Q: I read your column faithfully in Fed Times and I have some questions concerning the special retirement supplement I am receiving along with my FERS annuity. I retired under the special 6(c) law enforcement retirement (I had reached the age of 57) on Dec 31, 2009. I just received a 2010 Annuity Supplement Earnings Report from OPM today in the mail. Your May 16th column suggests that I may fall under one of the exceptions. I did begin working again in 2010 for the state police, which does not participate or deduct Social Security. Can you provide some guidance…
Browsing: FERS annuity
Q: I am under the Federal Employees Retirement System and have been employed by the Environmental Protection Agency for 26 years. I am a GS-12/6, and am 48 1/2 years old. I would like to know exactly when can I retire and any other related details. A: The earliest you could retire is when you reach your minimum retirement age, which in your case is 56. Because you will have more than 30 years of service at that time, you’ll be able to retire immediately and receive an unreduced annuity.
Q: I am a 57-year-old FERS annuitant who retired in 2010 with 33 years of service. I am considering going back to work part-time for my former agency (Dept of Energy) in a position that will allow me to receive both my annuity and the full salary of the new position. In addition to my FERS annuity, I am also receiving a special annuity supplement of about $12,000 per year. Normally, if I become employed and earn a salary I will lose $1 of the special annuity supplement for every $2 I earn over the IRS limit of about $14,100 per…
Q: Under the Federal Employees Retirement System, after 20 years, your annuity is figured at 0.011 percent of your high-3 salary average multiplied by your years of service. Below 20 years, the percentage used is 0.01. With the new law allowing 50 percent of unused sick time to be used for annuity calculations, can that time also be used to meet the 20-years-of-service criterion? A: Let’s first get the computational facts straight. The standard FERS formula is as follows: 0.01 x your high-3 x your years of creditable service. The 0.011 multiplier is only used if you retire at age…