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• 35324
  

  I am trying to understand the effect of leaving federal service after five years. What effect will each year after five years have on my pension (if any) and other benefits? I understand that I won't have the option to continue my federal health insurance coverage unless I work at least ten years. Or am I wrong about that?

  Sally Benjamin Posted October 18, 2007 2:02 PM
• 34944
  

  The question you recently answered using my name on line is not the question/scenario I sent. I came into the govt with 40 SS credits from the private sector. Subsequently, I have 18 years of govt service under FERS. Does the windfall profit tax apply to me and, if so, how does it apply?

  joanne dusseau Posted October 15, 2007 1:08 PM
• 34586
  

  I have recently retired. I worked 16 years under CSRS then transferred to FERS in 1998, for a total of 26 years as a fed worker.Since I have reached age 62 and have earned 40 credits, I will begin to receive SS. I am told I will be effected by the WEP.To make matters more confusing I am the first person employeed under both systems that my local SS dept. has delt with. You mentioned a windfall "offset" dated 9-17-07 in your column adressing a question from Joann- is this the same as WEP? Will my SS be effected? Thank You

  Carol Frongetta Posted October 6, 2007 3:37 PM
• 33522
  

  For CSRS retirees with minimum of 40 earned Social Security quarters I understand the Windfall offset is approximately 2/3 of your earned social security benefits. For example, if your SS benefit statement received yearly states $900 benefit, you can expect to have it reduced to $300. This reduction decreases with added SS quarters earned post federal retirement. Is this correct?

  Brian Posted September 21, 2007 8:06 AM
• 33494
  

  I totally agree with the two comments about giving some examples of AVERAGE WAGE middle-class FERS employees. NOT all of us baby-boomers eligible for retirement are CSRS. Many are FERS or FERS and CSRS. Must everything in government, including retirement advice, be slanted in favor of SES and high-grade GSers?

  fedworker Posted September 20, 2007 3:23 PM
• 33393
  

  I am a CSRS employee who will be eligible to retire in 2009. I have been planning to retire from federal service and and get a private sector job, just as in your first scenario. However, I am confused by your references to Social Security benefits for a CSRS retired employee. I thought that even if you have enough quarters, a CSRS employee's Social Security benefits are generally wiped out by the Windfall Elimination Provision. Correct or not?

  Denise Posted September 19, 2007 3:13 PM
• 33339
  

  I am thinking of retiring, but am a bit confused as to what my retirement would be. I have 23 years of service, so I am under FERS. Based on my birth year, I am eligible for retirement when I reach 60. I am currently 58, so in two more years I will have 25 years. Will I receive a pension plus TSP distribution?

  Maria E. Traynham Posted September 18, 2007 4:17 PM
• 33186
  

  Joanne:

  With 5 years of service in FERS, NO Windfall Offset applies to you.

  The whole purpose of FERS was that it worked together WITH Social Security.

  Whoever told you that is either very misinformed or is trying to get you stirred up.

  henry Posted September 17, 2007 12:31 PM
• 33010
  

  I spent over 30 years working for the govt and never did have an office with a door and window! Again, this really is slanted toward SES and HIGH grade levels.

  djp Posted September 14, 2007 6:56 PM
• 32999
  

  I wish you would really do examples of those who don't make 90-80,000. Why not do an average person who's income is closer to the national average? These are the average people who would like to retire but due to salary not keeping up with inflation.

  Denise Taylor Posted September 14, 2007 3:11 PM
• 32995
  

  I have maximum SS credits (40) from working in the private sector and 18 years of a pension benefit (FERS) from working at the government. I am told I will have a windfall profit tax. Do you from which source and for how much? SS could not not tell me.

  joanne dusseau Posted September 14, 2007 1:42 PM
• 32988
  

  I have worked through this issue and decided to continue working. The employment opertunities did not exist for me so I continued to work and became the old crusty guy in the group which had its own rewards. This continued employment afforded the wife and I to take expedition type vations to Bolivia, Galapagos, Fiji, Vanuatu, New Caledonia, Australia Iceland and a week of whale watching off Baja California Sur. I'm now 62 and next May the TSP will be fully funded for 08 and my time in service will be at 41 years 11 months. Bottom line, your decision will be based on what you value most.

  Ed Chappelle Posted September 14, 2007 12:38 PM
• 32985
  

  I have noticed that most of the retirement examples you use come from the higher bracketed SES. Especially on this issue of whether to keep working for the government or private industry, I'd like to see examples for some of us who are in the lower income brackets. We're the ones who really need the help on making that decision. If I made $90K a year, I'd be out of here in a trice, but at less than half that, it's a really hard decision. I have my 40 SS quarters in, I have an IRA, I have thrift savings, and currently, since I've met my full retirement age for Social Security, I can collect my full SS benefits with no cap on my income. (Those I'm putting away to max out my IRA, etc) If I could keep that coming in, I'd have no problems. However, as you know, as soon as I leave government and start collecting my government pension (about 60% of my current salary), my SS will be cut drastically at a time when I and other CSRS employees need it the most. I'm single and have only myself to count on for a living, so I feel caught between a rock and a hard place. I know a lot of people in my position. Could you please speak to our situations?

  Louise Power Posted September 14, 2007 12:11 PM
• 32981
  

  I forwaraded this information to co-workers close to retirement eligibility, all are CSRS. A question they have is how would all this work out based on an annual income of $40,000. Your examples are always great but these two apply to high-end paid positions and we definitely don't fall in that catagory. We are all full-time GS-05 with no advancement beyond the top step, basically we work under a "glass ceiling". Could you please explain by example a scenerio based on our income level?

  Bonnie Joyner Posted September 14, 2007 11:56 AM
• 32963
  

  Since most CSRS employees with 30 years of service would have very few Social Security credits, was the Windfall Elimination Provision taken into account when computing the CSRS examples?

  Julia Posted September 14, 2007 8:51 AM
• 32955
  

  The FERS Angle: I don't understand the part about retiring and getting another job because we were told in a retirement seminar that you can retire and get another job but you can't make more than $12,000 a year or you will loose the social security bridge payment that goes with the FERS retirement plan. What happens with the social security bridge payment then? The $12,000 from another job is not worth it. I would like to take the early retirement and get another job otherwise I have four years to go before I have 30 years of service. I would like to take the early retire get another job if possible. Could you please explain this further? Thanks.

  Margree Morrison Posted September 14, 2007 8:16 AM
• 32954
  

  Tammy, isn't there an offset of a portion David's SS retirement?

  John Broderick Posted September 14, 2007 8:12 AM
• 32945
  

  I believe you made a mistake. Under FERS the social security supplement is reduced if the retiree earns above a threshold amount. This has to been taken into account when calculating the benefit of working after retirement.

  Michael pea Posted September 14, 2007 2:36 AM