Over the last several weeks, there have been thousands of federal employees who have received notice that they are or will be involuntarily separated from federal service. Those employees who have 20 or more years of creditable federal service may be eligible for a discontinued service retirement (DSR). A discontinued service retirement means that an employee is eligible to retire and be able to immediately start collecting their CSRS or FERS annuity. Ed Zurndorfer discusses the DSR option and rules for CSRS and FERS employees more…
CSRS (Civil Service Retirement System)
Taxation of Lump-Sum Payment of Refunded CSRS or FERS Contributions
Federal employees who leave federal service before they are eligible to retire can apply for a refund of their CSRS or FERS retirement contributions. Ed Zurndorfer discusses the federal income tax consequences of the lump-sum distribution of CSRS and FERS retirement contributions. more…
Update on Implementation of Social Security Fairness Act
Ed Zurndorfer outlines the latest information issued by the Social Security Administration regarding implementation of the new law repealing the WEP and GPO. Includes impact on a beneficiary’s payments and the agency’s challenges in implementation more…
How Will The Social Security Fairness Act Affect Federal Employees & Retirees?
While currently the Social Security Administration is evaluating how to implement the new law repealing Social Security’s Windfall Elimination Provision and the Government Pension Offset, here’s what federal employees, retirees and spouses should know (and do) now. Includes online tool to estimate how much of their Social Security benefits have been — or would be reduced — due to the WEP and GPO more…
Bill to Repeal Social Security’s WEP, GPO Signed Into Law
Bipartisan legislation repealing the WEP and GPO was signed into law yesterday. The Social Security Administration says it is evaluating how to implement the law. The WEP and GPO provisions reduced or eliminated Social Security benefits for those who are covered by a government (federal, state or local)-sponsored guaranteed pension plan, such as federal employees who are covered by the Civil Service Retirement System (CSRS). more…
Considerations for Lump Sum Annual Leave Payment When Retiring at End of Year
Many federal employees retire at the end of December or early January before the start of a new leave year in order to maximize their lump-sum payment for unused annual leave hours. Ed Zurndorfer presents a comparison of two retirement dates for an employee retiring at the end of leave year more…
Advantages for Federal Employees to Work in the Private Sector After Retiring
Ed Zurndorfer examines some of the advantages for those federal employees who choose to work in the private sector after retirement from federal service more…
Options for Federal Employees Who Leave Federal Service Before Eligible for Retirement
Ed Zurndorfer discusses the options for CSRS- covered and FERS -covered employees who leave federal service before becoming eligible for any type of retirement, including requesting a refund of retirement contributions and rolling over rollover the refund payment to an IRA a qualified employer-sponsored retirement plan more…
How to Avoid the Biggest Mistakes in Making Beneficiary Designations
A complete and comprehensive estate plan includes properly filled out beneficiary designation forms. Ed Zurndorfer discusses what federal employees need to consider in avoiding the 10 biggest mistakes in making their beneficiary designations more…
How to Deal With OPM’s Delay in Retirement Application Processing
Delays in receiving your first full FERS or CSRS annuity check can be 3-10 months. Ed Zurndorfer, provides a checklist of how to expedite your retirement application — plus practical tips on how soon-to-retire employees should prepare for a possible cash flow problem during the early months of retirement more…