Q. I am a federal employee with 31 years of service. Civil Service Offset, with 10 years CSRS and 21 years in FERS. I plan to retire at age 59 1/2. Will there be any penalty? Will I be eligible for Social Security special retirement supplement? A. Because you have reached your minimum retirement age and have at least 30 years of service, there won’t be any reduction in your annuity. Further, you will receive the special retirement supplement.
Browsing: special retirement supplement
Q: On Feb. 11, 2011, a question was asked in regard to loss and reinstatement of the Special Retirement Supplement. Where can I find in writing the answer that once you fall back below Social Security max amount, the SRS amount lost will be reinstated? I could not find this information in chapter 51 of OPM CSRS/FERS handbook. A: What you are looking for is implicit in Part 51A3. A reduction is only made in the special retirement supplement when a FERS retiree’s earning from wages or self-employment exceed the Social Security annual earnings limit. When annual earnings no longer…
Q: If I retire under FERS at age 56 (MRA) and begin drawing an immediate annuity I understand that I am entitled to the FERS supplement until age 62 when Social Security kicks in. I also understand that it will be suspended if I earn above a certain amount. If I only worked for a couple of years (say, until I was 58) will the supplement be reinstated for the years I don’t earn too much and, if so, what is the process to get it reinstated? A: Once your earnings have fallen below the Social Security earnings limit, the…
Q: I am a 50-year-old air traffic controller. I am preparing to retire in the next month or two. Can you please tell me if my Social Security supplement is subject to the earnings test, between now and the time I turn 56? A: No, it isn’t. The Social Security earning test will only be applied when you reach your minimum retirement age (MRA).
Q: I am employed in a law enforcement position and will face mandatory retirement in two years at age 57. If I seek employment between the ages of 57 and 62, will my Special Retirement Supplement be reduced if I exceed the earnings limit? A: Yes.
Q: I am a Postal worker and will have my 30 years on 04/30/2013. I am under the FERS system & will be 57 years old if I retire then. Can you explain about “supplemental Social Security” or something that makes up the difference of what I would receive if I were 62 years old? A: The special retirement supplement is intended to bridge the gap between the date on which you retire and age 62, when you’ll first be eligible for a Social Security benefit. You can do a paper and pencil estimate of what that might be by using a simple formula.…
Q: I am a 57-year-old FERS annuitant who retired in 2010 with 33 years of service. I am considering going back to work part-time for my former agency (Dept of Energy) in a position that will allow me to receive both my annuity and the full salary of the new position. In addition to my FERS annuity, I am also receiving a special annuity supplement of about $12,000 per year. Normally, if I become employed and earn a salary I will lose $1 of the special annuity supplement for every $2 I earn over the IRS limit of about $14,100 per…
Q: I think I understand the special retirement supplement; I just would like to know how it is applied. Next year I plan on making about $26,000, which is well over the SRS limit. Will I have to pay all my SRS money back at the year or is my SRS just reduced the following year? A: Your special retirement supplement will be suspended until the amount you were overpaid is recovered. That will happen sooner if you are receiving wages than if you are self employed. In the latter case, the overpayment won’t be discovered until you report your…
Q: If a 56-year-old Federal Employees Retirement System employee with 22 years of creditable service is involuntarily separated under a discontinued service retirement and takes the immediate annuity, does the annuity reduction of 2 percent per year for every year under age 62 apply? Does the employee also immediately qualify for the FERS annuity supplement? A: If you take a discontinued service retirement, you won’t be penalized 5 percent (not 2 percent) for every year you are under age 62. Further, because you have reached your minimum retirement age, you will be eligible to receive the special retirement supplement.
Q: I am a federal law enforcement officer covered under FERS. When I retire, I will be eligible to receive the SRS payment. I understand that it will be subject to an earnings test once I reach age 57 (mandatory retirement). I also understand that at age 62 the supplement will end, as I will then be eligible for Social Security. My question is, if I continue to work once I retire from law enforcement and I make enough money annually to eliminate any SRS payment, is that money forfeited forever? Can I get back those “lost SRS payments” when…