Q. I retired from FERS in 2007, with 22 years of service as a special agent. I receive the supplement now and have received it since 2007. I am 56. I have heard several stories about when the supplement ends, and I am trying to get the straight scoop. At what age will it end for me? A. Assuming you don’t exceed the annual Social Security earnings limit now that you’ve reached you minimum retirement age, the special retirement supplement ends on the last day of the month in which you turn 62. If you do, the SRS will be…
Browsing: special retirement supplement
Q. I am a 50-year-old FERS employee with 13 years of active duty and will have 15 years of federal civil service upon my ETS (active duty 1985-1998, FERS employee 1998 — September 2013 with no break in service). I am being militarily selected out due to force reductions and my FERS job is dependent on my military status (which I will no longer have, deeming me ineligible for my ANG federal civil service position). I bought back my military time and am now being told that my military time buyback does not count toward time for the FERS supplement,…
Q. I have 10 years of service: blended Customs and Border Protection enhanced law enforcement and FERS. I will be 57 next year. Can I collect a pension (with 5 percent reduction) and Social Security offset at 57 and 10 years’ service? I would like to work at a local police agency. Would that affect the so-called Social Security offset. A. I think you are asking if you could retire under the MRA+10 provision (minimum retirement age with at least 10 years of service). The answer is yes. Your annuity would be computed using the standard formula, and, as you…
Q. I had bought back my military time (three years) when I was hired at the Postal Service. My hire date was April 15, 1985. My pension shows my service computation date as 1982 as it should, but I am getting conflicting answers on my special supplement. One video I watched says I can’t get creditable service time for those years because I served prior to being hired here. Now I read some of these articles and people are being told that as long as you buy the time back, you should receive credit toward the special retirement supplement. I…
Q. I just received a FERS retirement benefit statement. One of the comments made on the statement is: “A FERS annuity shows a loss in purchasing power because it is not fully protected against inflation after retirement (unless you retired from a special category such as law enforcement or firefighter).” As a law enforcement officer under the special retirement provisions, what is the cost of living allowance? I will be 57 at the time of retirement. I did find something that indicates I will get the cost-of-living adjustment starting right away while regular FERS retirees must wait until they are…
Q. I retired Dec. 31 at age 52 with 28 years of technician service. I was involuntarily separated, loss of military position, as a national guard FERS technician. I am receiving my FERS annuity, but OPM has not told me if or when I will receive the FERS special retirement supplement. Am I eligible for the supplement? A. Yes, you are eligible for the SRS.
Q. I am a postmaster, age 51, with 26 years of service under FERS. I have been offered the VERA. The USPS has stated that in two years, if we haven’t been able to land another job in the executive and administrative schedule (EAS), we would be given a reduction-in-force notice and separated from service. Would I be eligible for an immediate annuity at that time under a Discontinued Service Retirement (DSR)? I realize I can’t touch TSP or receive the Social Security special retirement supplement because I will be only 53, but I would need to be able to…
Q. My service date is June 22, 1987, giving me 25 years of government service. I am under FERS; however, I am 43. If I take the early out my agency is offering, will my pension be penalized because I am under the age of retirement? Would my TSP lose value if I leave early? Would my monthly annuity be reduced under FERS? Would the IRS apply the 10 percent penalty tax because I have not reached the appropriate age to begin my withdrawals? Or does this not apply under the early out? A. The age penalty on a FERS…
Q. I am 58 with 28 years of service under FERS. If I accepted an offer for early retirement under VERA, would my special retirement supplement begin with my first annuity (since I have reached my MRA) or when I reach my normal retirement date with full annuity (when I will be 59 and would have had 30 years of service)? A. Because you have already reached your MRA, the special retirement supplement will be payable immediately. Just be aware that you won’t see that money until your annuity is finalized. Then it, like any underpayments of annuity, will be…
Q. I am a USPS mail handler and have been offered the early out. I am 49 with 26 years of service. I cannot get the special retirement supplement until I reach my minimum retirement age. Would that be 56 or 60 years old because I don’t have 30 years in? I am hoping for 56; otherwise I have to work four more years to get the 30. A. You’ll begin receiving the special retirement supplement when you reach your MRA, which is 56.