Q. I will turn 62 in August 2012. When will my special retirement supplement end? Will I receive the SRS in my August retirement payment? A: Your special retirement supplement will end on the earlier of 1) the last day of the month in which you turn age 62 or 2) the last day of the month before the first month on which you would be eligible for a Social Security benefit, whether you apply for it or not.
Browsing: Special retirement supplement
Q. I know that the Social Security supplement is reduced for any earnings above $14,640 (FY 2012). My question is that if I retire at the end of February 2012, would I already lose some of the supplement since I would have already made over $20,000 by the end of February? Or would the earnings test be only for the period of March 2012-December 2012? A. No, you wouldn’t lose any of your special retirement supplement because you’d be protected by the “first year rule.” To learn why that’s so, go to http://www.socialsecurity.gov/pubs/10069.html.
Q. I am a 57-year-old Federal Employees Retirement System employee eligible for retirement. I am also a widow. Can I retire and receive the special retirement supplement until age 60, then take the Social Security widow’s benefit — which would be greater than my SRS — and keep that until I reach full retirement age at 66? Could I also delay retirement until age 60, bypass SRS and take the widow’s benefit? A. Relax. The Office of Personnel Management automatically pays the special retirement supplement until age 62 to FERS employees who retire on an immediate, unreduced annuity. The SRS…
Q: If an individual retires using an approved VERA at age 53, three years shy of mandatory retirement age, with 28 years of service, will the individual begin collecting the special retirement supplement at age 56 even though retirement occured at age 53? A: Yes, if the individual’s minimum retirement age is 56.
Q: If an individual retires using an approved VERA three years below MRA at age 53 with 28 years of service, will SRS collection begin at 56 even though he/she retired at age 53? A: You would begin receiving the special retirement supplement when you reach your minimum retirement age.
Q: I retired on May 31 at age 57. I have 22 years of law enforcement service with the Bureau of Prisons. I have just taken another job and realize I will lose about $12,000 a year because of the means test for the supplemental. A friend told me I will lose the supplemental forever once I exceed the limits. I want to retire from this non-government job in two years. Can I collect the supplemental for the last three years until I become eligible for Social Security at age 62? A: Your friend is misinformed. While it’s true that…
Q: I had 26 years of civil service and I’m 49. Can I retire in four more years without the age-reduction penalty When I will have 30 years in service and I’m only 53? Am I entitled to receive the FERS special retirement supplement until age 62? A: No. The earliest you could retire is when you reach your minimum retirement age, which in your case would be 56. If you retired then, you’d be eligible to receive the special retirement supplement until age 62.
Q: I’m in a law enforcement position and was wondering if the FERS Supplement is also paid to new retirees while on interim payments or are the interim payments only a part of the FERS basic annuity? A: The special retirement supplement is only paid when your case has been finalized and you are receiving your full annuity. You’ll receive catch-up payments of your SRS along with any additional annuity you are owed because you were on interim pay.
Q: I’m in a law enforcement officer position and was wondering if the Federal Employees Retirement System supplement is also paid to new retirees while on interim payments, or are the interim payments only partial payments of the FERS basic annuity? A: The special retirement supplement is only paid when you case has been finalized and you are receiving your full annuity. You’ll receive catch-up payments of your special retirement supplement along with any additional annuity you are owed because you were in interim pay.
Q: I recently retired from the FBI in a non-law enforcement position. However, I started federal service in 1971 (Drug Enforcement Administration special agent, customs special agent) and stayed in that position for about 15 years. I then went into the private sector for 18 years. After retiring from the private sector, I returned to the government with the FBI. After a total of 20 years, I retired. The Office of Personnel Management advised me that although I contributed the higher amounts to the 6(c) retirement for three-quarters of my federal service, there was no provision for either a partial-6(c)…