CSRS

  “Understanding Your CSRS/CSRS Offset Benefits

by Edward A. Zurndorfer, EA, CFP, CLU, ChFC, CEBS, ChFEBC

Understanding Your Federal Retirement Benefits (CSRS)

Day 1: CSRS/CSRS-Offset Benefits

A. Overview of CSRS/CSRS-Offset & Different Types of Retirement   

a. Who is Covered by the Civil Service Retirement System (CSRS) & by CSRS Offset?

b. Types of Service Used for Determining Eligibility to Retire Under CSRS

c. Employee & Agency Contributions to CSRS

d. Military Service & Temporary Time – Effect on Retirement Eligibility & CSRS Annuity computation 

 e. Minimum Age & Service Requirements to Retire Under CSRS

 f. Early Retirement: VERA or VISA

 g.  Deferred Retirement

B. CSRS Annuity Computation

a. Amount of an Annuity

b. Length of Service Including Unused Sick Leave

c. High-3 Average Salary

d.  High-3 Average Salary – Computation

e.  Effective Date of Annuity

C. Reduction in CSRS Annuity

a.    Early Age

b.    Deposit Service

c.    Redeposit Service

d.   CSRS Offset Amount

D. Survivor Benefits

a. Spousal Survivor Benefit

b. Survivor Benefits – Individuals With An Insurable Interest

c. Survivor Benefits – Former Spouses

d. Survivor Benefits – Children

e. Lump-Sum Death Benefit

f. Beneficiary Forms

E.  Other Benefits for CSRS/CSRS Offset Participants

a. Federal Employees Health Benefits Program – Post Retirement  

b. Federal Employees Group Life Program – Post Retirement

c. Federal Employees Dental & Vision Insurance Benefits Program – Post Retirement

d. Federal Long Term Care Insurance Program – Post Retirement

F. Other Information for CSRS/CSRS Offset Annuitants

a. Submission of Retirement Application

b. Receipt of First Annuity Check

c. Future Questions Regarding Retirement & Insurance Issues

d. Death Claims

Day 2: Social Security/ Medicare & the Thrift Savings Plan

Day 2 (AM) Social Security & Medicare

A. Overview

B. Social Security Benefits & How They Fit into the CSRS Retirement

C. How to Figure Your Retirement Benefit Amount, When to Start Receiving It, & Possible Offsets (Windfall Elimination Provision and Government Pension Offset)

D. Family Benefits under Social Security

E. Survivor Benefits under Social Security

F. Disability Benefits under Social Security

E. Applying for Social Security Benefits

G. Medicare Eligibility: Why Should CSRS Annuitants Enroll in Medicare?

           a .Enrolling in Medicare

           b. Medicare Part A (Hospital Insurance

           c. Medicare Part B. (Medical Insurance)

          d. Services Not Covered by Either Medicare Part A or B.

Day 2 (PM): The Thrift Savings Plan

  A. Overview of the TSP & How It Fits into Federal Retirement

B. Getting Started in the TSP

C. Contribution Limits

D. Transferring Money into the TSP

E. Distributing Monies Among the TSP funds

F. Monitoring One’s TSP Account

G. Overview of the TSP funds

H. Withdrawal Options Upon Leaving Federal Service

 I. Other Issues Affecting TSP Including Bankruptcy, Child Support, and Court Orders

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Edward A. Zurndorfer is a Certified Financial Planner, Chartered Life Underwriter, Chartered Financial Consultant, Chartered Federal Employee Benefits Consultant, Certified Employees Benefits Specialist and IRS Enrolled Agent in Silver Spring, MD. Tax planning, Federal employee benefits, retirement and insurance consulting services offered through EZ Accounting and Financial Services, located at 833 Bromley Street Suite A, Silver Spring, MD 20902-3019 and telephone number 301-681-1652. Raymond James is not affiliated with and does not endorse the opinions or services of Edward A. Zurndorfer or EZ Accounting and Financial Services. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. While the employees of Serving Those Who Serve are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.

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