Q. Do you receive your special retirement supplement in your first check after retirement? I am retiring with my minimum retirement age and 31 years of service? A. No, you won’t receive the special retirement supplement until your annuity is finalized. Then you’ll receive a retroactive payment for the SRS you should have received and any additional annuity that you are owed for the time you were receiving interim pay.
Browsing: special retirement supplement
Q. I am eligible for retirement March 21 as a law enforcement officer under FERS. I will have 20 years of law enforcement experience and am age 56. Because I turn 57 in October (seven months later), I will be forced to retire Oct. 31. Aside from the extra approximately $8.56 per month I will get in my annuity for each month I stay after March and the benefit of having a full salaried job for seven more months, is there any advantage to me retiring under mandatory retirement age versus voluntary? The combination of my projected annuity and special…
Q. I am planning to retire this year at age 60 with 29.7 years of service under FERS. I understand that I will receive the annuity plus special retirement supplement. However, as a widow, I am also allowed to receive my husband’s Social Security payment at age 60. Does this reduce the special retirement supplement? Also, does the special retirement supplement act as earned income under the Social Security earnings test? Finally, does the check you receive after you retire for annual leave count as earned income under the Social Security earnings test? A. Only earnings from wages and self-employment…
Q. I’m planning on retiring Sept. 1 at age 56 with 25 years and 30 days in the Postal Service. I haven’t been offered early retirement. Will I be eligible for the special retirement supplement? A. Because you’ll be retiring under the MRA+10 provision, your annuity will be reduced by 5 percent for every year you are under age 60. Further, you won’t be eligible for the special retirement supplement.
Q. On Sept. 2, I will be eligible to retire (age 56 with 30 years of service) under FERS. I plan to retire in September 2014 and would like to know if I will receive/be eligible for the special retirement supplement. When using the Employee Benefit Information System to calculate my benefits and after annotating my salary history, I am not provided an estimate on the special retirement supplement. A. Yes, you would be eligible for the special retirement supplement. To estimate what that would be, use the following formula: Multiply your estimated Social Security benefit by your total years…
Q. I am 42 with 21 years of 6C FERS retirement service. I have been offered a non-6C position. If I take this position, can I still retire at 46 with 25 years’ total service and with all of the 6C retirements perks, such as the Social Security special retirement supplement? I have heard that if I leave 6C, I would then have to work until age 50 and might lose some of the 6C retirement benefits. A.If you stay in a covered position, you can retire when you have 25 years of service. If you leave for a noncovered…
Q. I have 30-plus years total; 11 years and nine months of that is military time I bought back. The rest of it is in the USPS. I will be 52 and am being offered early retirement. When I reach my MRA, will I be eligible for the special retirement supplement? A. While you’ll be eligible for the special retirement supplement when you reach your MRA, it will be based solely on your years of actual FERS employment. Active-duty service for which you’ve made a deposit will not be included in that computation.
Q. I am 52 and have been with the Postal Service for 24 years. Will I be able to collect the special retirement supplement at 52, taking the early retirement, or will I have to wait until a certain age? A. You’ll have to wait for the special retirement supplement until you reach your MRA (minimum retirement age), which is 56.
Q. I plan to retire from the Postal Service at the end of February, when I reach my minimum retirement age of 56. I will have 21½ years of service and will be retiring under the MRA+10 provision. I plan to start taking my annuity payments at that time. Will I also be entitled to the special retirement supplement? A. No one who retires under the MRA+10 provision is eligible for the special retirement supplement. You also need to be aware that when you retire, your annuity will be reduced by 5 percent for every year (5/12 percent per month)…
Q. I am 50 with 28 years of service. I work for the Postal Service under FERS. I make $53,000 per year. Can you tell me how much I would get if I retire on disability? Will that affect my supplement amount if I retire before minimum retirement age? A. First things first. If you apply for FERS disability retirement, you must also apply for Social Security disability benefits. If you don’t, the Office of Personnel Management won’t process your application. If approved for FERS disability retirement, for the first 12 months, you’d receive an annuity that equaled 60 percent of your…