Q. I am a Postal Service employee who has been injured on the job, and I now have permanent restrictions. My facility is supposed to close early next year. I am a FERS employee, 44 years old with 16 years of service. My manager told me to file for a medical retirement, which I did. Once approved for the medical retirement and when I would reach my normal minimum retirement age of 56.5 years, would I be eligible for the special retirement supplement before I begin receiving Social Security? A. No, you wouldn’t. Disability retirees aren’t eligible to receive the…
Browsing: special retirement supplement
Q. I am a combination CSRS/FERS 32-year employee of the Postal Service, age 54. I did not have health insurance through the post office because I was always covered by my husband’s health insurance. I only took my own health insurance because I was told I had to be in the program for five years to be eligible to keep the insurance after I retire (in case something happened to my husband or the place he worked at). I have been in the program for four years as of January and did not plan on retiring until January 2014, at…
Q. I will qualify for the supplemental pay when I retire from the postal service in two years and was wondering how they figure out the amount. I will be 59 with almost 23 years of service. A. Because it’s a complicated process that requires access to data employees don’t have, OPM has provided an estimator that approximates the amount you’ll receive. Go to www.ssa.gov/mystatement and get an estimate of your Social Security benefit at age 62. Multiply that by your years of actual FERS service, rounded to the nearest year. Divide that figure by 40 and you’ll have your…
Q. I reach my minimum retirement age on Jan. 3, but I will only have credit for 29 years, which would give me a 25 percent reduction by taking retirement at this time. If I do a deferred retirement and retire at age 60, will that eliminate the penalty and allow me to collect the special retirement supplement at 60 also? Can I buy health insurance between 56 and 60 by taking a deferred annuity at 60? I have enough in the Thrift Savings Plan to collect about $36,000 a year for four years and still have well over $200,000…
Q. I am a FERS retiree who retired Sept. 30 on an early-out. I will turn 56 (my minimum retirement age) on Jan. 30. Do I have to apply for the FERS Social Security supplement, or will OPM begin sending it automatically? A. You don’t need to apply for the special retirement supplement. Payment of it will be automatic and included in your annuity payment.
Q. I’m 50 and have 21 years of federal government service under FERS. If my agency offers Voluntary Early Retirement Authority next year, which I expect it will, I’ll probably accept. My high-3 average is $100,000, I’ll have 22 years of service, and my Thrift Savings Plan is around $200,000. 1. Can I receive my FERS annuity ($22,000/year) as soon as I officially retire, without penalty? 2. Can I receive FERS supplemental annuity from when I’m 57 (minimum retirement age) to 62? 3. Can I receive my Social Security from as early as 62 (or, if I choose, 67 or 70)? A. 1. Yes. 2.…
Q. I am planning on retiring in February. At that time, I will be 60 years old and will have 27 years under FERS. 1. Am I entitled to the special retirement supplement? 2. Does receiving the supplement affect my Social Security payment at age 62? 3. How long after retiring can I expect to receive my first payment, and roughly how much will it be? 4. Are state and federal taxes deducted from it? A. 1. Yes. 2. No. The special retirement ends at age 62 when your Social Security benefits begin. 3. I have no idea. However, the…
Q. I’ve been given the opportunity for an early retirement at the Postal Service in January, but I probably won’t take it. I’m in FERS. If I retire at my minimum retirement age of 56 in August, will I also be able to get the special retirement supplement without the Postal Service offering a monetary incentive to retire? What I’m trying to determine is whether the supplement is only offered under certain circumstances. A. The special retirement supplement is paid to FERS employees who retire on an immediate, unreduced annuity when they reach their minimum retirement age. The following age…
Q. I served in the Marine Corps active duty from 1975-1987, then in December 1987 became a civil servant under FERS as a special agent (1811) until I retired in 2009 with 21 years of civil service. I bought back my 12½ years of active-duty military time, giving me 33½ years of federal service at age 51 (I was 17 when I joined the Marines). I stayed in the Marine Corps Reserves with 20 good years and will start to draw my military retirement annuity at age 60. I am 55. What is my MRA? I receive the special retirement…
Q. My agency is going to offer early retirement/buyout. I am 52 and have 31 years federal service including four years military buyback. If I take the buyout, will I be eligible for the special retirement supplement at age 56 with 27 years of FERS covered service? A. Yes.