Browsing: annuity reduction

Q. I am a FERS employee with 20 years service at age 59. If I retire now, will I be eligible for the special retirement supplement when I turn 60, or must I still be working to qualify? A. If you retired at age 59 with 20 years of service, you’d be doing so under the MRA+10 provision (minimum retirement age with 10 to 29 years of service). Not only would your annuity be reduced by 5 percent per year (5/12 percent per month) that you were under age 62, but you wouldn’t be entitled to the special retirement supplement.

Q. I am retired under CSRS, and have more than 40 credits of Social Security accrued. I am almost 62, and want to apply for Social Security benefits. How much will the windfall elimination provision hit me for? I spoke to several other CSRS retirees, and only a few said they took a 60 percent reduction, while some took no reduction. I can’t figure why each case appears to take a different amount off due to WEP. A. Anyone who receives an annuity in whole or part from a retirement system where he didn’t pay Social Security taxes is subject…

Q. I have 27 years with the government. At 23 years, I took a job with excepted service and it was not explained to me that they never offer early retirements. Is there any possibility of getting a retirement under FERS with excepted service at less than the full retirement number of years and age? A. You didn’t mention how old you are. If you have reached your minimum retirement age, you could retire under the MRA+10 provision. However, your annuity would be reduced by 5 percent for every year you were under age 60.

Q. I am a retired Postal Service employee under CSRS. I am 66 and have been collecting Social Security since turning 62. My Social Security benefit was reduced by taking benefits at 62 and by the windfall elimination provision. My CSRS annuity was also reduced because I opted for the CSRS survivor benefit. However, I am nine years older than my wife, who is 57 and intends to work until she can begin her early retirement at 62. 1. If my wife and I continue to file our taxes as “Married – jointly” and I suspend my Social Security benefits…

Q. In a Jan. 21, 2013, entry, you wrote: “There is no reduction beginning with the month in which you reach full retirement age.” Are you saying, after full retirement age, no matter how much money you earn, you will get your full Social Security pension amount with no deductions? A. Yes.

Q. I am getting ready to retire under CSRS. As you know, I do not have Social Security taxes taken out of my pay. Will they start taking Social Security out of my annuity? A. No.

Q. I worked four years under CSRS and drew the retirement funds out and did not pay them back. When I was reinstated, it was under the CSRS Offset. I retired and drew the CSRS Offset but did not apply for my Social Security benefits until I reached age 66 in October. I just got notified by Social Security that I would be subject to the windfall elimination provision from my Social Security check. Is this correct? I have 29 years and three months of substantial earnings, according to their table for substantial earnings. Actually, for these years, I far…

Q. I am 59 and a CSRS Offset employee with 33+ years of CSRS coverage and am at the top of the GS-15 payscale. About 21 of those years were under CSRS Offset, so I know the deduction will be somewhere around 52.5 percent of my Social Security earnings. I am exempt from windfall elimination provision because of more than 30 years of Social Security coverage. I am concerned that if I retire Jan. 3, 2014, my final paycheck and my lump sum for leave will add another year to my number of years covered by Social Security and raise…

Q. I am CSRS Offset, having retired in 2001, and have been working in the private sector since that time. I turned 62 last year, applied for, and began drawing Social Security. However, my annuity has not been reduced.  I have been holding out what I had estimated my reduction would be, anticipating that at some point the Social Security Administration would want the money. I have 34 years of substantial earnings, which includes my 14 years as an offset employee. Do these years affect the offset amount? Does this mean my annuity could possibly not be reduced? I have…

Q. I am planning to retire Feb. 21, 2014. I will be 60 years old and will have completed 10 years and one month of service. I am prepared to take the permanent reduction for being under age 62. 1. If a Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay is offered at the time of my planned retirement, would I qualify for one or both? 2. I was told that if a VERA/VSIP is offered at the time of my retirement, I could approach my leadership and ask that the 10 percent reduction be waived. I believe this was because…

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