11:10 am, April 1, 2015

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  • FERS Supplement
    Vern H.
    I retired early under a Discontinued Service retirement, and now that I've reached my MRA I'm eligible for the FERS Supplement. The Supplement should be paid this coming month. I've been trying for about 4 months to get an estimate of what it will be, with no luck. Apparently someone with an abacus has to figure it out (I think OPM needs funding for new computers). I've also been trying to find out how they figure it so I can check it, also with no luck. They will tell me the "general" process for computing but not specifics. Hopefully it will show up as promised.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Retiring Someday
    PinataBoy
    The last sentence, in the next to last bullet, mentions the 59 year old should wait until age 60, where earlier it mentions age 62. Shouldn't it be 62?
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • FERS Annuity Supplement
    stargazer0824
    I believe there is an error in the statement in the fifth bullet "...only retirees with 30 years of civil service (not civil service and military service combined) are eligible for the supplement." Specifically, if you pay back your years of military service (called a "military service deposit"), you are eligible to count your years of miltary service toward civilian retirement, wholly in your basic annuity calculation. However, under the these conditions, in calculating years of service for the annuity supplement (the social security equivalent), they do prorate your payment against an assumed 40 years of service; and in this calculation they will only credit your years of actual civilian service. So in my case for example, when I pay back my seven years of miltary service via the miltary service deposit, I get to add those seven years onto my twenty eight years as a civilian. So my basic annuity (once I reach retirement age this year) will use thirty-six years to calculate my basic annuity, while the supplemental annuity calculation will use 28/40ths of what I would be eligible for under social security at age 62. This information is based on official estimates provided to me last year (called the FERS Benefit Estimate Report). Nevertheless, I'm checking with the HR folks just to be sure...
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • FERS Annuity Supplement
    stargazer0824
    Just to correct an apparent error in my last comments - 7 years plus 28 years did not include credit for sick leave and other rounding off numbers, which is how I got to 36 years as a total.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Retiring Someday?
    vetdude
    Working for the last 43 years was the easy part. Planning for retirement within the next year and understanding all things that need to be considered is the hard part. And people think their jobs are stressful?
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Learn your benefits
    contrarian
    It's amazing how many Feds don't understand their own system. Thanks Mike and guests for the information. For example, I knew I could roll over my TSP into an IRA, and will likely do that, but I forgot that you can't withdraw from IRA until 59.5 without early withdrawal penalty, while TSP withdrawals can avoid penalty if you are drawing an annuity. I'm still working on my plan, and it depends on what the Triumvirate does to me. Remember it takes House, Senate and White House to create a sequester mess.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }