Q. I retired from the Postal Service with 27 years on Jan. 31. Due to a medical condition, I applied for Social Security disability in October and was approved in December for benefits to begin this month. I am 61 and will be 62 in August. Will I still be eligible to receive the special retirement supplement for seven months under FERS? If so, will it affect my disability payments? One is paid from the Office of Personnel Management and the other from Social Security. A. According to OPM, you will be eligible for the special retirement supplement even though…
Browsing: special retirement supplement
Q. I’m pretty certain if I retire with 30 years of service and at my minimum retirement age (which for me is almost 60 to have both), I will get the special retirement supplement until age 62. Is that correct? If I have reached my MRA (age 56) with 26 years of service and retire (I believe there is a 5 percent-per-year under-62 penalty; i.e., a lot). Under official early-out offers (Voluntary Early Retirement Authority; no penalty if at MRA, I believe), if at that time I were 57 (MRA is 56) and 27 years of service, might I get…
Q. I am going to be 53 this year. I have 32 years of federal service and would like to take the deferred retirement option. My minimum retirement age is 56. I understand I will not be entitled to special retirement supplement. My spouse retired under CSRS, and she carries our Federal Employees Health Benefits plan. When I reach my MRA, do I have to initiate the paperwork to start my FERS annuity? A. Yes, you would be eligible for a deferred annuity at age 56. Several months before you reach that age, download a copy of Standard Form 2801,…
Q. I took a Voluntary Early Retirement Authority in 2009 at age 52. If I turn 56 (my minimum retirement age) on April 19, will I receive the special retirement supplement starting on my May 1 check, or do I have to wait a full 30 days after I turn 56 to receive the supplement beginning with my June 1 check? A. If you reach your MRA on April 19, you wouldn’t receive the annuity supplement payment until the June 1 check (for May 1-30). That June 1 check would also include the annuity supplement due for the partial month…
Q. I retired after more than 30 years of service (FERS) and started receiving the special retirement supplement and my annuity as expected. I went to work and exceeded the earnings test so SRS went away. I will be out of my job shortly and would like to receive SRS again until I am eligible for full payments when I turn 62 in February 2014. I am assuming I can start this up again. Yes? What would the effective date be (date unemployed, one month later, etc.)? I also expect that if it starts again, it would not fall under…
Q. I am a FERS employee with 20 years service at age 59. If I retire now, will I be eligible for the special retirement supplement when I turn 60, or must I still be working to qualify? A. If you retired at age 59 with 20 years of service, you’d be doing so under the MRA+10 provision (minimum retirement age with 10 to 29 years of service). Not only would your annuity be reduced by 5 percent per year (5/12 percent per month) that you were under age 62, but you wouldn’t be entitled to the special retirement supplement.
Q. If I retire and receive the FERS supplement, will that money be subject to an offset if I have a job and earn income similar to Social Security? When receiving Social Security, does this limitation on earning income end when I become eligible for my full Social Security entitlement? In my case, I think it’s 67 because I was born in 1956. A. The special retirement supplement operates under the same rules as a Social Security benefit. It is subject to the Social Security earnings test. If you are under full retirement age, your SRS will be reduced by…
Q. I am a FERS employee, and I’m considering buying back my service time; I retired after 23 years in the Army. I am 49 and have five years of federal time as of 2013. Would it be in my best interests to buy back my military time toward federal retirement, and what would be the effects? A. Here’s the upside: If you make a deposit to get credit for your active-duty service, you’ll have 28 years of creditable service. If you retire at your minimum retirement age (56), you’ll have 35 years of service and your annuity will be…
Q. I am a GS-12 FERS eligible employee with five years of service and am 46. I receive a military retirement of $21,684 per year for 20 years of service and plan to work an additional 10 years until age 56, for a combined total of 40 years with (if) converted military retirement credit, which would be based solely on your actual years of FERS service. According to my calculations, a FERS retirement at 56 would provide $32,000 per year (40 years x .01 percent x $80,000), minus a 30 percent reduction of $9,600 due to the age penalty, leaving $22,400 yearly.…
Q. I’m a FERS employee with 23 years of service and I’ll reach my minimum retirement age in July. If a Voluntary Early Retirement Authority is offered and separation is required before July, do I forfeit the special retirement supplement, or is it just delayed until I reach MRA? A. FERS employees who accept a VERA before they reach their minimum retirement age will begin receiving it when they reach their MRA.