Q. I am a 57-year-old postal employee and I am considering retiring under a FERS Voluntary Early Retirement Authority with 26 years of service. I have reached my mandatory retirement age. Am I eligible for the supplement if I retire Jan. 31, 2013? In researching the special retirement supplement, I read that a bill may have been signed by the president eliminating this benefit for those who retire after Dec. 31, 2012. Can you give me the correct information regarding this supplement? A. Yes, you’ll be entitled to the special retirement supplement. No, the president didn’t sign a bill eliminating that benefit.
Browsing: special retirement supplement
Q. I am 51 and have 32 years for FERS retirement now. I need to be at least 56 to retire. If I quit civil service now and work in the private sector, will I still receive FERS retirement and the FERS supplement when I turn 56? What other benefits would I lose, i.e. health insurance? A. If you left government now, you could apply for a deferred annuity at age 60. You wouldn’t be eligible for the special retirement supplement, nor could you re-enroll in either the Federal Employees Health Benefits or Federal Employees’ Group Life Insurance programs.
Q. I have 28 years of service at 56½ years of age. My MRA is 56. If I defer/postpone my retirement, at what age can I collect without any penalties? Also, would I be eligible for the special retirement supplement at that time? A. If you retired under the MRA+10 provision, you could postpone the receipt of your annuity to age 60 and avoid the age penalty. However, you wouldn’t be eligible for the special retirement supplement. Although you could resign from the government and apply for a deferred annuity at age 60, doing so wouldn’t gain you anything. But…
Q. If I have worked 6½ years civil service in FERS and I buy back my military time (four years), will I be eligible for the MRA+10 retirement at age 57 if I leave federal work now? Also, if I work 10 years in civil service and bought back my military time, would I get 14 percent (10 + 4) of my high-3 average or just the 10 percent? A. If you make a deposit for your active-duty service, you could retire under the MRA+10 provision. Your annuity would be computed using the standard formula: 0.01 x your high-3 x…
Q. I am looking to retire by mid-December when I have reached my minimum retirement age and have 27 years FERS service (first week of November). I have paid the deposit for my three years military time. I thought that would enable me to retire on an immediate annuity (MRA with 30 years) and also qualify for the special retirement supplement. I am concerned by your response from Oct. 12, which indicated that the special retirement supplement is based solely on actual FERS service and does not include active-duty service for which a deposit has been made. Am I missing…
Q. Does the Social Security special retirement supplement end this year? I heard it ends at the end of 2012. I reach my minimum retirement age on Jan. 3, 2013. A. What you heard is wrong. It doesn’t end this year. In fact, it won’t end at all unless legislation were to be passed by the Congress and signed by the president.
Q. I have about 23 years of 6c covered law enforcement officer service and turn 50 this year. I’m trying to decide if I want to jump to a private-sector job, and part of my decision will be based on what I am expecting as my FERS pension plus the special retirement supplement we are supposed to get given our mandatory retirement age. I have heard that a recent change in federal law, possibly as part of the Affordable Care Act, eliminated (or will eliminate) this supplement, even though when I started 23 years ago, that was not the law.…
Q. When I retire under FERS, can I get all of my Thrift Savings Plan monies, Social Security and my annuity? Can I roll over my TSP monies without paying 30 percent of the total to the Internal Revenue Service? If so, what amount of tax-deferred monies, once rolled over, can I take out monthly without a penalty or have to pay taxes? A. Reg: Yes, you can receive an annuity and, unless you retire under the MRA+10 provision, the special retirement supplement, when you reach your minimum retirement age. Unless you exceed the Social Security earnings limit from wages…
Q. I am 57 years of age and will retire with 30 years of government federal service. I am under FERS. I have a disabled son in Puerto Rico, who lives with his mother. She has always taken care of him. He was born with a brain tumor and has undergone multiple brain surgeries. He became blind during one of his brain surgeries. Optic nerves were invaded by tumor. Is he entitled to receive a supplement as I will, when I retire? If so, how do I go about requesting this from the Office of Personnel Management? A. Only FERS…
Q. I am a FERS employee, and I’m considering a June 1, 2013, retirement date. I will be 57 years old and have 29 years of service on that date. I understand that I would take a 5 percent reduction on my FERS pension for each year under age 62. Will I be eligible for the special retirement supplement? Can I take monthly withdrawals for my Thrift Savings Plan account without being liable for the early withdrawal penalty? A. Reg: No one who retires under the MRA+10 provision is eligible to receive the special retirement supplement. Mike: If you retire…