Q. I am an employee under FERS with a hire date of Sept. 8, 1987. I plan on retiring the day after my 56th birthday in 2012 under the minimum retirement age provision. Am I eligible for the FERS supplemental annuity if the decision to retire is voluntary? A. No one who retires under the MRA+10 provision is eligible to receive the special retirement supplement.
Browsing: MRA-plus 10
Q: I recently read an article on the minimum retirement age in which the author states, “Here are some reasons that the MRA+10 option is not more popular than it is (other than the fact you’ll not be receiving an annuity for two years).” I’ve been considering the MRA+10 option for quite some time now, and this is the first that I have heard of not receiving and annuity for two years. In all of the literature I’ve read on MRA+10, I cannot find any mention of it. Do MRA+10 retirees have to wait two years to receive their annuity?…
Q: I’m 56 years old, which is my minimum retirement age, with 12 years of credible service. If I applied for disability retirement, would I receive benefits based on my years of service or the “60 percent first year, 40 percent thereafter” rule? If I would only receive the “high-3” times years of service calculation, what would be the advantage, if any, of disability retirement? A: Because you aren’t eligible for an immediate unreduced annuity, your benefit would be calculated under disability rules. You’d receive 60 percent of your high-3 minus 100 percent of any Social Security disability benefit to…
Q: I’m under the Federal Employees Retirement System and plan to retire at minimum retirement age (56) with less than 30 years of service. Is the 5 percent per year penalty based on each year short of 30 years, or is it based on each year short of age 62? I’ve seen it explained both ways. Also, is the actual penalty based on fractions (months) or whole years? A: If you retire under the MRA+10 provision (minimum retirement age with at least 10 years of service), your annuity will be reduced by 5 percent for every year (or 5/12 of…
Q: I have a question about minimum retirement age-plus 10. I am 55 and have 27 ½ years of service. If I retire at age 56, am I to understand that my annuity would be reduced by about 30 percent if I started collecting it right away? Also what would happen to my health benefits? Could I still use them immediately upon retiring? I have 14 years of frozen service under the old Civil Service Retirement System so how would that be affected? A: If you retire under the MRA+10 provision and begin receiving your benefits immediately, the Federal Employees…