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Show s Hilltop March Times 1 8. 1 993 Personnel answers retirement questions The Hill AFB Personnel Office answers commonly asked questions about retirement, resignation and the early out incentives currently being offered to Air Force Materiel Command workers: Q How much income tax will I have to pay on the incentive if I re- tire this month? A. Payroll will withhold a flat 20 percent federal tax and applicable state taxes. The overall impact may not be known until the tax returns for 1993 are prepared- - Other income and allowable deductions will be factors. Q What happens to my Thrift Savings Plan account upon retirement or resignation? A Several withdrawal options are available upon retirement such as a lump sum payment, a monthly annuity, or a specified number of equal payments. You may elect the one you wish. Can I keep my Federal Employees' Group Life Insurance if I retire or resign? If so, who pays for it? A Life insurance coverage continues into retirement if you've been enrolled for the entire period during which coverage was available to you Q Q Is there a special process to go through if I don't want to leave a survivor benefit for my spouse? A. Yes. Obtain your spouse's notarized signature on a spouse's consent to survivor annuity election slot provided in the application for retirement. from imor for the last five years of service Q. Are positions excluded the same cost incentive The and the early out mediately before retirement. of coverage depends upon the level of at all of the bases in the AFMC? A No, exclusions vary. For examprotection you wish to retain. You pay the cost of the premiums until age 65, ple, Kelly AFB, Texas, excluded all when withholdings will stop. GSGM 8XX engineering occupations; to the Health McClellan AFB, Calif., didn't exclude Q. What happens Benefits Plan I have through my Air any positions; and Hill excluded posiForce employment if I resign or tions published previously in the retire? Hilltop Times including engineering conbe A Health benefits may positions in series other than GSGM if tinued into retirement you've been, 801, 803, 830 and 896. Exclusions are to different continuously enrolled in a federal different at each base due health plan for either five years prior needs such as mission, workload and to retirement or the entire period current and projected skills requirecoverage was available, if less than ments. Another issue is the requirefive years. This coverage could have ment to be able to save someone from been your own, or as a dependent if a RIF by offering the early out inyour spouse held a federal health plan. centive. If you resign, you have 31 days to Is it true only a certain numconvert coverage to a private policy, berQ. of employees can be offered the after which federal coverage ter- incentive? minates. A We are allowed to offer the earQ Is my annuity reduced if I re- ly out and incentive to no more than tire and elect to leave a survivor an2,357 employees. That is the number nuity for my spouse? previously announced that could A Yes. It costs 2.5 percent of the potentially be separated by a RIF. first $3,600 of your annuity ($90 a Payment of the incentive would be year) plus 10 percent of the remaining contingent upon the vacated position amount of your annuity to provide for being abolished or backfilled through a RIF. the survivor annuity. - We're Making a Difference. Sale Prices on Large Selection of fienapates and Amns r tpS5i& COMPLETE UNE CAR ALARMS 1384 No. Angel HOURS; Behnd Bcb's ::00 Layton TV CW 547-086- 8 I IHI I l t t m m ill ! M W American Heart Association Q If Hill doesn't use the number of incentives available, will they be used elsewhere? A .There is a possibility that headquarters AFMC could relocate some of our incentives to other bases that are expecting a higher level of response. Therefore, if you wish to preserve your ability and use the incentive, your signed Standard Form 52, Request for Personnel Action, must be in DPCEB, Bldg. 1245, Room 12, no later than March 24. If we must give up some of our incentives leaving a reduced number to offer, and more applications are received than can be permitted, the following priorities apply: 1) Optional Retirement eligibles 2) Early Retirement eligibles 3) Resignations If a tie breaker is required, the RIF service computation date will be used to determine who will be offered the incentive. Q I'm retired military. How does this early out and the incentive apply to me? A You have two options: either all of your military time is used, requiring you to combine military and civilian time and waive your military or, use none of your miliannuity and qualify based on civilian tary time time only. If you combine and waive, you must pay a deposit into the civilian retirement fund for those years of military service. If you do not pay the deposit, at age 62, your annuity will be reduced by 2 percent per year for every year of military service not covered by deposit. The Office of Personnel Management will not accept partial payment, and the payment must be made to your employing agency before retirement. If you choose not to combine and waive, eligibility must be met on civilian time only such as 55 with 30 years, 60 with 20, 62 with 5; or under early-ou- t 50 with 20, or 25 years at The incentive is computed usany age. civilian service only. This applies ing to resignations as well as retirements. Davis Hospital aivf Medical Genie A different name....the same great care! Humana Hospital Davis North will now be known as Davis Hospital and Medical of a split within the Humana health organization, the 76 hospitals in the Humana system will now function under a new corporation known as Galen Health Care, Inc. The staff, physiCenter. As a result cians and facility will continue serve the community by using current technology and a philosophy of patient care that has made this hospital a leading choice in health care. Public Open House & 'Isil r REE FREE Health Screenings-Marc- h Magnetic Memo board 20th given to all visitors at Noon-4:012:00 0 ODen House. p.m. Classroom Area, Davis Hospital & Medical Center 1600 West Antelope Drive Layton, Utah -- . -- |