![]() ![]() Photo Credit: Jim Siegel / SpaceFlight Insider Interest is paid on voluntary contributions at the rate of 3 percent annually until December 31, 1984.KSC’s Countdown Clock has been used to track the various times of NASA missions as far back as the 1960s.By electing to take a reduction in the additional annuity, you can also purchase additional annuity for a surviving spouse who may receive a benefit after your death.You can purchase additional annuity of $7 per year for each $100 of voluntary contributions, plus 20 cents for each full year you are over age 55 when you retire.Total contributions cannot exceed 10 percent of the total basic pay you received during all of your federal service.You can make voluntary contributions in multiples of $25.The following guidelines apply to voluntary contributions: Contributions will not be accepted until the application is submitted and approved by OPM. To make voluntary contributions, you should submit Standard Form 2804 ( Application to Make Voluntary Contributions) to your HR office. Employees covered by the Federal Employees Retirement System (FERS) are not eligible to make voluntary contributions. You can make these contributions only if you're covered by the Civil Service Retirement System (CSRS) or CSRS Offset and don't owe a deposit for a period of service when retirement deductions were not withheld from your pay. Voluntary contributions are payments made to your retirement fund in addition to the deductions that are withheld from pay. Employees who were covered by CSRS and who elected FERS coverage after Jmust have 5 years of federal employment covered by Social Security to be exempt from the offset. They are employees who are automatically covered by the Federal Employees Retirement System (FERS) or Civil Service Retirement System (CSRS) offset, and those who elected to transfer to FERS before Januor during the belated transfer period which ended June 30, 1988. ![]() Some employees are exempt from the Government Pension Offset. If the Government Pension Offset applies, the spouse's, widow's, or widower's Social Security benefit will be reduced by two-thirds of any federal pension, based on employment not covered by Social Security. The offset does not apply to the employee's own Social Security benefit, only the benefit that comes from a spouse's, widow's, or widower's employment. Some of an employee's spousal, widow's, or widower's Social Security benefit may be offset if the employee has a government pension from working when they did not pay Social Security taxes. Learn how to keep your life insurance benefits after you retire Learn how to keep your health benefits after you retire Meet with your agency's HR office to review the retirement process, review your Official Personnel Folder (OPF) and all employment records are complete and accurate, verify all federal service, and confirm your health and life insurance coverage is documented.If you have prior military service, confirm with your agency's HR office if you're eligible to make a deposit to receive retirement credit for your military service or waive your military retired pay.Attend a pre-retirement counseling seminar.Have a fairly comprehensive picture of all sources of your retirement income and when each is payable.Get information about other benefits you may be eligible for like Thrift Savings Plan (TSP) payment options, or any other entitlements like Foreign Service, Social Security, Medicare coverage, pensions from private industry, and Individual Retirement Accounts (IRA).Request an annuity estimate from your agency's HR office.Confirm when you'll be eligible to get retirement benefits.When you're within 1 year of retiring or retirement eligibility, you should: ![]()
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