Q. If they offer the early retirement this year to postmasters I will have close to 26 years, but I will be just 48 years old in August. Will I be able to retire and get the Social Security Supplement also? A. If you accept an early retirement offer, you would be eligible for the special retirement when you reach your minimum retirement age. Since you were born between 1953 and 1964, your MRA would be 56.
Browsing: special retirement supplement
Q. I retired at age 55 in 2005 under the FERS system. I had switched from civil service to FERS back in 1997, so a portion of my postal pension is that FERS supplement until I reach age 62. However, subsequent to my retirement I am 100 percent disabled and receive Social Security Disability. My question now is, when I reach age 62, my FERS supplement will cease and I will not get any increase in my pension, since I am already getting disability. Is this true? Will my postal pension under the civil service portion increase any after reaching…
Q. At age 55, with 24 years and four month’s service under FERS, I accepted the U.S. Postal Service offer of Voluntary Early Retirement, effective Aug. 1, 2009, because of my eligibility to start receiving my OPM Special Retirement Supplement (SRS) upon reaching the minimum retirement age (MRA) in July 2010. Since retiring nine months ago I have received no information about my SRS from the USPS or OPM. In all of the vast amount of available information on the SRS, I have found no instructions on if, how to or to whom I must apply for it. Since I…
Q. If retiring under FERS under the age of 62, is one obligated to take the Special Retirement Supplement if you anticipate having another nongovernment job that will earn a relatively high salary? A. The Special Retirement Supplement is automatically added on to an earned annuity. I’m not aware of any way you could decline to receive it, not that I can think of any reason why you’d want to do so. All that happens if you exceed the Social Security earnings limit is that your SRS is reduced by $1 for every $2 you earn above the limit.
Q. Will my FERS supplement be taxable income? A. Yes
Q. I am a FERS retiree. I receive a special retirement supplement. Is this taxed? I have not gotten anything except my 1099R from the CSA. A. Although the special retirement supplement is designed to approximate the Social Security benefit you earned while employed under FERS, the money comes from the CSRS Retirement and Disability Fund. As such, it is taxed in the same way as the rest of your annuity. A portion of that total is nontaxable while the rest is taxable. To find out what the nontaxable portion will be, go to www.irs.gov/pubs/irs-pdf/p721.pdf and read the IRS’ Tax…
Q. My understanding is that the Supplemental Retirement Annuity (or payment) that FERS retirees may receive when they are eligible to retire before age 62 is subject to an earnings test. My question is what happens if you retire during the middle of the year — do the earnings for work during the year you retire, but before your retirement date, reduce your SRA, or is the earnings test applied only to the work performed after your retirement date? A. No, they don’t reduce it. They fall under the Social Security “first year” rule.
Q. I will be eligible to retire at age 60 with 20 years and five months in January 2012 as a FERS employee, because of Parkinson’s Disease that is slowly progressing and under my neurologist advice will prevent me from working any further. I would like to know how the Social Security Special Retirement Supplement (SRS) is calculated and if my military pension and purchasing a TSP annuity with a small partial withdrawal will have any effect on that supplement. Also, by doing so will it decrease the amount of Social Security when I reach age 62? A. You can…
Q. What happens to the special retirement supplement if I worked until age 62? … even though I am eligible to retire at age 56, with 31 years of service? Do I lose the SRS completely? It would total about $106,000 between ages 56-62. A. The only purpose of the special retirement supplement is to help a FERS retiree bridge the gap between his retirement and his eligibility for a Social Security benefit. It you work until age 62, you won’t get it or need it. Note: Even if you were to retire before age 62, began receiving the SRS, and had earnings…
Q: What is this Special Retirement Supplement check? I have been retired since 2002 from the Veterans Affairs Department and receive my retirement pay from the Civil Service Retirement System. A: There isn’t any check. The Special Retirement Supplement approximates the Social Security benefit earned by employees who were covered by the Federal Employees Retirement System and is included in their annuities. It’s intended to bridge the gap between the age at which they retire and age 62, when they become eligible for a Social Security benefit.