Browsing: CSRS

Q. If I retire under CSRS at 55 years old and 34 years of service, when will I be eligible to get an annuity from my TSP? Will I have to wait until I am 59 or can I start drawing it upon retirement? A. You will be free to buy an annuity or withdraw funds without penalty immediately after you retire.

Q. My wife is looking to retire and back in the late 70’s and early 80’s she worked under CSRS for about 21 months. Her Veterans Affairs retirement adviser said she could buy back these months. She worked for a private hospital and had a “matching” IRA set up in the early 90’s. Can she use this IRA money to buy back the CSRS time? She never added any money to this IRA after she left the hospital and the amount has slowly grown over the years to about $14,000. A. She can only use it for the re-deposit after…

Q. My wife retires in January from federal service. She had CSRS Offset. She is receiving her annuity, but did she contribute to FERS while in CSRS offset? And if she did, does she now have stocks in FERS that she can move into her mutual fund? A. She did not contribute to FERS if she was not covered by FERS. If you’re asking if she contributed to the Thrift Savings Plan, that’s a question she will have to answer. If she did, then she has money that is hers to do with as she pleases, within the rules.

Q. Hello, I’m a CSRS Special Agent that is planning to retire on Jan. 2, 2015. I also have been contributing to the Thrift Savings Plan. During a retirement seminar we were told that as law enforcement officers, we are allowed a one-time-only withdrawal from our 401(k), as long as we are 50 and older. We were also told that we are subject to income tax; however, we are exempt from the 10 percent early withdrawal penalty. Is this correct? Please advise.

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