Every year various agencies update numbers (generally dollar
amounts) for benefits that will impact federal employees and retirees. Not every agency has issued all their 2011
updates, but many of them have. Here are
some of them. Many of them represent no
change from last year. Here is financial information that will be useful to those in the federal community.
- Maximum taxable earnings for Social Security – $106,800
- Quarter of coverage (credit) under Social Security – $1,120
- Earnings test for under full retirement age for Social
Security and FERS Special Retirement – $14,160 - Earnings test for full retirement age for Social Security –
$37,680 - Medicare Part A deductible – $1,132
- Medicare Part A co-pay for 61 to 90 days – $283
- Medicare Part A co-pay for lifetime reserve days (60) – $566
- Medicare Part B deductible – $162
Medicare Part B premiums:
|
Single Filing Status |
Joint Filing Status |
You Pay |
|
$85,000 or less and receiving SS benefits in 2009 |
$170,000 or less and receiving SS benefits in 2009 |
$96.40 |
|
$85,000 or less and receiving SS benefits in 2010 but not |
$170,000 or less and receiving SS benefits in 2010 but not |
$110.50 |
|
$85,000 or less and not receiving SS benefits in either 2009 or 2010 |
$170,000 or less and not receiving SS benefits in either |
$115.40 |
|
$85,001 to $107,000 |
$170,001 to $214,000 |
$161.50 |
|
$107,001 to $160,000 |
$214,001 to $320,000 |
$230.70 |
|
$160,001 to $214,000 |
$320,001 to $428,000 |
$299.90 |
|
Above $214,000 |
Above $428,000 |
$369.10 |
- Interest rate for civilian deposits and re-deposits for CSRS
and FERS (calendar year 2011) – 2.75% - Interest rate for military deposits for CSRS and FERS
(fiscal year 2011) – 2.844%
Phase out on deductibility of contributions to a Traditional
IRA (applies to those covered by a retirement plan at work):
|
Single Filing Status |
Joint Filing Status with Spouse Also Belonging to a |
Joint Filing Status with Spouse Not Belonging to a |
|
Fully deductible below $56,000 |
Fully deductible below $90,000 |
Fully deductible below $169,000 |
|
Partially deductible between $56,000 and $66,000 |
Partially deductible between $90,000 and $110,000 |
Partially deductible between $169,000 and $179,000 |
|
Not deductible over $66,000 |
Not deductible over $110,000 |
Not deductible over $179,000 |
Phase out on ability to contribute to a Roth IRA:
|
Single Filing Status |
Joint Filing Status |
|
Full contribution below $107,000 |
Full contribution below $169,000 |
|
Partial contribution between $107,000 and $122,000 |
Partial contribution between $169,000 and $179,000 |
|
No contribution over $122,000 |
No contribution over $179,000 |
