Page 1 of 2 12 LastLast
Results 1 to 12 of 17

Thread: I'm retiring

  1. #1

    Default I'm retiring

    I started the retirement paper work.

    They sent me form 3107-1 "Certified Summary of Federal Service".

    My "service computation date for retirement purposes" block 7 is 12/31/1984 (which is correct). I have only worked for one agency since.

    "Section B - Verified Service History Documented in Official Personnel Records" has 2 line entries.
    12/31/1984 to 12/31/1986 CSRS Offset
    01/01/1987 to 08/31/2016 FERS

    I'm surprised by this "CSRS Offset". I was told I was always in FERS.

    Then in the "FERS Benefit Estimate Report" it lists "FERS Service Credit" as 31 years and 8 months which is the 1984-2016 period.


    "CSRS Offset" is never listed again. Does anyone understand what is going on? Is there any value to this "CSRS Offset"?

    Thank you


  2.  
  3. #2

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    76,383

    Default Re: I'm retiring

    It's not fun, but in the end you will be like me, Handsome, happy, free and can do what I want to do! Step by step, I did it in 2010 and can't and don't want to remember all of the crap I had to do. ENJOY!!



  4.  
  5. #3

    Default Re: I'm retiring

    Quote Originally Posted by McDuck View Post
    "CSRS Offset" is never listed again. Does anyone understand what is going on? Is there any value to this "CSRS Offset"?
    Understanding CSRS Offset - Retirement Planning - Pay & Benefits - GovExec.com
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.

  6.  
  7. #4

    Default Re: I'm retiring

    Congrats McDuck!! I will be retired one year on 8/31 and it has been absolutely freeing. I retired under FERS, so I can't offer any help with CSRS Offset....it was easy processing the papers for me with OPM, minimal wait time for my full check to arrive.... maybe 2 months. I must have timed it right during a slow period. Enjoy your freedom!

  8.  
  9. #5

    Join Date
    Jan 2006
    Location
    Phoenix, AZ
    Posts
    3,024

    Default Re: I'm retiring

    Congrats!!!Nothing nicer than retirement McD!! Best wishes to you!!

    FS
    FogSailing
    Try to learn something about everything and everything about something.

  10.  
  11. #6

    Join Date
    Feb 2012
    Location
    Arkansas
    Posts
    3,277

    Default Re: I'm retiring

    Congrats on retirement. Nothing like it.

  12.  
  13. #7

    Join Date
    Jul 2016
    Location
    Texas
    Posts
    2,274

    Default Re: I'm retiring

    Congratulations McDuck!! Since it was only 2 years where you paid into CSRS vs SS, there shouldn't be much of a difference so you can probably calculated it as you would if it were all FERS. Your pension and social security may be slightly different but technically they should offset each other, or you may come out a little ahead. I think offset rules may impact early retirement but all my employment was FERS. Does you agency provide an actual $$ estimate? Mine provided calculated pension amount and supplement at MRA, which was pretty close to my own calculations.

  14.  
  15. #8

    Join Date
    Dec 2007
    Location
    inland Northwest
    Posts
    4,124

    Default Re: I'm retiring

    From what I understand, us who started in the pre-1987 years, had to have worked 5 years CSRS prior to 1984, to actually be eligible for CSRS-offset. We're the ones in the twilight zone. I started in 1986. They had me sign a paper in late 1987 that said I voluntarily chose FERS over CSRS, but at the same time, I was told I never really had a choice because I didn't have 5 years in prior to 1984.

    Agency retirement calculator program where I can run various retirement scenarios to help me pick one, says I have 1 month of CSRS-offset from 1986, but I worked more time than that, that year. I'm still scratching my head over that one. It wasn't an official calc, but the unofficial agency retirement calculator program has all of my service time and dates in it correctly, input by HR.

    I also bought back a few months of seasonal/temporary employment time from pre-1984 also, years ago on advice of HR retirement specialist, to expedite my retirement-eligibility date under FERS. All my time done in the same agency, different blocks of time. I'll blle curious to see if the "one month" of CSRS-offset actually becomes official when I finally submit papers for real. somehow I don't think it will. not many HR people around from back then and it was a chaotic time, that transition, I don't think HR people back then really understood how to handle the transition recordswise.

    I was almost terminated officially as if I was a temporary employee in late 1986 who was resigning to go back to school, even tho I was a 1st-year career-conditional at that point, on-off in school. fortunately one personnelist spotte the error and fixed it before it was too late. I was clueless at that point about the implications of the paper I signed that said I was resigning from a temporary position until someone explained the error to me and to my supervisor.

    There was a big settlement a number of years ago, when they figured out a lot of people had been erroneously put into wrong retirement system in the system records. those people got to circle back and decide, as if for the first time, which system they wanted to be in for retirement purposes. Supposedly all those people were notified of the error and their situations cleaned up already. I wasn't one of the ones notified so pretty sure I'm not really CSRS-offset, not even one month's worth.

  16.  
  17. #9

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
    Posts
    12,148

    Default Re: I'm retiring

    McDuck,

    Congratulations on your retirement. Enjoy.
    May the force be with us.


  18.  
  19. #10

    Default Re: I'm retiring

    Well good luck McDuck..

    Can't help with the CSRS offset/..I am total CSRS..But If you're young enough and like to stay active..get a retirement job you like and double your income from when you were working Full Time...Any unpaid debt you might still have, is soon erased and you'll have tons of fun money....I was able to get my second favorite car recently...

    A wise man speaks when he has something to say...A FOOL speaks when he just has to say something

  20.  
  21. #11

    Default Re: I'm retiring

    Thanks for all the best wishes from everyone.
    I'm excited.

  22.  
  23. #12

    Default Re: I'm retiring

    Quote Originally Posted by alevin View Post
    From what I understand, us who started in the pre-1987 years, had to have worked 5 years CSRS prior to 1984, to actually be eligible for CSRS-offset. We're the ones in the twilight zone. I started in 1986. They had me sign a paper in late 1987 that said I voluntarily chose FERS over CSRS, but at the same time, I was told I never really had a choice because I didn't have 5 years in prior to 1984.

    Agency retirement calculator program where I can run various retirement scenarios to help me pick one, says I have 1 month of CSRS-offset from 1986, but I worked more time than that, that year. I'm still scratching my head over that one. It wasn't an official calc, but the unofficial agency retirement calculator program has all of my service time and dates in it correctly, input by HR.
    Thanks alevin for your reply. You are correct.

  24.  
Page 1 of 2 12 LastLast

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
S&P500 (C Fund) (delayed)
I'm retiring
(Stockcharts.com Real-time)
DWCPF (S Fund) (delayed)
I'm retiring
(Stockcharts.com Real-time)
EFA (I Fund) (delayed)
I'm retiring
(Stockcharts.com Real-time)
BND (F Fund) (delayed)
I'm retiring
(Stockcharts.com Real-time)

Yahoo Finance Realtime TSP Fund Tracking Index Quotes