Q: Mr Jones what is the special retirement supplement? I am 58 and am resigning and postponing my retirement annuity. Am leaving my tsp until I understand how to transfer to my new job.
A: The special retirement supplement approximates the Social Security benefit a FERS employee earned while employed by the federal government. The only FERS employees who are entitled to the SRS are those who 1) retire at their minimum retirement age (MRA) with 30 years of service, 2) at age 60 with 20 years of service, 3) upon early voluntary retirement under the Voluntary Early Retirement Authority (VERA), and 4) upon involuntary retirement, for example, during a reduction-in-force (RIF). In the third and fourth cases, the SRS is payable when a former employee reaches his MRA. On the other hand, employees who leave government and later apply for either a deferred or postponed retirement aren’t eligible for the SRS.
