All benefits are retro-active to that date. If you neglected to apply at age 62 you will receive a lump sum payment for the time between the commencing date and the date you apply. For example, if you apply at age 65 you would receive a lump sum payment for 3 yrs.
To collect your deferred civil service annuity you will have to complete OPM form A Revised May and send it to the address listed on the form. The form has 9 pages of detailed instructions and general information about eligibility and payments, print it out for detailed guidance. Contact OPM directly if you need assistance or to obtain a copy of this form with your service dates.
The first part of the form is completed by OPM and includes a summary of your federal service. There is no reason to delay applying for the civil service annuity beyond age If you withdraw the funds, consider placing the money in a Roth or Traditional IRA with potential for growth.
If you decide on the CSRS annuity - the annuity will not increase by waiting beyond the date you are first eligibility for the annuity. He then spent 16 years working in civil service. He is now Can he also receive civil service retirement for the 16 years.
Please let me know if I guessed wrong. In a few rare cases, it makes sense to waive an active-duty military pension to buy the military service credit deposit in a civil-service pension. Your spouse may have already taken care of these opportunities. You must work 5 more years until you hit 20 years of service before you are eligible for retirement. Doug, I separated from military as a LTC at 13 years. I presently work as a physician contractor in a military hospital and am paid very well but I have an opportunity to for a G.
I am in my early 50s. What would be your recommendation in regards to converting into Civil Service with my 13 years versus my Air National Guard retirement? As you know from this post, you can earn both your ANG pension and your civil service pension. In addition, you can still buy your military service credit deposit in the federal civil service.
My husband completed 18 years of military service and then got out. Is it possible for him to get a Civil Service job to complete his retirement? Is there any age limit? They can earn a pension in both the military and the federal civil service. However if he joins the federal civil service and possibly some state civil services then he could use his military time to buy his military service credit deposit from the civil-service retirement system.
However, I was told from my HR that I may not be able to use my active duty time for my reserved military retirement after I use for my civilian service retirement. I hear two different information. Could you please clarify? Good question, Calseung73! The post lays out the rules for receiving a civil-service pension and a military Reserve pension. You already know that you can also use your active-duty time to buy your civil-service military service credit deposit.
It sounds like your HR might not have a handle on how your military active-duty time counts toward a Reserve retirement. The 13 years of active duty count toward that pension, and you only need to earn seven more good years for the NOE.
In other words, your active duty can be counted toward both your civil-service retirement and your Reserve retirement. Thank you so much for the clarification. I spoke with 3 different customer service representative at DFAS and they said that I need to contact my unit finance for more information. I researched several different sources and found out that it seem like you got the correct information. Your information is very valuable to the veterans.
Does this allow me to draw a Civil Service Retirement? These sections of the Handbook may be referring to a disability retirement Chapter 61 of Title 10 U.
Code which is different from an active-duty retirement and also different from receiving compensation for a VA disability rating. I am in a little different place. I served on Active Duty for I got a federal job and worked for another 10 years as civil service. I bought back my active duty time while at civil service and now I have went back on Active duty. So how will my retirement workout if I retire from active military and then go back to the civil service and retire again.
Can I receive two federal retirements? You could also e-mail Eddie at GubMints. Of course you can receive two federal pensions. The question is whether you can continue to receive the benefit of the military service credit deposit in your federal pension without having to waive a portion of your military pension.
I see three possibilities: 1. OPM regulations give you the credit for the first The question is whether OPM actually has any regs to address this situation. When I hit a 20 year Active retirement will it screw me over that I bought back my service when I started as a fed. I hear that, Justin, although you made the right choices at the time. Receiving an AGR position and being able to keep it all the way to an active-duty retirement was never a guarantee when you left active duty, and keeping it is also not guaranteed.
I also know one military vet who retired from active duty as an E-6 and followed it up with a very successful civil-service career. In his senior civil-service situation it made more financial sense to waive the military pension when he started his civil-service pension. Great article!!! I do have another question though. I already set up a military deposit for my previous AD and am going to make an adjustment to continue crediting my current ADSW.
Question I have though is how does the current Blended Retirement System figure in to all this? The only changes to your military pension are the different multiplier 2.
You still earn the same number of days of active duty for your ADSW, and your military service credit deposit amount is still based on those days. Am I confused? You seem to imply that you cannot receive a military and a civil service pension? Now, I know for a fact that you can receive a military pension and a civil service paycheck because I have many friends currently doing so. I always assumed that they would receive both pensions as well.
Is that not true? Keep in mind that these are active duty retirees had to start from scratch in the civil service after they retired from active duty. The post is about the sizes of those pensions and how a military pension is affected by taking the FERS military service credit deposit. The military service credit deposit is a bad deal for active-duty military retirees although they should still take the adjustment to their federal Service Computation Date.
Instead, active-duty military retirees should choose to continue to receive their active-duty pension and should not buy into the military service credit deposit. The result is that their FERS pension is based only upon their years of federal civil service. Review bullet 2 in the post. Review bullet 3 above. Military or civil service, historically the most attractive features of both systems has been the automatic COLA or yearly inflation adjustments. One can argue the govt, and Fed is still using outdated or ineffective CPI measures, that still stress finished goods and commodities over services.
Many feel that like Japan of the last 30 years, the developed West may be in a prolonged period of dis-inflation, or deflation. Where almost a decade of zero interest rate policy, negative bond yields, falling productivity spell an extended period of stagnation. And if it is true there is a mismatch or at least mis-measurement of true inflation, then the value of the traditional military, civil service pension erodes year after year, and over 4 to 5 decades of a military retirement, the actual value or income security year over year is greatly diminished.
And if that is the case the only real alternative in retirement security is to save more, lots more. Which brings another issue, how does one make money in a negative interest rate, yield environment, where the individual retiree or saver goes further out on the risk curve.
Those economic periods usually end very badly. Interesting times indeed. A reader asks: I served 14 years of active duty and six years in the National Guard. Related posts:. Under FERS, eligibility for an immediate, unreduced, optional retirement means you are at least your MRA with 30 or more years of creditable civilian service, age 60 with 20 or more years of service, or age 62 with at least five years of service.
If you leave your Government job before becoming eligible for retirement: you can ask that your retirement contributions be returned to you in a lump sum payment, or. Federal employees who leave federal service have the option to withdraw their retirement contributions or wait until retirement age to apply for a retirement annuity, typically at age 60 or 62 depending on years of service.
How can I find out the balance of my retirement account? If you are a current employee, you should contact your human resources office.
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