Consider the following if your retirement plans are less than one year away.
- Is there any way that I could be indebted to my employer?
- If you have outstanding travel advances.
- Overpayment of salary that has not been resolved.
- Indebtedness for failure to return government property or for damage to government property.
- Advanced leave.
- Also Read: New TSP Withdrawal Rules and What They Mean for Your Federal Retirement Plans
- Also Read: TSP Investment Moves That Could Help Federal Employees Retire on Their Own Terms
- Also Read: Early Retirement Myths Federal Employees Need to Stop Believing
When and how do I waive my military retired pay?
If you would like to waive your military retired pay to receive credit for military service in the computation of your benefit, you can write to the Retired Pay Operations Center at least 60 days before your planned retirement. Send your waiver to:
Defense Finance and Accounting Service
U.S. Military Retirement Pay
P.O. Box 7130
London, KY 40742-7130 or you can “fax” your request to (888) 469-6559
What Is The Maximum Federal Retirement Benefit I Can Receive?
The basic civil service retirement annuity cannot exceed 80% of your high-3 average salary, excluding your unused sick leave. The 80% limitation is typically reached when you have 41 years and 11 months of service, not including accumulated sick leave.
Law Enforcement Officer (LEOs) Retirement Annuities
Law Enforcement Officers (LEOs) may under special computation provisions receive the 80% limit with fewer years of service.
Service beyond the years which provides the maximum benefit will not be used to compute your Law Enforment Officer annuity. The retirement contributions you made during those years will be automatically refunded to you with interest at the rate of three percent per year, compounded annually. You have the option of using the refund to purchase additional annuities as if the contributions and interest are voluntary contributions.
However, if you have federal civilian employment periods when you did not contribute to either or FERS, excess contributions are automatically applied toward any deposit due for those employment periods.
How do I find out if I am eligible for Medicare coverage?
It is recommended that you contact the Social Security Administration at least three months before you reach your 65th birthday to apply for Medicare Benefits. The Social Security Administration will have the records pertaining to your eligibility for Medicare coverage. If there is a problem locating your records either you or your employer can obtain a statement of your earnings by writing to:
General Services Administration
National Personnel Records Center
Civilian Personnel Records
111 Winnebago Street
St. Louis, Missouri 63118
Your request should include:
- Your name as shown on your payroll records;
- Your date of birth;
- Your Social Security Number;
- Your complete mailing address;
- The years for which earnings are needed;
- The name and location of employer for each year;
- State clearly the reason for the request;
- Affix your written signature; and,
- Write a statement declaring that all other sources of information have been exhausted.
- When should I choose my exact retirement date?
If you have not already done so, start thinking about choosing your exact retirement date. Your benefit can be estimated based on the exact date you choose. Remember OPM cannot give you the best estimate until you have actually applied for retirement.
- When should I complete my application?
You should carefully read all of the information in the application package and submit the forms. You do not need to submit a resignation letter. Your completed and signed application is equivalent to a resignation. However, if you are eligible for benefits, you should not resign with the intent of retiring at some later date. If you were to expire after separation but before filing your retirement application no life insurance, no survivor benefit and no survivor health insurance coverage would be available to your survivors. All other exit procedures required by the agency should be followed and completed.
- Should I check on my military service deposit?
Your human capital office will verify with your payroll office that the deposit to give you credit in your annuity for military service you performed after 1956 has been paid, or that arrangements have been made for complete payment before you leave the agency’s rolls.
- Should I sign up now to receive my retirement payments by direct deposit?
If your retirement records are electronically transmitted by your employer via the Data Exchange Gateway (DEG), the account information for direct deposit will be sent automatically. If this is not the case, then you must submit with your retirement package, a request to receive payments by direct deposit. A letter can be submitted or SF 1199A with the application. SF 1199A can be obtained from your financial institution.
Direct deposit is generally not available to persons with a permanent address outside of the United States, except for Canada. Persons with permanent addresses outside the United States may request direct deposit to a financial institution in the United States.
P. S. Always Remember to Share What You Know.
TSP ARTICLES
Thrift Savings Plan (TSP) Withdrawal Options
For Postal Employees – LiteBlue and the TSP
Federal and Postal Employees – Choosing a Financial Professional
Is All ‘Your’ TSP Money Actually Yours?
Federal Retirement Benefit Analysis
