Effect on Annuity When Returning to Government Work
What are the rules about coming back to a government position after retirement in a contracted capacity? Will this affect annuity paymts?
What are the rules about coming back to a government position after retirement in a contracted capacity? Will this affect annuity paymts?
The procedure for calculating the supplement is clearly spelled out in Chapter 51 of the CSRS & FERS Handbook, but it is a difficult process. The author offers a more concise explanation.
House Budget Committee Chairman Paul Ryan (R-WI) released the 2015 House Republican budget today which contains some proposals that would directly impact the federal workforce.
When Federal employees retire, they start getting “interim” payments, almost immediately. These payments are approximately 60% of the final, fully annuity. For FERS employees under age 62, there is also an annuity supplement of hundreds of dollars. The author offers details on these annuity payments.
The author outlines special retirement considerations in areas such as FERS annuity calculations, the Thrift Savings Plan, and insurance for federal employees who work in law enforcement.
When it becomes fully operational, the phased retirement program will allow pre-approved employees to reduce their work schedule to part-time, while simultaneously paying them a partial annuity. Will this be a net gain for employees?
The FERS annuity supplement is probably going to end. How will it impact your retirement plans?
Your FERS or CSRS annuity will continue for the rest of your life, and the amount of your annuity is determined by your high-3 average salary and your years of service. The amount that you contributed to FERS or CSRS doesn’t matter.
The authors point out that as few as six hours of sick leave can increase your retirement annuity.
The unfunded liability of the older CSRS retirement system will hit a peak of $684.8 billion by 2023. Your future pension benefits should be secure despite the financial shortfall, according to OPM, as the number of people covered by CSRS continues to decline.