Q. If I retire at age 56 with 20 years in and take an immediate annuity, would I be eligible for the special supplement at age 60? In other words, would I be eligible for the supplement at age 60 even though I retired four years before? A. Because you would be retiring under the MRA+10 provision (minimum retirement age with at least 10 but fewer than 30 years of service), you wouldn’t be eligible for the special retirement supplement.
Browsing: MRA+10
Q. I’m pretty certain if I retire with 30 years of service and at my minimum retirement age (which for me is almost 60 to have both), I will get the special retirement supplement until age 62. Is that correct? If I have reached my MRA (age 56) with 26 years of service and retire (I believe there is a 5 percent-per-year under-62 penalty; i.e., a lot). Under official early-out offers (Voluntary Early Retirement Authority; no penalty if at MRA, I believe), if at that time I were 57 (MRA is 56) and 27 years of service, might I get…
Q. I have been a postal Service employee for 19 years and a member of the Air Force, Air Force Reserve and Air National Guard for 26 years. I have approximately three years of active-duty time. If I buy back my military time to put toward my postal retirement, will that affect my military retirement? Also, when is the earliest I can retire/separate from the Postal Service and keep my pension, and what effect will retiring early have on my benefits? A. First, making a deposit for your active-duty service will have no effect on your reserve retired pay. Second,…
Q. I am a registered nurse and I am considering taking a job at a Veterans Affairs Department outpatient clinic. If I work 20 years, what would my monthly pension include? I would like to know a monthly dollar amount. A. While I can’t give you a dollar amount, I can give you the formula that would be used to determine your annuity. Here it is: .01 x your highest three consecutive years of average basic pay x your years and full months of service. To be eligible to retire, you’d have to meet one of the following age and…
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 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 GS-12 FERS eligible employee with five years of service and am 46. I receive a military retirement of $21,684 per year for 20 years of service and plan to work an additional 10 years until age 56, for a combined total of 40 years with (if) converted military retirement credit, which would be based solely on your actual years of FERS service. According to my calculations, a FERS retirement at 56 would provide $32,000 per year (40 years x .01 percent x $80,000), minus a 30 percent reduction of $9,600 due to the age penalty, leaving $22,400 yearly.…
Q. Could you show the math in calculating how much I could expect to receive every month? I want to retire at 56 because I was born in 1958. I’ll have 15 years of service at that time. I earn approximately $50,000 a year. A. Because you were born in 1958, your minimum retirement age is 56. If you retired with 15 years of service, the formula for computing your annuity would be: .01 x your highest three consecutive years of average basic pay x all your years and full months of service. However, because you’d be retiring under the…
Q. I have 33 years of service under FERS at age 55. I will not reach minimum retirement age until December. I would like to submit my retirement packet now. Is there a waiver I would qualify for to avoid the 5 percent-per-year penalty or that would waive the next 11 months to MRA? A. Since you’d be retiring under the MRA+10 provision, there is no provision in law or regulation that would allow for a waiver of the 5 percent-per-year penalty. Because you have at least 20 years of service, the penalty would apply to age 60.
Q. I’m planning on retiring Sept. 1 at age 56 with 25 years and 30 days in the Postal Service. I haven’t been offered early retirement. Will I be eligible for the special retirement supplement? A. Because you’ll be retiring under the MRA+10 provision, your annuity will be reduced by 5 percent for every year you are under age 60. Further, you won’t be eligible for the special retirement supplement.