The FERS annuity supplement is commonly believed to be linked to the Social Security Administration (SSA), even to the point where some believe the benefit is actually administered by SSA rather than the Office of Personnel Management (OPM), but this is not the case.
Reports have been in the news about OPM’s poor performance regarding processing annuity payments for new retirees. What is the real cause of this problem?
Married employees considering retirement have choices regarding the survivor annuity. Do they want/need it? If they do opt for the survivor annuity, how much do they want it to be? How much will it cost?
Employees and retirees live in the same environments and are subject to the same increases in the cost of living, but the general, annual raise they get is different. The author outlines sample annual raises for three hypothetical employees.
Many FedSmith readers have commented on the excessive time it takes OPM to process the paperwork for full annuity payments. It is likely to get worse instead of better. Here’s why.
The author walks the reader through some examples to illustrate that the CSRS retirement system may not be better than the FERS retirement system, despite popular belief to the contrary.
When are you planning to retire? There are situations where your timing in selecting a retirement date can make a difference in your retirement income.
There is a great deal of interest in the high-5 calculation for federal retirement. Is it really going to happen? When will it take effect? How will it work? Is there some way I can estimate “right now” how much difference it will make?
For most of the 25 years or so of the existence of the Federal Employees Retirement System (FERS), if a FERS employee resigned and accepted a refund of his pension contributions, it was final and absolute. That is, if the employee returned to Federal service, and wanted to repay the refund, the answer was “no.” The time was lost forever. About two years ago, this changed.
The only thing 100% clear about the FERS annuity supplement is that it ends at age 62.