Therefore, it is prudent to be aware of the marital portion of any unused sick leave if you are valuing a federal pension for offset purposes. Unlike many private-sector pension plans, federal employees are permitted to make contributions to their pensions. Under CSRS, employees may make voluntary contributions to the plan to increase their final annuity amount, subject to the limits stated above.
Federal employees covered under FERS are not permitted to make voluntary contributions; however, most employees contribute 0. Upon separating from service, federal employees may elect to receive a refund of their employee contributions instead of receiving an annuity, if eligible.
Although, most annuity-eligible employees do not select this option because the value of their contributions are minimal compared to the value of their full self-only, gross, or net annuity. However, if an employee elects to receive a refund of their employee contributions, the contributions may be divisible or expressly barred from division by a COAP.
There are several requirements that a court order must meet to be a valid COAP. Second, the order must direct the OPM to pay the former spouse a portion of an employee annuity or refund of employee contributions. These instructions can be accomplished by:. However, OPM strongly recommends that any court order directed at employee annuity or refund of employee contributions expressly direct OPM to pay the former spouse directly.
Third, the order must provide sufficient instructions and information that OPM can compute the amount of the former spouse's monthly benefit using only the express language of the court order. To provide sufficient instructions and information for OPM to compute the amount of the former spouse's share of the employee annuity or refund of employee contributions, the court order must state the former spouse's share as:.
Once a judicial officer has signed the court order, the former spouse must submit a written application for benefits to OPM. The application can be submitted personally or through a representative, and no special form is required. Open Season. Mike Causey. Tom Temin. Accelerating Government. Ask the CIO Podcasts. Business of Government Hour. Every Side of Cyber. Federal Drive. Federal Executive Forum. Federal Newscast. Federal Tech Talk. For Your Benefit. Innovation in Government.
Modern Government. On DoD Podcasts. Platform for the Mission. Search for Accountability. Security Clearance Insecurity. The Space Hour. Your Turn. More Audio Shows. If you are still working, it may not make sense to begin TSP withdrawals. There is not as much planning involved and not as much risk, since retirement benefits are based on a set formula rather than on the performance of your investments.
Social Security provides benefits for dependent spouses and children of retirees while they are living. The employee and his or her family could receive total benefits equal to percent of the individual worker's benefit. CSRS only pays benefits to family members after the retired employee dies.
If the retiree dies without leaving a survivor annuity, there may still be money left in the TSP for the survivors. If someone doesn't work in government for 30 years, his or her Social Security and TSP can continue to grow in a private sector career. FERS is more flexible for employees who come into government late in their careers or leave federal service early. FERS does not have an age penalty on voluntary early retirement or discontinued service retirement which occurs at age 50 with 20 years or any age with 25 years.
FERS has a retirement option available for employees who have reached the FERS minimum retirement age with at least 10 years of service. FERS employees have more control over their retirement.
Their TSP funds can remain invested after retirement. Social Security benefits are available at age 62 or later. If you choose to postpone receiving those benefits, they are paid at a higher rate for the rest of your life. Resources Thrift Savings Plan Web site : Offers calculators and publications that can help in planning your retirement savings.
Social Security Administration : Offers publications and calculators that can help in understanding you and your family's Social Security benefits. Checklist Human Resources: Be sure that your official personnel records clearly document your entire federal career. Request estimates of your federal benefits and ask questions if there are areas you don't understand.
Pre-Retirement Seminar: Such sessions can help you understand how TSP investments work and how to take advantage of various investment choices. News Sources: Stay informed about Social Security and monitor changes to the program. At Home: Consider a second career instead of one long career. If you are eligible to begin collecting retirement, take advantage of the opportunity if you can also go back to work earning a similar salary or if you have an opportunity to do other work that is rewarding to you.
At Work: Promote healthy retirement for the next generation. Help younger employees and your children understand that retirement planning is a lifelong process. She has spent 25 years helping federal employees take charge of their retirement by understanding their benefits.
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