Q. I will be retiring from the Postal Service with 31 years of FERS at the age of 56. My question is about earning limits with the special retirement supplement. If, at age 56, I withdraw all or a portion of my Thrift Savings Plan account, will this affect my SRS from the USPS? A. No, it won’t. The Social Security earnings limit applies only to earnings from wages or self-employment.
Browsing: special retirement supplement
Q. I am a FERS employee, age 54½, and I will have 20 years of service as an Army civilian later this month. My local human resources office sees no possibility of a Voluntary Early Retirement Authority. Once I hit 20 years of service, is my future annuity protected even if I leave service prior to my minimum retirement age of 56? What I’d prefer to do, if possible, is leave service and not begin collecting an annuity until I turn 60. Will that prevent me from having my annuity reduced as someone who would be under 62? And what…
Q. I’m a postmaster who has been offered the buyout if I retire July 31. At that time, I will have 26 years and 10 months of Postal Service time. I also have four years of military time that I have bought back, plus seven months of sick leave time. My total creditable service time is 31 years and six months. Under VERA, I would be eligible for the special supplement. but because I’m already eligible to retire, I must retire that way. Would I still receive the special supplement? I won’t turn 60 until Oct. 17. A. Because you…
Q. I am 54 years old with 31 years of service. My wife is terminally ill and has only about two years left at best, and I want to retire. I know that I have qualified for my retirement annuity, but do I also qualify for the Social Security supplement bridge pay? Also, I am 18 months from my 56th birthday. Am I subject to the early retirement penalty? If so, how much? A. Unfortunately, you aren’t qualified for a retirement annuity. To qualify, you’d need to have reached your minimum retirement age. The only way you’d be able to…
Q. I have 23 years and 11 months in the Postal Service. I am going to be 60 on June 26. I have not been able to work since June 21, 2011, and have been on leave without pay. I applied for Social Security disability and was turned down. My assessment was inconclusive, leaving out the reason for my disability. So I have a lawyer who states I have and excellent case, which he says may not be resolved until the beginning of 2013. About a month ago, I put in for early retirement due to financial hardship. Later, I…
Q. I am a FERS employee with 26 years, four months service. I am 51 years, two months old. My place of work is experiencing a restructure/reorganization and is offering VERA/VSIP. Will I be able to get the special retirement supplement when I am at the minimum retirement age? I have a Thrift Savings Plan account and was looking at a lump sum from that. A. Yes, you will be eligible to receive the special retirement supplement when you reach your MRA.
Q. I am a postal worker who started my 25th year of service in May. I am buying back my military time of six years and will have it paid at the end of this year. I will be 49 this year. Since my minimum retirement age is 56, is there any chance of receiving the Social Security supplement between 50 and 55 if I retired under a Voluntary Early Retirement Authority? Must I be 56 regardless of the number of years of service to receive it? When I pay off my military time later this year, how is the…
Q. What is the minimum submission time for FERS retirement, and what defines retirement application? I currently meet the full FERS retirement criteria (minimum retirement age and 30+ years of service, including 10.5 years military redeposit paid and documented). I plan on retiring in January 2014. My plan is to submit the application in about July or August 2013. However, Congress is considering various FERS retirement changes, one of which is canceling the special retirement supplement. According to the House version, anyone retiring after Dec. 31, 2012, would not get SRS, whereas the Senate version would apply only to new…
Q. I am 51 with 28 years in FERS. I have been offered Voluntary Early Retirement Authority. Will I receive the Social Security supplement if I retire under VERA? A. Yes, but only when you reach you minimum retirement age, which in your case would be 56.
Q. I am a 54-year old retired federal law enforcement officer, currently re-employed as an annuitant in a federal position with a waiver of the reduction of pay for my pension. The term of the position is nearing expiration and I am considering federal re-employment in another position that does not provide a waiver of the reduction in pay for my pension. I know that my pay will be reduced by my basic FERS annuity payment, but will it also be reduced by my FERS supplement amount? I have two years until I reach minimum retirement age, when my supplement…