Browsing: FERS

Q. I am 56 with 32.5 years of FERS service and am getting ready to go home to the family ranch. I have about $550,000 in the TSP and most in the granny G fund. I want to basically draw the earnings after I hang it up. So, if I want to draw, say, $1,400 a month, can I do that, and am I able to adjust the draw, say, once a year?

Q. When I retire on December 31, 2018, I will have over 400 hours of combined compensatory time and annual leave. If I cash this in at retirement, I understand it may not be paid out until 1-2 months after retirement. As a result, will it be considered earned income for 2019 that will result in a reduction in my FERS annuity supplement for 2019?

Q. Can I separate the federal service at 45 years of age (firefighter) with 20 years of creditable service (+4 years military by back) totaling 24 years of service. Then later apply to draw my FERS firefighter retirement of 38 percent when I reach the eligible firefighter retirement age of 50? Would I still receive my Social Security supplement and Thrift Savings Plan benefits without penalties?

Q. I am a federal air technician with the Air National Guard. I have been a federal full-time technician since June 10, 1991. I bought back my Air Force active duty time from 10 Dec 86 – 9 Mar 91. I am in FERS and have a minimum retirement age of 56 years and 2 months. I will be 53 next year. It has been communicated to me that I will probably not be retained next year, meaning that May 13, 2019, I will be involuntarily retired, thus losing my full (technician) and part-time (traditional Guard) employment. I will be four months shy…

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…

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