Important to Plan Ahead for Retirement

"...With all the talk about sequestration, reduced budgets, and early-out and buyout offers, it would be surprising if even the youngest feds aren’t thinking ahead about retirement. If you are nearing eligibility to retire, there are things you can do to get ready. And the sooner you do them, the better off you’ll be when the moment arrives to leave...

Ideally, you should plan five years ahead. That’s because you have to be continuously enrolled in the Federal Employees Health Benefits Program (FEHBP) and the Federal Employees’ Group Life Insurance (FEGLI) program for five years before..."

Read more at FederalTimes.com

Federal Retirement Rates and Returns

"...In April, I wrote about a webinar I had conducted on the subject of long- and short-term planning for retirement. Following the webinar, participants posted hundreds of questions about topics I had covered. I decided that over the next two weeks, I’ll try to address some of them. So let’s get right to it..."

Read more at GovExec.com

How to Calculate Your SRS Benefit

"...some employees covered by the Federal Employees Retirement System are scratching their heads trying to calculate a unique feature of FERS: the special retirement supplement (SRS).

The SRS approximates the Social Security benefit you earned while covered by FERS. It’s intended to supplement the FERS annuity and bridge the gap between retirement and age 62, when you’ll be eligible to receive a Social Security benefit. It ends at age 62, whether or not you apply for a Social Security benefit..."

Read more at FederalTimes.com

Can You Count on Social Security?

"...I polled the class of federal employees -- all of whom were covered by Social Security under the Federal Employees Retirement System -- to find out how many of them were counting on the program to provide part of their retirement income. A majority of the class said they weren’t planning to rely on Social Security. Were they being realistic or pessimistic?

Here are some things that are important to understand about Social Security to have a realistic view of the role it will play in your retirement:..."

Read more at GovExec.com

CSRS, FERS, Social Security and Spouses

"...A Civil Service Retirement System employee is married to a worker covered by Social Security. The spouse either retired from military service, worked under the Federal Employees Retirement System or had a job in private industry..."

Read more at govexec.com

Applying for FERS Disability

"...I am a 58-year-old letter carrier covered under the Federal Employees Retirement System...I am considering submitting a CA-2 form for worker’s comp under the Federal Employees’ Compensation Act, applying for FERS disability and Social Security disability, or applying for early retirement."

Read more at federaltimes.com

FERS Annuity Supplement Misconception

"...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). This seems to be plausible, because..."

Read more at fedsmith.com

Direct deposit for federal benefit payments

"...Effective March 1, 2013, those receiving federal benefit payments, including Social Security, Supplemental Security Income (SSI), VA, Office of Personnel Management, Department of Labor (Black Lung), and Railroad Retirement Board benefit checks, must receive their payments electronically..."

Read more at nwitimes.com

FERS Fact Check

"...There are two other components of FERS retirement benefits to which employees contribute: Social Security and the Thrift Savings Plan, or the government's 401(k)-style program. FERS employees contribute 6.2 percent to Social Security and varying percentages to their TSP accounts..."

Read more at govexec.com

2012 Federal Employee COLA

"...Federal retirees will receive up to a 3.6 percent cost-of-living adjustment increase in 2012 -- the first boost since 2008...

Federal retirees under the Civil Service Retirement System as well as Social Security recipients will receive the full 3.6 percent COLA increase. Those in the Federal Employees Retirement System will receive a 2.6 percent bump in 2012. If the full..."

Read more at govexec.com