If you continue to work as a Federal civil servant, you will eventually be eligible to retire. When you retire, you are entitled to a number of benefits in addition to your basic annuity. This section summarizes those benefits.

Chapters 18, 19, 20, and 21 provide detailed information on CSRS, FERS retirement, Social Security, and Medicare.

Also, Sections G and H. of Your NASA Employee Benefits Statement provide specific information on your individual eligibility for these benefits.

Planning for Your Retirement?

Call your Employee Benefits Counselor. Your counselor is your primary point of contact on retirement, your benefits, and your records. Your counselor has most likely handled many of your personnel actions, benefits changes, and other transactions -- and will be most familiar with your personal situation.

Your counselor will start you off with a copy of Your NASA Employee Benefits Statement and follow it up with calculations based upon a specific retirement date. As you approach retirement, your counselor will guide you through the process and will ensure that your complete packet is forwarded to the Office of Personnel Management (OPM) in a timely manner.

Your Retirement Plans are Confidential

If you ask for a retirement calculation -- only you and your Employee Benefits Counselor will know…unless you choose to tell others. Your counselor is instructed to preserve your confidentiality. NASA  management including Human Resources does not know if you are contemplating retirement…until you agree to let them know.

Approval of Your Retirement Annuity

OPM calculates and approves all civil service annuities. NASA  estimates your annuity based upon OPM regulations and your personnel and payroll information in our system. Your annuity is calculated using the same software that OPM uses.

Payment for Accrued Annual Leave

If you are retiring from Federal civil service, you will be paid for your accrued annual leave. The amount is paid in a lump sum within 4 to 6 weeks after you separate -- unless you are returning immediately as a re-employed annuitant.

Payment for Last Pay Period Worked

On the normally scheduled pay day, you will receive a paycheck for the final hours you worked.

Carryover of Accrued Sick Leave

CSRS retirees can use accrued sick leave to increase their annuities; however, sick leave cannot be used for retirement eligibility purposes. If you are a FERS retiree, a record of your accrued sick leave balance will be posted in your records. Your unused sick leave balance will be restored to you  if you are re-employed with the Federal Government.

Federal Employees' Group Life Insurance (FEGLI)

If you have had FEGLI coverage for the five years immediately before you retire you may carry FEGLI coverage into retirement. You also have an option to convert it into an individual policy.

NASA Employees Benefit Association (NEBA) Life Insurance

If you have NEBA life insurance coverage immediately before you retire, you may convert your group policy to an individual private policy at the same level of coverage without taking a physical. If you take a physical, you will normally have a lower rate.

Federal Employees Health Benefit Plan (FEHB)

If you have had FEHB coverage for the five years immediately before you retire, you may carry FEHB coverage into retirement. In some cases associated with buyouts or early retirement authority, a shorter period of enrollment may allow continued coverage. If you are not eligible for continued coverage, you have a 31-day temporary extension of coverage for conversion to an individual health insurance policy. In addition, you may also continue your coverage for up to 18 months after separation. You pay both the employee and Government shares plus a two percent administrative charge.

Your Thrift Savings Plan (TSP)

Chapter 13 provides a more detailed summary of the TSP. You must be separated for 31 days or more to be eligible to withdraw your account. There are three basic ways to handle your TSP account:

You can have your payment(s) begin immediately or at a later date. You must choose a future date that is no later than April 1 of the year after you turn 70½. In addition, you can have the TSP transfer all or part of a single payment or a series of monthly payments to an IRA.

The amounts contributed to the TSP and the earnings of those contributions are tax deferred while you are a participant in the TSP. When a payment is made directly to you from your account after you separate from Federal service, this money is taxable as income in the year in which payment is made. Your direct payments are subject to mandatory 20 percent Federal income tax withholding; however, there is no Federal income tax withholding on payments that you have TSP transfer directly to an IRA.

If you leave Federal service before the year you turn 55 and you withdraw your account in a single payment or a series of equal monthly payments, you will be subject to a 10 percent early withdrawal penalty tax on all direct payments you receive before age 59½.

Your Personnel Folder

If you retire from Federal civil service, your personnel file will be forwarded to the Federal Personnel Records Center, St. Louis Mo. All non-permanent entries will be purged and returned to you. If you return to Federal service, your new agency will retrieve your file from the records center.

After you Retire

The Office of Personnel Management (OPM) will handle your retirement annuity and benefits. You will receive a Civil Service Annuitant (CSA) number that will be used in handling your file, inquiries, etc. You can contact OPM at 888-767-6738 or through OPM's Services Online.

Although NASA will not have your records and you will no longer be on our roles, your Employee Benefits Counselor will continue to assist you whenever possible--if you run into trouble with your retirement benefits.