A Little Extra Under FERS

A Little Extra Under FERS

Almost half of all employees who retire under the Federal Employees Retirement System are entitled to receive the FERS Supplement. The supplement is a temporary boost to the basic retirement benefit designed to take the place of the Social Security tier of FERS when an employee retires at an age younger than 62. Those who retire under the Voluntary Early Retirement Authority option also are entitled to the FERS supplement when they reach the FERS minimum retirement age of 55 to 57, depending on their year of birth.

In 2011, a total of 37,839 employees retired under FERS. Of those, 18,490 were not eligible to receive the supplement, since they were retiring at 62 or later — or on a disability retirement or an immediate or postponed “MRA+10” retirement (a reduced benefit for employees who are old enough to retire, but don’t have the minimum service required for an unreduced benefit). The supplement is payable when you retire at the MRA with 30 years or more of service, or at age 60 with at least 20 years of service. It also is payable to employees who retire under special provisions, such as law enforcement officers and firefighters. Continue reading “A Little Extra Under FERS”

Retirement claims surge in September

Retirement claims surge in September

Mr Doomits/Shutterstock.com

The Office of Personnel Management processed more retirement claims in September than in August, after receiving thousands more applications last month.

OPM completed 12,563 retirement claims in September — the most claims processed in a single month so far this year and 1,063 more than it expected to complete last month. The agency received 11,952 new claims in September, 4,952 more than it anticipated, and 2,979 more than it received in August. The backlog now stands at 41,176 claims, down 33 percent since January. Continue reading “Retirement claims surge in September”

Retirements surge, new hires plummet

Retirements surge, new hires plummet

Oct. 15, 2012 – 08:53AM   |  By STEPHEN LOSEY

The federal government's long-awaited retirement wave is here, and it's smacking headlong into the biggest hiring slowdown in a decade.

The federal government’s long-awaited retirement wave is here, and it’s smacking headlong into the biggest hiring slowdown in a decade. ()

The federal government’s long-awaited retirement wave is here, and it’s smacking headlong into the biggest hiring slowdown in a decade.

And it’s not just retirements. Overall attrition shot up in 2011, which caused the government’s total workforce to drop by its greatest amount since the height of the government downsizing in 1999.

With no end to tight budgets in sight — and with even steeper sequestration cuts possibly on the horizon — employees worry things could break down even further. Continue reading “Retirements surge, new hires plummet”