A Look Back

Retirement PlanningRetirement Planning

Advice on how to prepare for life after government.

A Look Back

With all of this talk of cliffs and cuts and chains, it’s no wonder some federal employees are beginning to panic. While it’s still not clear what changes might come in the federal retirement world in 2013 as Congress and the White House seek to seal a deficit reduction deal, I thought we could at least take a look back at some of the things that happened in 2012.

Let’s start at the beginning, almost a year ago.

January

Civil Service Retirement System retirees (including survivor annuitants), Social Security recipients and military retirees received a 3.6 percent cost-of-living adjustment. CSRS retirees whose benefits began between Jan. 1, 2011 and Nov. 30, 2011, received a portion of this COLA based on the number of months they were retired before Dec. 1, 2011.

Federal Employees Retirement System retirees, eligible survivor annuitants and members of special groups such as law enforcement officers and firefighters received a “diet COLA” of 2.6 percent. FERS retirees who were entitled to the COLA, but whose benefits began between Jan. 1, 2011 and Nov. 30, 2011, received a pro-rated COLA. Continue reading “A Look Back”