Browsing: COLA

Q. I am under FERS disability retirement with 23 years of service at age 49. I was told by the Office of Personnel Management that at age 62, my 23 years would be bumped up to 32 years — the difference between when I left and when I turn 62. So would it bump up my FERS retirement at age 62? Is this correct that it would be reconfigured at a higher annuity?

Q. Is the cost of the spousal benefit I elect on the day I retire (approximately 10 percent of my pension) set in stone? Or do I have to pay more each year because the value of my pension is going up due to the cost-of-living adjustment (COLA)? (Is it 10 percent of retirement pay on Day 1 and that amount is paid forever, or 10 percent of my pension as it goes up due to COLA? Is the value of my spousal benefit based on 55 percent of the amount of my high-3 pay at retirement or is it 55 percent of my pension at…

Q. I am a FERS retiree. My effective retirement date is Nov. 1, 2010. I turned 62 in April 2016, which means I won’t be getting my separate annuity equal to a portion of my Social Security. When I retired in 2010, I was told that when I turned 62 I would get my COLAs adjusted so that my retirement pay will be adjusted up with all FERS COLAs since 2010. Can you tell me if this is correct?

Q. I will be moving from a lower Cost of Living Allowance (COLA) area to a higher COLA area (a difference of 6 percent). The first two years of my high-3 is at the lower COLA and the last year will be at the higher COLA rate. I am 62, in FERS and have a year of unused sick leave. How will the sick leave affect my high-3 year average for retirement purposes? Will it be used to increase my high-3 year average or not?

With bills being introduced on the Hill to eliminate the special retirement supplement (SRS) for future Federal Employees Retirement System (FERS) retirees, I thought it would be a good idea to explain what the special retirement supplement (SRS) is, why it is, and how the amount is figured. What is the SRS and why is it provided? The SRS approximates the Social Security benefit you earned while a FERS employee. It’s designed to bridge the gap between the time you retire and age 62, when you’ll be eligible for a Social Security benefit. Notice the words “bridge the gap”? The…

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