Showing posts with label FERS. Show all posts
Showing posts with label FERS. Show all posts

Monday, September 12, 2022

With FERS Annuity Indexed for Inflation, Fed Retirees Faring Better

With FERS Annuity Indexed for Inflation, Fed Retirees Faring Better

Snippet of Article: "The FERS cost-of-living-adjustment (COLA) is adjusted based on the change in the Consumer Price Index (CPI) from the third quarter of one year to the third quarter of the next. Social Security announces the COLA amount in mid-October, and it is not out of the realm of possibility that the CPI could be up 9% from where it was at the end of September in 2021. The FERS COLA trails the CPI by 1% in years when inflation is 3% or higher, so FERS retirees are likely to get a COLA of 8% or more. The Social Security COLA fully tracks the CPI. FERS retirees will have three major sources of income: 1) their FERS annuity; 2) Social Security; and 3) the Thrift Savings plan. Two of these three sources are adjusted for inflation. ..."

Source: www.fedweek.com

FERS, COLA (FERS),

Monday, November 16, 2020

Assessing when you can afford to retire under the Federal Employees Retirement System

Assessing when you can afford to retire under the Federal Employees Retirement System

Snippet of Article: "... Suppose John will have 30 years of service this year, including six years of military service (for which he has paid a deposit) and 24 years under FERS. He's 59, so he's past the FERS minimum retirement age. If he retires with 30 years of service, his FERS basic retirement will provide 30 percent of his high-three average salary. He's been at the GS 13-10 level for the past three years. His current salary is $113,007. His retirement will be computed as: 30% x $108,027 (high-three average) = $3...Wait to retire at 62. Then his FERS benefit will be computed at 1.1 percent for every year of service, instead of 1 percent, a 10 percent increase..."

Source: www.govexec.com

Sunday, July 28, 2019

Federal, military, social security retirees inching toward 2020 COLA

Federal, military, social security retirees inching toward 2020 COLA

Snippet of Article: "...For most retirees, the COLA is a big deal. For some it is financially critical. Health insurance premiums paid by most federal, postal and military retirees are almost certain to go up next year. The new premiums will be made public in November and retirees will have the option to switch to less expensive, but in many cases equally good, plans. But the fact is most don’t. Only a small percentage of workers or retirees change plans each open season. Even though experts say 30% or more should. For retirees the picture is grim. While many should be in less expensive HMOs or the standard option of a plan with multiple choices, most avoid HMOs. Many, if not most, are still in the high option of the plan they were in when they retired, even though its premiums — because it is top-heavy with older, sicker customers — have gone through the roof..."

Source: federalnewsnetwork.com

2020 COLA, FERS, CSRS, federal health insurance,

Tuesday, March 12, 2019

Trump 2020 budget targets feds’ health and retirement benefits

Trump 2020 budget targets feds’ health and retirement benefits

Snippet of Article: "...The budget would also eliminate the Special Retirement Supplement, which provides additional funds for those employees that retire before age 62, when Social Security kicks in. This is especially relevant for positions like law enforcement personnel, who have a mandatory retirement age that is earlier than 62. The plan would also reduce the interest rate on the Thrift Savings Plan’s G Fund..."

Source: www.federaltimes.com

Special Retirement Supplement (SRS), FERS, Attack on the Working Class, G Fund Interest Rate, TSP, Trump (2020 Budget Proposals), Destruction of Federal Employee Retirement,

Monday, November 12, 2018

How do i get the 1.1% instead of 1% for the FERS Basic Annuity Formula Computation?

How do i get the 1.1% instead of 1% for the FERS Basic Annuity Formula Computation?

The following explains the 1.1% vs 1% FERS Basic Annuity Formula Computation (opm.gov):

  • Under Age 62 at Separation for Retirement, OR Age 62 or Older With Less Than 20 Years of Service Formula: 1 percent of your high-3 average salary for each year of service
  • Age 62 or Older at Separation With 20 or More Years of Service Formula: 1.1 percent of your high-3 average salary for each year of service
  • Source: www.opm.gov

    1% vs 1.1% FERS Basic Annuity Formula, FERS Basic Annuity Formula Computation,

    Monday, August 7, 2017

    House Recesses without Deciding on Proposed Retirement Benefit Cuts

    House Recesses without Deciding on Proposed Retirement Benefit Cuts

    Snippet of Article: "...suggested achieving that goal by increasing required contributions toward retirement benefits and eliminating the “special retirement supplement” paid to those under FERS who retire before age 62 and until that age when they can draw Social Security benefits..."

    Source: www.fedweek.com

    Federal Retirement,

    Saturday, July 18, 2015

    What is a Minimum Retirement Age (MRA) plus 10 annuity under the Federal Employees Retirement System (FERS)?

    Article Title: What is a Minimum Retirement Age (MRA) plus 10 annuity under the Federal Employees Retirement System (FERS)?

    Snippet of Article: "...This is a provision that allows you to retire with benefits beginning immediately if you have ten years of service and have reached the Minimum Retirement Age..."

    Source: www.opm.gov

    Monday, June 27, 2011

    How about a five percent pay cut?

    Article Title: Unions urge administration to protect FERS pensions

    Snippet of Article: "...an increase in employee contributions represents a selective rise in payroll tax that could exceed 5 percent of employees' income. ..."

    Source: www.govexec.com

    Tuesday, March 23, 2010

    Busted: Fraudulently collecting federal employee retirement benefits

    Article Title: West Frankfort sentenced for fraudulently collecting retirement benefits


    Snippet of Article: "...18 months in prison Monday, the judge also ordered her to repay more than $240,000 to the federal Civil Service Retirement System.
    ..."


    Source: www.fox2now.com

    Wednesday, July 8, 2009

    Federal Employees Retirement Calculator


    Article Title: Federal Employees Retirement Calculator
    Snippet from Article: "...get a rough estimate of the Federal annuity you would be entitled to on the day of your retirement. Please note: this calculator is an estimate and should not be used as an exact calculation of your retirement benefits. For a more detailed and more precise estimate, please contact your agency's personnel office...Calculate the basic annuity for employees in the FERS, CSRS, or CSRS-offset retirement system, including credit for sick leave if applicable... ."
    Source: usgs.gov

    [tag]Federal,Government,Military,Retiree, [/tag]

    Wednesday, January 7, 2009

    TSP Tip

    A Simple Change to Your TSP Contributions Could Save You Money


    Article Title: A Simple Change to Your TSP Contributions Could Save You Money
    Snippet from Article: "...federal employees under the FERS system should be careful when adjusting their Thrift Savings Plan (TSP) contributions each year...."
    Source: www.fedsmith.com

    [tag]Federal,Government,Military,Retiree, [/tag]