Q. I’m 57 years old, started with the Postal Service in June 1987, bought back five years and nine months of military time. What would be the difference in benefits between retiring if a VERA is offered and retiring before a VERA is offered? Would I be penalized on my Thrift Savings Plan? Can I get the Social Security supplement? Would I be able to collect Social Security supplement either way? Reg Jones: There wouldn’t be any difference. Since you already have the right combination of age and years of service, you can retire whenever you want to. Voluntary Early…
Browsing: special retirement supplement
Q. I voluntarily retired in 2008 and did not receive a reduction in my retirement. I plan on applying for Social Security disability. If approved, will it affect my supplemental that I receive with my annuity? A. If you are approved for Social Security disability retirement, your special retirement supplement will be terminated.
Q. My agency (Interior/FWS) put out notice that it will be offering a Voluntary Early Retirement Authority to all employees beginning in January 2012 and ending in September 2013. My service computation date is Sept. 19, 1984. I have over 20 years in covered 6c (law enforcement) positions, and over 25 in federal service. I am 46 years old. Interior has told me they conferred with the Office of Personnel Management and I qualify based on the 25 years at any age for the VERA. However, they say I do not qualify for an enhanced annuity for law enforcement officers,…
Q. I am eligible to retire at age 57 with eight years of CSRS, followed by approximately 24½ years of FERS service. I had employment in the private sector prior to my Postal Service career. The last printout I received from Social Security indicates “at age 62, you will earn approximately $…” This figure includes those years in private sector. How do I accurately figure the special supplement figure that I can anticipate receiving, since that is based solely on FERS employment years? Also, I am trying to determine what income I will have for the months immediately following retirement. …
Q. My retirement eligibility service computation date is June 6, 1985. I’m under FERS and am 48 years old. I’d like to take the Voluntary Early Retirement Authority this year if offered. If I retire at 48 under VERA and I postpone my FERS annuity until age 56 (my normal minimum retirement age), will the annuity amount be the same as it would have been if I actually retired at 56 rather than 48, or is it reduced? Is this amount changed if I take the FERS annuity at 56 rather than 48? If I postpone FERS annuity, will the…
Q. Is the special retirement supplement treated as ordinary income or in the same manner and under the same rules as Social Security benefits? A. Ordinary income, because it’s paid out of the Civil Service Retirement and Disability Fund.
Q. I’m a DoD federal employee with three years of military service included in my FERS retirement. I know the three years count toward my pension calculation, but do they count toward the supplemental Social Security benefit? I’m eligible to retire in October and will be 56 with just over 30½ years of service including my military time. Will the supplement be calculated at 27½ years or 30½? A. Your special retirement supplement will be based solely on your period of FERS employment. Unless you made a deposit for your three years of military service, they won’t be included when…
Q. I retired (federal law enforcement) on Feb. 29 at the age of 55. My total law enforcement time was 20 years with an additional seven years of federal service. I am receiving a partial annuity until the Office of Personnel Management has the time to finish it, which may be six or seven months. I received a lump-sum payment upon my retirement for my annual leave. I would like to take a job as a reinstatement employee with federal service. Do I lose my entire annuity if I do this? I understand that retirement deductions will be held, but…
Q. I will retire under FERS and will be rehired by an agency as a rehired annuitant. Will I still receive my full supplement? A. If your earning from wages or self-employment exceed the annual Social Security earnings limit, your special retirement supplement will be reduced or eliminated. In 2012, the earnings limit is $14,640. If you exceed that limit, $1 in benefits will be deducted for every $2 in earnings.
Q. I currently work at a congressional commission that is considered part of the legislative branch. I have been here about 10 years and am 42. If I voluntarily leave this job for another, what are the retirement implications under the following scenarios: 1. Work in the private sector until 62 2. Work for the executive branch until 62 3. Work in the private sector for several years, then return to the legislative branch until 62 4. Work for the executive branch for several years, then return to the legislative branch until 62 5. What if, under all of the above,…