By Reg Jones
Military buyback and retirement effect
June 18th, 2013 | Uncategorized
Q. I’ve been working for the Department of Veterans Affairs since February 1991 at GS 11. Before that, I was in the military from October 1981 to February 1988. I haven’t bought back my military time yet, but I am considering it. At what age would I be eligible for retirement with military time included versus without, and what would be the difference in earnings and benefits?
Tags: annuity, military buyback, military service, minimum retirement age, MRA+10
MRA and special retirement supplement
June 18th, 2013 | Uncategorized
Q. I have a question about MRA+10 retirement. I am a FERS employee, age 58 with 26 years of service. Can I retire now on an unreduced annuity and also collect the special retirement supplement until I reach age 62? Or do I have to deduct 5 percent for each year I am under the age of 62? Or is the 5 percent deducted from age 60 because I have at least 25 years in? In any case, the ability to collect the supplement would be key for me.
Tags: annuity, FERS, minimum retirement age, MRA+10, special retirement supplement
6(c) coverage and retirement
June 18th, 2013 | Uncategorized
Q. I joined the Marine Corps in 1988, served until 1992 and bought back my deposit. I then worked under federal law enforcement — 6(c) coverage — until 2001, when I transferred to a non-6(c) covered position until 2004, with no break in service. I then immediately obtained a position under the 6(c) provisions with no breaks in service as a special agent and am still employed. I am 43 years old and will have 32 years of federal service at age 50.
At what age can I switch to a non-6(c) position and still retire with the law enforcement/firefighter retirement? Am I correct that I can switch to a non-6(c) covered position at 46 because I will have 20 years under the covered 6C provision and still retire at 50?
Tags: 6(c) coverage, Deferred retirement, FEGLI, FEHB, military buyback, military service, minimum retirement age
Retiring at 30 years with FERS
June 11th, 2013 | Uncategorized
Q. I am a FERS employee with 22 years of service. I will have 30 years of service in eight more years and will also be 50. Can I retire with 30 years of service and collect (i.e., request an early retirement package)? I’ve read the deferred retirement, but my understanding is I would not be able to receive a pension until my MRA, 57.
Tags: 30 years, annuity, Deferred annuity, Deferred retirement, FEGLI, FEHB, FERS, minimum retirement age, pension
FERS, special retirement supplement and reduction in force
June 11th, 2013 | Uncategorized
Q. I have 29 years of federal service and am 50 and under FERS.
If I am involuntarily separated by a reduction in force at age 50, do I get the FERS Social Security bridge along with my Discontinued Service Retirement, or do I have to wait until I turn 56 to collect the bridge portion of my retirement? Does this start automatically with the DSR, or do I have to apply for the bridge with SSA when I am 56?
Tags: annuity, Deferred retirement, Discontinued Service Retirement, FERS, minimum retirement age, reduction-in-force, SOCIAL SECURITY, special retirement supplement
Retirement options before MRA at 20 years in
June 11th, 2013 | Uncategorized
Q. I entered federal service as a 1811 in 2001. I will reach 20 years of service in 2021 and would like to retire (at 20 years), but I will only be 46 years old. Can I retire with partial retirement and then, upon reaching age 52, receive full retirement benefits? OR am I required to have 20 years and minimum retirement age? I am confused as to when I can retire as an 1811.
Tags: covered service, Deferred annuity, FEGLI, FEHB, minimum retirement age, partial retirement
Military service and buyback for earlier retirement
June 11th, 2013 | Uncategorized
Q. I’ll soon leave military service to work as an SES.
1) How many military years can I buy back into federal retirement system? I have 15 years of active duty and 10 years of reserve duty. Can I buy back all 25 years? 2) If so, does that mean I can retire from federal service after five years of service, totaling 30 years total? I would be age 50 at that time, born in 1967.
Tags: annuity, military buyback, military service, minimum retirement age, reserve duty
FERS annuity before MRA
May 29th, 2013 | Uncategorized
Q. I am a 29-year-old FERS employee with 3½ years of service. Given sequestration and budget cuts, I fear my position may be eliminated long before I’m able to retire (MRA of 57). I’m trying to be as financially prepared as possible. I understand that I am entitled to my contributions (plus interest) to FERS regardless of years of service. I’m trying to understand when I am entitled to the government’s contribution to FERS. Is it after five years of service? For example, if I have five years of service but am let go because of budget cuts in year six (and way before my MRA), am I entitled to the government’s contribution to my FERS? Would this be considered a deferred retirement at 62?
Tags: Deferred annuity, FERS, minimum retirement age, unreduced annuity
Law enforcement retirement as early as possible
May 28th, 2013 | annuity reduction Eligibility FERS annuity computation law enforcement RETIREMENT SOCIAL SECURITY Special retirement supplement
Q. I’m 44 with 16 years in a covered federal law enforcement position plus three military years (which I haven’t bought back yet). How soon can I retire? When I reach 20 years in service, I’ll be only 48, or do I have to wait to reach 50? Could I retire then, and if so, what would I be leaving on the table?
Tags: annuity, FERS, high-3, law enforcement, minimum retirement age, special retirement supplement
Retirement at MRA with fewer than 10 years
May 22nd, 2013 | annuity reduction Deferred retirement Minimum retirement age Resignation
Q. I work for the federal Bureau of Prisons under FERS. I have eight years of active military paid for and five years’ civilian service. If I resign my position, will I be eligible to collect a deferred annuity at 57, my MRA, with the 5 percent penalty, because that will be more than 10 years’ government service combined, or will I have to wait till age 62?
Tags: Deferred annuity, FERS, military buyback, military service, minimum retirement age
Military service and buyback
May 15th, 2013 | annuity reduction LEAVE Military service deposits Minimum retirement age RETIREMENT
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
Federal retirement and re-employment
May 14th, 2013 | Eligibility FEHBP Military service deposits Minimum retirement age part-time Re-employment Re-enrollment RETIREMENT
Q. 1. I left the Fed in November 2011 with 22 years of creditable service (military time buyback included) and, as I am under my MRA of 56, would not be eligible for my retirement benefits without penalty until age 62, correct? 2. Can I work part time (consultant) on an agency’s payroll without affecting my current status, or would that part time add to my benefit? 3. Also, if I came back to the Fed and did three more years of full-time work before age 62, would that reinstate my health benefits?
Tags: creditable service, Early retirement, federal re-employment, FEHB, military buyback, military service, minimum retirement age
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
FERS, disability and Social Security
May 7th, 2013 | Benefits Disability retirement High-3 Minimum retirement age SOCIAL SECURITY
Q. I am trying to understand the FERS disability retirement. My wife has 34 years of federal service but has not reached her MRA. I understand the high-3 and 60 percent the first year and then the 40 percent rule after 12 months and how it affects Social Security. If she applies now for FERS disability retirement and is approved, can she then go to Social Security and apply for her full disability entitlement? Also, if she receives her Social Security 100 percent disability entitlement within 12 months, how will her FERS retirement formulate? Will she still get 40 percent of her high-3 pay and 100 percent from Social Security?
Tags: disability, FERS, minimum retirement age, OPM, SOCIAL SECURITY
Special retirement supplement and earnings test
May 1st, 2013 | Earnings test FERS annuity computation law enforcement RETIREMENT SOCIAL SECURITY Special retirement supplement
Q. I am retiring at 57, the mandatory retirement under FERS for law enforcement. I know there is something called the first year rule; will the special retirement supplement I receive for approximately five years be subject to the earnings limit? I heard the supplement is not subject to it, but when I reach age 62 and the supplement ends, any Social Security I receive will be subject to it. Can you clarify if the supplement law enforcement officers receive under FERS if retiring at the mandatory retirement age is subject to earnings test? If so, when?
Tags: FERS, minimum retirement age, SOCIAL SECURITY, Social Security earnings test, special retirement supplement
Deferring Social Security
May 1st, 2013 | FERS annuity computation Minimum retirement age RETIREMENT SOCIAL SECURITY Special retirement supplement
Q. At my MRA of 56 (with more than 30 years of federal service), I will be able to receive my FERS annuity, access my TSP and receive the special retirement supplement. The supplement is payable until age 62, at which time I will become eligible for Social Security.
Must I enroll in Social Security at age 62 if I’ve taken the special retirement supplement up until then? There are financial advantages to deferring Social Security. I understand the annuity will stop once I reach 62, but can I defer my Social Security to when my benefit will be greater? (I understand my overall income will drop after age 62 until I choose to start Social Security.)
Tags: FERS, minimum retirement age, SOCIAL SECURITY, special supplemental annuity
Retirement at MRA with 30-plus years
April 24th, 2013 | Early retirement Eligibility Minimum retirement age
Q. I am 53 with 30-plus years of excepted civil service with the National Guard. I believe my MRA is 56. At age 56, can I voluntarily retire with no penalties? Could I voluntarily retire early?
Tags: annuity, excepted service, minimum retirement age, National Guard
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