TOP QUESTIONS PEOPLE ASK ABOUT RETIREMENT

• When can I ask for a retirement printout showing my estimated annuity payment?
  You can only ask for this when you are within 3 years of retirement.

• When should I contact the Shared Service Center to start the paperwork process?
  Three months prior to the date you wish to retire

• What date do I need to retire by?
  • FERS
    by the last day of the month
  • CSRS
    by the 3^rd day of the month

  This date must be the last day in pay status.

• At what age can I retire?
  • FERS
    Age 62 with 5 years
    Age 60 with 20 years
    MRA with 30 years
    MRA with 10 years (reduction of 5% for each year under age 62)

  • CSRS
    Age 62 with 5 years
    Age 60 with 20 years
    Age 55 with 30 years
    

• What happens if I do not make a deposit for my casual time?
  • FERS
    You do not get credit for that time at all unless deposit is made.

  • CSRS
    Pre 10/01/82 time - you already have credit toward retirement, but if you do buy the time back, your pension will be reduced by 10% of the unpaid deposit (plus interest)
    Post 10/01/82 time - the time counts toward meeting minimum length of service for retirement purposes, but no credit for that time period will be allowed in computation of annuity.

• What happens if I do not make a deposit for my military service?
  • FERS
    You do not get credit for that time at all unless a deposit is made.

  • CSRS
    You get credit up front toward retirement, but at age 62, if you have your 40 credits for social security, you will lose off your pension 2% for each year served in the military. If you were hired after 10/01/82, you do not get credit for those years unless deposit is made.

• Do I have to leave a survivor annuity to my spouse?
  Yes, if if you carry a family health plan and your spouse needs to stay on your health insurance if you die first. Your spouse would need to sign a consent form if you are not leaving him/her a survivor annuity or are leaving a partial survivor annuity.

• Can I carry any of my life insurance into retirement?
  Yes, as long as you have had it for 5 years prior to retirement.

• Does my health insurance pilicy remain the same?
  Yes, you can carry your health insurance into retirement as long as you have been covered under any federal healt plan for the 5 years before you retire.

• Do I have to sign up for direct deposit?
  No, you can choose to have an actual check mailed to you.

  AFTER RETIREMENT

• When do I get my first pension check?
  Approximately 6 weeks after your retirement date.

• Will pension checks be pair monthly?
  Yes, you will receive a check (or deposit) on the first of the month for the previous month. The first three months will be "interim" payments while OPM finishes processing your application. After that you will receive regular pension check with all deductions taken out.
• When will my annual leave be paid?
  Either in your last postal check of the pay period following.

• What is deducted from my retirement checks?
  Deductions for health insurance, life insurance and federal tax will be taken out of your check.

• How much of my retirement benefit is taxable?
  Go to the website www.opm.gov, and they have calculators to figure out your tax-free portions of your annuity and also figure the amount of your monthly federal income tax withholding.

• What information will I get when OPM finishes processing my application?
  You will receive a personalized "Retirement Booklet", with information regarding your monthly payment, CSA # (Civil Service Annuity Number), health and life insurance coverage, spouse's monthly survivor annuity (if applicable) and federal tases.

• How do I get my Thrift Savings after I retire?
  TSP will contact you by mail approximately 4-6 weeks after you retire. After you get their letter, you can fill out the TSP-70 (Request for Withdrawal form) and mail it to them directly with your choice.

• What are my options for TSP withdrawal?
  • Full Withdrawal
  • Monthly Payments
  • Roll0over to IRA
  • Have them purchase an annuity for you
  • Let sit (do not need to withdraw until age 701/2)

• Can I change my health benefit coverage after I retire?
  Yes, after you retire you still have the opportunity to change enrollment from one plan to another during an annual Open Season, usually November-December. You cannot change to another plan simply because you retired.

• Can I change my life insurance coverage after I retire?
  Yes, you can cancel or decrease you life insurance at any time. You cannot increase you coverage.