News for the federal worker and those interested in official news of the federal government, federal civilian service employees and civil servants. Various federal news articles with reference citations.
Snippet of Article: "...If you leave Federal service for more than 30 days, you may request and receive a refund of the retirement contributions you have paid into the FERS retirement system. When you receive this refund the period of service represented by the refund is now called Redeposit Service. ..."
Source: www.cbp.govSnippet of Article: "... data represents the total Civil Service Retirement System (CSRS) and Federal Employees Retirement System (FERS) Annuitants added to the Annuity Roll Processing System (ARPS) from Fiscal Year 2000 to Fiscal Year 2022. These numbers include all employees whose retirement was processed as of September 30. ..."
Source: www.opm.govSnippet 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.comSnippet 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.comSnippet 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.comSnippet 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.comThe following explains the 1.1% vs 1% FERS Basic Annuity Formula Computation (opm.gov):
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.comSnippet 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.govSnippet 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.comSnippet 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.
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