Forest Service. She is 44 with more than 20 years of service. Did she lose all of her retirement, or is she still eligible to receive a portion at the reduced rate of 5 percent?
She was always in a position covered under firefighter retirement, eligible at 50 to retire. Also, is she still eligible for health benefits?
Tags: Deferred annuity, federal firefighter, FEHB, minimum retirement age
Retirement before 60
April 23rd, 2013 | annuity reduction FERS annuity computation High-3 Military service deposits MRA + 10 RETIREMENT
Q. I would like to retire at between 56 and 58 with deferment until I reach age 60 and can draw my reserve retirement.
I am a gray area reservist with 20 creditable years of total service. This includes four years and two months of active duty that I bought back after I accepted a FERS position. I have been with FERS for 20 years, including buyback. Will I still be able to draw both retirements since my military retirement is a reserve retirement? In 2017, I will have 25 years, and I would like to retire no later than 2018 at 58.
How will my annuity be calculated? Do I have to retire at 60 to receive both retirements?
Tags: annuity, creditable service, Deferred annuity, FERS, military buyback, military service, minimum retirement age, MRA+10
Years of service and deferred retirement benefits
April 23rd, 2013 | Deferred retirement FEHBP Re-enrollment Resignation Special retirement supplement
Q. If I have 20 years of federal service (including more than 15 in the foreign service) but I haven’t turned 50, can I retire but defer receipt of my benefits/pension until I am eligible at age 50? For example, an employee is 47 years old and has completed 20 years of federal service. Can that employee leave the service and still receive full retirement benefits beginning at age 50?
Tags: 20 years of federal service, annuity, Deferred annuity, FEGLI, FEHB, special retirement supplement
Service time, deferred retirement and VERA/VSIP
April 23rd, 2013 | Deferred retirement DOWNSIZING RETIREMENT VERA VSIP
Q. I’m 46, with 12½ years in civil service. Per ABC, I can do deferred retirement; however, VERA/VSIP has been offered. Will this null and void my deferred retirement since it is a voluntary resignation?
Tags: Deferred annuity, federal service time, VERA, VSIP
Deferred annuity receipt age and formula
April 10th, 2013 | Deferred retirement DOWNSIZING High-3 PAY Resignation RETIREMENT
Q. I resigned from federal service in July 2011. I have 15 years of service and am 53. I was a FERS employee. I’m trying to figure out what my retirement will be. My understanding is that I can start drawing my pension when I’m 56. I also understand there is a 5 percent penalty for each year under 62, meaning if I started taking my pension at 56, it would be reduced by 30 percent.
It is also my understanding that the way to figure out what my pension would be is to use .01 x high-3 x years and months of service. Am I right?
Tags: Deferred annuity, FERS, high-3, pension, years of service
Former CSRS employee’s retirement options
April 8th, 2013 | CSRS annuity computation Deferred retirement High-3 PAY RETIREMENT SOCIAL SECURITY Uncategorized Windfall elimination provision
Q. I am a former federal CSRS employee who lost employment when the Philadelphia Naval Shipyard was closed in 1995. I had about 15 years of service and left my contributions in the system. I was born in July 1956 and am 56. When can I apply for a pension, and what can I expect? Would I take a deferred pension? Also, I have met my 40 quarters for Social Security and have been employed for about 17 years with the School District of Philadelphia. I am thinking about retiring when I am 62 but would like to know my options as far as the WEP and such. Can you help?
Tags: CSRS, Deferred annuity, high-3, windfall elimination provision
Years of service and deferred annuity
April 8th, 2013 | Deferred retirement Resignation RETIREMENT Uncategorized
Q. I’m 49 with 30 years and one month of federal service. If I sign Standard Form 52 and resign, will I be able to collect my retirement at age 62?
Disability and pension access
April 3rd, 2013 | Benefits CSRS Offset Deferred retirement Disability retirement Postal Service RETIREMENT SOCIAL SECURITY Uncategorized
Q. I have been receiving Social Security Disability Insurance for a total disability since 2008. From 1981 to 1989, I was a CSRS offset employee in the USPS. When I tried to apply for my CSRS pension, I was informed by letter that I had to wait until I reached age 62, which is unlikely, or withdraw the small amount I contributed as a lump sum. Is it not possible to apply for and receive my CSRS pension when completely disabled? I have read CSRS Pamphlet No. 7 and searched the website Q&A, and I am very confused.
Tags: CSRS offset, Deferred annuity, lump sum, Social Security disability insurance
Annuity calculation
April 3rd, 2013 | Creditable service: CSRS Creditable service: FERS CSRS annuity computation FERS annuity computation High-3 PAY RETIREMENT Uncategorized
Q. I need your help in calculating my future annual or monthly annuity. I’m 57, birth year 1955. I’m waiting until I’m 62 to ask for my monthly annuity.
I was hired in 1995 into the GS system. I left in 2008.
Would my high-3 be my GS salary? It was averaged out using 1 percent of my high-3 to $560.48 x 15 years creditable service = $8,407.20 annual annuity divided by 12 months, which would be $700.60 a month. Is this correct? Am I still eligible for this monthly annuity, even though I left federal service? I have not received any refund.
Tags: annuity, Deferred annuity, high-3
Leave, USPS and retirement benefits
April 2nd, 2013 | Annual leave EMPLOYMENT Leave without pay Postal Service Sick leave Uncategorized
Q. A Postal Service employee had to use all his sick and annual leave because of illness. He used leave without pay. When he retired, he was not entitled to benefits. He received only his contributions. Why did he get back only his funds and not the complete package because of LWOP? Read the rest of this entry »
Tags: annual leave, annuity, Deferred annuity, Leave without pay, Postal Service, sick leave
MRA+10, annuity and FEHB
April 2nd, 2013 | Deferred retirement FEHBP HEALTH INSURANCE MRA + 10 Re-enrollment Resignation RETIREMENT Uncategorized
Q. I am a 43-year-old attorney considering leaving federal service for the private sector. I have 9½ years of service, have been enrolled in FEHB for that entire time and am deciding whether any benefit would vest or accrue to me if I stay 10 full years rather than leaving a few months short of that. My human resources specialist says that if I have 10 years of service when I resign, then I would be eligible to apply for an early retirement annuity at age 57 (MRA+10, I think) and re-enroll in FEHB at that age. Is he correct? My primary concern is not the early annuity option but whether I would be eligible to re-enroll in FEHB upon retirement.
Tags: annuity, Deferred annuity, FEHB, MRA+10
Deferred annuity
March 31st, 2013 | Uncategorized
Q. I am a Postal Service employee under FERS, I am over 55 years old and have about 26½ years of service. If I left USPS to work somewhere else in the private sector, would I be able to collect my annuity payments from USPS every month, or would I have to wait until I retire completely to start collecting?
Tags: Deferred annuity, FERS, Postal Service, RETIREMENT
Retirement eligibility
March 29th, 2013 | Uncategorized
Q. I am 50 years old and have over 30 years of service (bought back my military academy and military time) and am in FERS. My minimum retirement age is 56. Is there a penalty for retiring now (or, more specifically, in November, when I turn 51) in that I will not have reached my MRA?
Tags: Deferred annuity, Eligibility, FERS, minimum retirement age, resignation
Terminated before retirement
March 27th, 2013 | Uncategorized
Q. I was an air traffic controller. My Federal Aviation Administration hire date was Sept. 30, 1990. I was terminated March 8 — 261 days from being eligible for retirement because I lost my medical. My 50th birthday is Nov. 24. I have over 22 years of “good time” and five years of military time, which I bought back, for a total of 27 years of government service. The FAA says I can file for a disability retirement, but otherwise I am entitled to nothing. Can this be right? Even if I get the disability retirement, it will be less than what I would have received at age 50.
Tags: air traffic controller, annuity, Deferred annuity, disability, FERS, HEALTH INSURANCE, military buyback, RETIREMENT, termination
Options after firing
March 26th, 2013 | Uncategorized
Q. I was federally employed as a Border Patrol agent in November 1988, then joined the FBI in June 1991 and was fired May 2011 (no break in service since November ’88). I was 48. I can find no answers regarding retirement benefits. I was told I forfeited everything, but I could find nothing in writing. What are my options?
Tags: Deferred annuity, Firing, retirement benefits, retirement contributions, treason
Deferred annuity
March 21st, 2013 | High-3 PAY Uncategorized
Q. My husband resigned from a Defense Department agency (non-civil service) after 29 years to work in the private sector. He was under CSRS, never converting to FERS. Before his resignation 10 years ago, he spoke to the agency’s personnel retirement representatives and was told he would still be able to collect retirement but only after he reached the age of 62. They told him that he should start the retirement paperwork six months from his 62nd birthday. Is this information correct? Does he lose the 2 percent for each year under the age of 62 he was when he resigned? He’s within a couple of months of that six-month target.
Tags: age, annuity, CSRS, Deferred annuity, penalty, resignation, RETIREMENT