Ask The Experts: Retirement

By Reg Jones

FERS annuity and VERA or VSIP

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Q. I am a FERS with 21 years service and age 51 with an minimum retirement age of 56. Say I retire under the Voluntary Early Retirement Authority or Voluntary Separation Incentive Program prior to the end of 2012 and work elsewhere (not federal). Since I would not be receiving an annuity between retirement at age 51 and annuity eligibility at age 56, would any earned income above $14,640 during those five years have a delayed effect on my annuity from 56 to 62?

A. No. The earnings limit only applies when you are receiving either the special retirement supplement or a Social Security benefit. In the latter case, the earnings limit only applies until you reach your full Social Security retirement age.

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Q: Is the Voluntary Early Retirement Authority/Voluntary Separation Incentive Program being offered only to Air Force employees at this time and not Defense Logistics Agency employees?

A: VERAs and VSIPs are offered by an agency only when they are needed to achieve its staffing goals. Within an agency, they can be focused as narrowly as to a specific unit, occupation or grade level.

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VSIP in 2011 or 2012

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Q: Have you seen any articles or heard of any possibility of the DoD offering Voluntary Separation Incentive Payments this fiscal year or perhaps in FY12?

A: No.

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