Browsing: FERS

Q. If someone in FERS elected to retire on Jan. 5, 2019, and they changed the last TSP contribution to the anticipated employer match maximum, will the employer match to the max for the calendar year, or just to a 12th of that amount? Though the first retirement check would come late (March), there would be a tax deferred federal contribution in the TSP account of some size in the new calendar/tax year. With the open season falling in the mid-Nov to mid-Dec time frame, is there potential to get a kicker/bonus on that last federal paycheck?

Q. I once was an employee with the federal government and was under the FERS retirement plan. I made contributions, which I withdrew upon being terminated. Am I entitled to the matching funds and interest accrued on the account during my 23 years of federal service? 

Q. I’m eligible to retire March 2018. I will have FERS, 35-plus years and I’m age 56. Also, I will have an outstanding TSP loan (two years to pay it off). Would I have to pay it off or will it be a write-off with a penalty tax?

Q. I am a FERS employee and plan to retire next year when I turn 58 (with 33 years of service). I have a healthy TSP balance (approximately $1 million). I am married, and my husband will be in the workforce for at least eight more years. Upon retirement, I may withdraw 100 percent of the TSP funds and pay tax on it all next year. I would like to use the balance to pay off a mortgage on two rental homes I own with my husband ($330,000) and put aside another $100,000 in liquid cash for education for my…

Q. I joined federal service in July 1985, at which time I was placed under FERS. Between July 1985 and January 1987, the official start-up date of FERS, I was not able to contribute to the TSP.  Since January 1987 I have contributed the maximum 10 percent to TSP.  As I get closer to retirement I’m curious if the government recognizes the lost opportunity of not being able to make TSP contributions between July 1985 and January 1987. Is there any way to make-up for lost TSP contributions and lost government matching?

Q. I am a full-time federal technician in the Air National Guard. I am 54 years old with 33-plus years of military time and 27-plus years as a federal technician (under FERS). I have recently been involuntarily separated from the Air National Guard. This means I am losing both my full-time technician position as well as my part-time military position. I understand that I will be able to draw my FERS retirement (based on my total federal time) along with the Federal Retirement Supplement. Based on my involuntary separation, am I able to start drawing from my TSP without penalty?

Q. How many years must one work to be entitled to matching funds for retirement? I am a FERS employee with 11 years of service at the Department of Veterans Affairs. I’ve been told one has to have a minimum of 20 years of service to receive matching funds from your TSP. Is this true?

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