"...many people overestimate what they will actually receive in retirement. Did you know that there are 6 main reductions to your pension in retirement that can dramatically affect how much you think you need in retirement?..."
"...Also, the President proposed budget hits against the postal and federal community. In part, the budget proposes to: increase employee retirement contributions to FERS approximately six-fold; eliminate the COLA for FERS retirees and to reduce the CSRS COLA by 0.5%; change the calculation of federal annuities from the High-3 to the High-5; reduce the earned interest in the Thrift Savings Plan G-Fund; and eliminate the Special Retirement Supplement for FERS annuitants who retire prior to reaching Social Security eligibility. The projected 10-years savings from these proposals total $179.5 billion. NAPS is urging Congress to reject White House proposals that undermine the Postal Service or target the pay and benefits of its employees..."
"...FERS employees would see an increase of contributions by 1% every year until it is equal to the contributions of the federal government; an elimination of the FERS supplement for those who retire before the age of 62; and elimination of cost of living adjustments (COLAs). CSRS retirees would face a reduction of COLAs..."
"...The budget also proposes slashing social safety net programs, eliminating or reducing CSRS and FERS cost of living increases, increasing employee retirement contributions, and changing the way retirement is calculated. “This budget is a blueprint of the administrations priorities and it is clear they do not value the dedicated postal and federal workforce, seniors, or those in need of assistance” said Legislative and Political Director Judy Beard. “As Congress develops their own budget, we will remain vigilant and work with our bipartisan allies to fight back against the attacks laid out in the White House budget..."
"...elimination of supplemental payments to employees who retire before age 62; A switch to a defined contribution pension plan for new federal employees; reduce the G fund’s rate of return..."
"...A reoccurring mantra is shared again and again from federal employees, “I don’t know what to do or where to go to find the answers I need.” What training they do receive seems to come late ..."
"...The House of Representatives voted 243-193 on Dec. 13 to pass the so-called “Middle Class Tax Relief and Job Creation Act of 2011,” which would cut take-home pay for postal and federal workers by increasing their contributions to the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS). The bill also would slash unemployment benefits, place unreasonable burdens on unemployed workers, and cut vital healthcare programs.
Voting in favor of H.R. 3630 were 224 Republicans and 10 Democrats. Fourteen Republicans and 179 Democrats voted no...."
"...the Republican budget plan proposed by Rep. Paul Ryan, R-Wis. FERS employees already contribute 6.2 percent of their salaries to Social Security, which would mean FERS employees would pay 12 percent in all toward their pensions...."
"...here is a large body of case law on the subject and every situation is different. However, here are some questions that must be answered by the medical documentation you include with your application in order to be granted disability retirement by the Office of Personnel Management (OPM)..."
"...What are my best options for retiring at age 55? Also, would it still be to my advantage to buy back my military..."
"...lowest FERS participation rate since September 1997. It’s also the steepest one-month drop since June, when the participation rate dropped 0.7 percentage points to 85.3 percent. All FERS employees who enroll in TSP automatically get a contribution from their agencies equal to 1 percent of their basic pay..."
"...Envious outsiders cite the TSP's low-administrative fees, the 5 percent match available to FERS employees and the presence of the never-has-a-bad-day G-fund. They include people like John Bogle...."
"...about three things you can do to plan for retirement under the Federal Employees' Retirement System (FERS) so that you won't be caught financially short at retirement...."
"...When it comes to Federal Disability Retirements, the majority of Federal and Postal workers who comes to me have a pre-formed, generally negative attitude about the chances of getting it. This is because they have heard too many horror stories; or they have had horrendous experiences with OWCP filings, or EEOC complaints..."
According to OPM, the supplement is computed as if you were age 62 and fully insured for a social security benefit when the supplement begins. By law, the Office of Personnel Management (OPM) first estimates what your full career (40 years) social security benefit would be. Then we calculate the amount of your civilian service under FERS and reduce the estimated full career social security benefit accordingly. For example, if your estimated full career social security benefit would be $1,000 and you had worked 30 years under FERS, we would divide 30 by 40 (.75) and multiply ($1,000 x .75 = $750). The result would be your special retirement supplement, prior to any reductions...."
