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Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


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steve2okc  
#1 Posted : Thursday, June 28, 2007 1:18:32 AM(UTC)

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With the DHS funding bills in Congress there is a provision to make all CBP officers law enforcement. OPM figures only 9000 people will opt for it, those that are under 40 years of age and can get 20 years of LEO. Those over will not select law enfocement. My question is maybe more people will select this option if they know that their AUO will be figured in the high 3. So for me age 53 if I opt for LEO will my AUO count in my high 3 if I only get 3 years of LEO and retire in 2010 with 33 years at the basic 1% FERS retirement.
steve2okc  
#2 Posted : Sunday, July 1, 2007 11:31:15 PM(UTC)

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anyone have an answer
davlor22  
#3 Posted : Thursday, December 6, 2007 12:10:00 PM(UTC)

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Joined: 1/9/2006(UTC)
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I'm in a leo retirement secondary position and will have 20 years with my agency at age 46. I came up through the ranks as a prinmary with no breaks in service. My question is once I have reached my 20 years or age 50 is it possible to get into another field outside the leo enviornment and still maintain the leo retirement. I am in the Fers plan and would like some more info please!
govtman  
#4 Posted : Thursday, December 6, 2007 6:59:48 PM(UTC)

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Posts: 361

Yes, you can "leave" the LEO position after making absolutely sure that you've attained 20 years in a covered 6c position. You can then go into any other non-1811 federal career field that will have you and continue working until you're satisfied. The only drawback is that you won't receive your LEO retirement until you officially retire-retire and any years above your LEO years will only be counted at one percent vice 1.7 percent. If you're in a good location where federal contractors are a dime-a- dozen, then you may want to think it over and getcha one of those positions. In DC, contractors salivate when they see you walk through the door as you're a cash-cow for them. Seriously. If you have a security clearance then you're in like Flint.

NBF
tap161  
#5 Posted : Thursday, December 13, 2007 4:33:38 AM(UTC)

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I am under FERS. I will be 43 with twenty years of leo 6c. What if I leave the government and get a job in the private sector? Would I be able to have a 6c retirement at 50 years old, receive an annuity from my TSP, and immediately beging receiving retirement?

If that doesn't work, what if I worked in the private sector until I was 49 and then got a government job for one year. Could I retire from that government job under 6c? (I would be 50 with 20 years of leo and a federal job).
govtman  
#6 Posted : Thursday, December 13, 2007 7:58:22 AM(UTC)

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tap, I hope some of these scenarios will help you:

Scenario 1

Question: As a law enforcement officer under special provisions retirement, if I leave government service at age 46 with at least 20 years of 6c service, but have not reached age 50, can I still collect my pension at age 50 without penalty or reduction?

Answer: As a law enforcement officer with 20 years of 6c service, if you leave the service before reaching the right age for an immediate retirement, you may apply for a deferred annuity at your minimum retirement age. Your annuity will be calculated using the higher formula, and you will be eligible to receive cost-of living adjustments (COLAs) without waiting until age 62.

Scenario 2

Question: I am covered under FERS under law enforcement retirement. At age 47, I will have 20 years of service. If I choose to retire at that time, how will my retirement benefits be structured? When will I receive my benefits?

Answer: Although you will have 20 years of covered
service under FERS as a law enforcement officer, you won't be eligible to retire until you reach age 50. Only those LEOs with 25 years of covered service can retire at any age.

Scenario 3

Question: I am a CSRS-covered law enforcement agent with 27 years of federal service, but only 18 years in law enforcement. Would there be any way I might be able to retire when I complete 20 years of law enforcement without a penalty? Would my annuity begin at 50 or later? By how much would the annuity be reduced?

Answer: By law, as a law enforcement officer with at least 20 years of covered service, you would be able to retire as early as age 50. Your annuity would begin immediately, and there would be no age reduction because you were under age 55 when you retired.

Scenario 4

Question: My question relates to federal law
enforcement retirement. If I retire before 57 with 25 years of service, will I be penalized for early
withdrawal from my TSP?

Answer: You always have the ability to avoid the early withdrawal penalty by meeting one of the exceptions to the rule, which include taking payments as a life annuity or a series of Substantially Equal Periodic Payments. If you separate from federal service during or after the year in which you reach age 55, your TSP withdrawals will be exempt from the early withdrawal penalty. See http://www.tsp.gov/forms/octax92-32.pdf for more details.
tap161  
#7 Posted : Sunday, December 16, 2007 12:15:17 PM(UTC)

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Joined: 12/13/2007(UTC)
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Thanks for your answer. I see that 1 and 2 apply to me, but they don't really answer my question. If I have twenty years of 6c at 44 years old, can I leave the government, work in the private sector until I am fifty, and then retire at that time (i.e. recieve 34% of my high three, my social security gap, and the annuity from my TSP)? Thanks again. I appreciate your response.
jimaok  
#8 Posted : Wednesday, January 16, 2008 12:13:27 AM(UTC)

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Joined: 3/29/2004(UTC)
Posts: 41

As a LEO under CRS reaching mandatory retirement age this year (November). My question is, I turn 57 on November 9, 2008. Can I continue to work until the end of the month?(November) or do I have to go on my birthday?

Thanks
ncsolutions  
#9 Posted : Wednesday, January 16, 2008 2:49:31 AM(UTC)

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Joined: 2/6/2003(UTC)
Posts: 391

Yes, you can continue until the end of the month. Since you have 20 years LEO service, your mandatory separation date is the last day of the month in which you become 57, unless you request an exception and it's approved by the head of your agency.
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