Browsing: COLA

Q. I am a FERS retiree. My effective retirement date is Nov. 1, 2010. I turned 62 in April 2016, which means I won’t be getting my separate annuity equal to a portion of my Social Security. When I retired in 2010, I was told that when I turned 62 I would get my COLAs adjusted so that my retirement pay will be adjusted up with all FERS COLAs since 2010. Can you tell me if this is correct?

Q. I will be moving from a lower Cost of Living Allowance (COLA) area to a higher COLA area (a difference of 6 percent). The first two years of my high-3 is at the lower COLA and the last year will be at the higher COLA rate. I am 62, in FERS and have a year of unused sick leave. How will the sick leave affect my high-3 year average for retirement purposes? Will it be used to increase my high-3 year average or not?

With bills being introduced on the Hill to eliminate the special retirement supplement (SRS) for future Federal Employees Retirement System (FERS) retirees, I thought it would be a good idea to explain what the special retirement supplement (SRS) is, why it is, and how the amount is figured. What is the SRS and why is it provided? The SRS approximates the Social Security benefit you earned while a FERS employee. It’s designed to bridge the gap between the time you retire and age 62, when you’ll be eligible for a Social Security benefit. Notice the words “bridge the gap”? The…

Q. I am a Civil Service Retirement System/Federal Employees Retirement System retiree that left the government after 30 years. I switched to FERS in 1987. At age 62, I had 21 years of substantial earnings under social security. I began receiving social security benefits at 65. By age 62, I had 7 years of substantial earnings in the private sector. Most of these years are maximum earnings. Will my social security benefits be increased? In total I now have 27 years of substantial earnings and will be 69 in October.

Q. I am a rehired annuitant working at the CDC. I completely understand why CDC offsets my salary by the amount of my OPM annuity. Each year, OPM and CDC provide me with a small COLA increase of around 1 to 2 percent. In January each year, when CDC becomes aware of the small increase in my annuity, they offset it in my salary so that, in effect, I lose my OPM COLA. So, over the years, my total compensation gradually loses ground. I can see why my CDC salary needs to be offset, but why do I have to…

Q. I am 56 and trying to decide whether to retire. I have 30 years of service. I am under the FERS retirement system. I was told if I retire my FERS retirement annuity will not receive COLAs or increase until I am 62. Is this true? I know the FERS supplement does not receive COLAs. I was expecting to receive COLAs, otherwise I will continue to work until 62. FERS retirement is not looking so good afterall.

Q. As a CSRS offset employee, I am aware that the CSRS benefit will be reduced at age 62. If I choose not to claim Social Security benefits at age 62 and wait until my full retirement age of 66, will my SS benefit increase as it would under standard SS practices?

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