Re: FERS RETIREMENT

I believe during an early out, you are entitled to the annuity under FERS without penalty. However, there is an unadvertised penalty, the cost of living increase does not kick in until the age of 62. I think you would also be entitled to the Social Security Supplement in an early out although not positive. You may have to have 30 years in and under the age of 62 to get the Social Security Supplement.

Re: FERS RETIREMENT

Yes - at age 57 with 20 years of service you could go out on an early out and receive the supplement, as you are older than your MRA.

COLA doesn't kick in until 62, though.

Re: FERS RETIREMENT

I was born in 1951 and retired at 55 years 8 months. I have medical insurance with my husband, and my retirement check that I receive every month is $502.10. People I know who can't wait for full retirement are finding it easy to go out on medical disability -- you have to go a period without any pay, but when you receive disability, you get back pay. Just be sure you have cancelled all choice leave, as the last date on payroll will go back to annual received, not to last date on job. No one would talk to be either about retirement and choices I was available to make. I have friends that management will assist, even in disability paperwork --

Re: FERS

I'm as confused as Mr./Ms. USDA. Even though this article doesn't pertain to me (I'm CSRS), at age 51 with 31 years/5 months federal service, I'm being told I can't retire until I'm 57, not 55. What is the "magic formula" for everybody (FERS & CSRS) nowadays?

Re: FERS

For CSRS/VA: Who's telling you you can't retire until age 57?

Under CSRS you can retire at 55 with 30 years of service, at 60 with 20 years of service, or at 62 with 5 years of service (or earlier for air traffic controllers, law enforcement & firefighters).

See OPM's FAQ here: http://www.opm.gov/retire/html/faqs/faq11.asp#csrs

Re: FERS

Federal employee, USDA - you can go at age 56 with 33 years of service and face no reduction in your pension.

"Another Fed" is right on target with CSRS criteria - and thanks for the link.

Re: FERS

Thanks for the clarification, John. That's exactly what I wanted to hear. Yippee!

Re: FERS

Another question, John. I began my federal career under CSRS; however, had three breaks in service, and returned under FERS. Does the combination of CSRS/FERS have any affect on my retirement. I did withdraw my CSRS money and did not pay it back. Lastly, five years of my career were in a "temporary" position. Would that affect my service comp date or retirement?

Re: FERS

Sorry, but the answer is "it depends". I need to know more to answer the question(s). Rather than have a lengthy discussion in this forum, you can email me at info@federalcareerexperts.com

Re: FERS

MRA +10 means minimum retirement age plus 10 years of credable service. However if choosing this option be careful, be very careful. FERS takes a heavier hit for early retirement. You will loose 5% for every year under age 62.
Since the pension for FERS is already much smaller, and the COLA is 1% less, 5% for each year could mean you will out live your retirement assests.

Re: FERS

You can retire at 56 with a full pension since you will have 34 years under either of FERS or CSRS. No problem there.

Re: MRA+10

It won't have any effect on your pension. You're eligible now at age 66 with 6 years of service.

Re: Retirement Age

Legal Assistant for the Dept. of Justice? OMG, we are in so much trouble. Re-read the article.

Re: Retirement Age

As the second paragraph says, "MRA is a concept that was introduced with the advent of the FERS system and DOES NOT APPLY TO CSRS EMPLOYEES."

If you're CSRS, you'll be eligible to retire with 30 years of service at age 55.

Re: Retirement Age

You're CSRS - the MRA+10 does not apply to you. If you have your 30 years, you can walk out the door at age 55.

Re: Postponing retirement when short on age not years

Yes, you could postpone receiving your MRA+10 until age 60. No, you would not be entitled to the supplement at that time.

Re: FEHB Benefits Suspended or Lost?

Lost.

Re: FEHB Benefits Suspended or Lost?

According to the article, he will lose the FEHB during the time that his annuity is not being drawn but can have it re-instated when he begins drawing the annuity at age 62.

Re: my age now and time

I'm assuming you're FERS, as you have only 15 years of service. You can retire on MRA+10 as described in the article.

Re: my age now and time

I believe that you should talk to someone in Human Resources/Personnel to run the numbers. There is a 5% penalty for each year under 30 AND 5% for each year under 62 (unless you are at least age 60 with at least 20 years of service and then there is no penalty). Check it out.

Re: my age now and time

I agree that HR should run the numbers. However, I've never heard of a 5% penalty for each year under 30 years of service.

Re: my age now and time

This is for the USDA Analyst, I am being told due to cut backs the Air Force no longer has anyone in Human Resources or Personnel to run the numbers for us. We are being told to do it ourselves or pay some one to do it for us.