A news and educational resource pooling excerpts from various news and information sources from the web for the Federal Retiree.
Article Excerpt: "...“I'm sure they can fill some of those jobs, there's no doubt about it, the question is: are they going to fill most of them, are they going to fill half of them? And I don't know,“ Fried said. “The fewer they fill, those are -- could be -- potential lost jobs to the economy.”..."
Article Excerpt: "...These super-pensions are far more common for retired lawmakers than federal employees...."
Article Excerpt: "...Leaders from local unions and Nashville’s black community on Thursday pressed U.S. Rep. Jim Cooper to protect federal retirement benefits amid looming talks about dealing with the country’s debt...."
Article Excerpt: "...You wouldn’t expect the “Middle Class Tax Relief and Job Creation Act of 2012” to affect federal employee retirement benefits, would you? But it does. In fact..."
Article Excerpt: "...Altobello worries his sons -- and younger employees -- will never see a nickel from Social Security. After 72 years on the job, the federal retirement program must change, though no one can be sure exactly how to make it rock solid...."
Article Excerpt: "...You've got a 1.7 percent cost-of-living adjustment coming in 2013 if you're one of the country's 56 million Social Security beneficiaries - about $21 more a month if you're receiving the average benefit of $1,236, the Social Security Administration announced Tuesday...."
Article Excerpt: "...The federal government’s long-awaited retirement wave is here, and it’s smacking headlong into the biggest hiring slowdown in a decade. And it’s not just retirements. Overall attrition shot up..."
Article Excerpt: "...To qualify for early retirement, employees must have at least 20 years of service and be 50 years of age or must have 25 years of service at any age. (For employees in the Civil Service Retirement System, the annuity is reduced 2 percent for each year workers are under age 55.) Eligibility will be based on a Jan. 31, 2013, effective date. Eligible employees who do not qualify for regular or early retirement but wish to receive the incentive may resign. ..."
Article Excerpt: "...Social Security won’t cover the majority of the 80% of the pre-retirement income that serves as a general guideline to maintain your current lifestyle in retirement. Still, there are ways..."
Article Excerpt: "...Many retired federal employees, already drawing annuity payments, decide at some point to return to work. And although agencies have the authority to waive a requirement to deduct the annuity amount from the salary, few are taking advantage of it, according a report the Government Accountability Office submitted to two congressional committees. FCW..."
Article Excerpt: "...The Congressional Budget Office is sticking with its projection of a 1.3 percent cost-of-living adjustment on Dec. 1 in military and civilian retired pay and Social Security...."
Article Excerpt: "...Seniors have provided a healthy constituency for Republicans, with promises of low taxes and conservative views on many social issues, but the Romney-Ryan approach to Medicare has drawn sharp divisions. Polls indicate that most Americans want to keep Medicare as is...."
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Article Excerpt: "...perplexed about when to begin drawing money from my TSP, but I know that I will have to begin withdrawals by age 70½...."
If you transfer to FERS and you have at least 1 calendar year (January 1 to December 31) of FERS service when you retire, you will be eligible for the Special Retirement Supplement. The special retirement supplement (also known as the FERS supplement) is unique to FERS. It substitutes for the Social Security part of your total FERS benefit until age 62, when most people become eligible for Social Security. The purpose of the supplement is to provide a level of income before age 62 similar to what you will receive at age 62 as part of a Social Security benefit. The supplement stops at age 62 even if you are not eligible for Social Security. Like Social Security benefits, the supplement is subject to an earnings test, which means the supplement is reduced if your income from earnings or self-employment is higher than an allowable amount.
Eligibility Requirements
In addition to at least 1 full calendar year of FERS service, you must retire on an immediate annuity (that is, one that begins within 1 month of separation) under one of the following provisions to be eligible for the Special Retirement Supplement:
after 30 years of service at or after your MRA (minimum retirement age); or
after 20 years of service at or after age 60; or
under one of the special provisions for law enforcement officers, firefighters, air traffic controllers, or military reserve technicians; or
under discontinued service retirement or early retirement (that is, a major RIF, reorganization, or transfer of function) provisions. However, if you retire on a discontinued service or an early retirement, you will have to wait until you reach your MRA before you can begin to receive the supplement.
Individuals who retire on disability or under the MRA + 10 retirement provision cannot receive the supplement.
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Common Questions and Answers on the FERS Supplement
I am now covered by full CSRS, but I plan to transfer to FERS during the open season and retire in March 1999. Will I be eligible for the Special Retirement Supplement?
No. In order to be eligible for the Special Retirement Supplement, you must have at least one full calendar year (January 1 - December 31) of service subject to FERS computation rules.
I have three years of CSRS Offset service. Will my Offset service be creditable toward a supplement?
Yes. All CSRS Offset and FERS service are used in computing the special retirement supplement.
I am transferring to FERS with 20 years of service. I plan to retire in 2000 when I reach age 60. Will I get the Special Retirement Supplement?
Yes. You will have met the age and service requirements for an immediate unreduced annuity - in this case, age 60 with 20 years of service. You also will have one full calendar year under FERS - 1999. Remember, however, that the Special Retirement Supplement is subject to an earnings offset, and if you earn too much after you retire, your Supplement may be reduced to zero.
I am a 46-year-old law enforcement officer with 23 years of law enforcement service. If I transfer to FERS now and retire in 2 years when I have 25 years of service, will I be eligible for the Special Retirement Supplement as soon as I retire?
Yes. You will have met the age and service requirements for immediate unreduced retirement as a law enforcement officer. You will also have 1 calendar year of service under FERS. Since you qualify for benefits under the special provisions for law enforcement officers, it is not necessary for you to meet the minimum retirement age applicable to other types of immediate retirement in order to be eligible for the Supplement. In addition, the Supplement will not be reduced by any outside earnings until you reach the minimum retirement age.
I am 53 years old with 12 years of service. I want to transfer to FERS so I can retire under the MRA + 10 provision when I reach age 55. I understand that my annuity will be reduced because of my age. Will I be eligible for the Special Retirement Supplement?
No. To be eligible for a Special Retirement Supplement, you must retire under a provision of the FERS law that does not require reduction for age.
I am 53 years old with 18 years of service. I understand that I can retire under FERS at age 55, when I will have 20 years of service. I also understand that if I postpone the start-up of my annuity until I reach age 60, there will be no reduction in my annuity. Will I also be eligible for a Special Retirement Supplement if I postpone starting up my annuity?
No. You would not be eligible for the Special Retirement Supplement in either case. Postponing the start of your annuity will not change the provision of law under which you retired (the MRA + 10 provision). You must meet the minimum age requirement for an unreduced annuity at the time you retire to qualify for the Supplement.
Does the Special Supplement approximate the amount of Social Security I will get at age 62?
No. The Special Supplement approximates the portion of an estimated Social Security benefit that you would earn during civilian service that is creditable toward the FERS portion of your annuity. Since the formula for the Special Supplement assumes a working life of 40 years, each year of FERS service is worth one-fortieth of the estimated Social Security benefit.