"...Who is eligible for the SRS? The SRS is paid to FERS employees who retire on an immediate, unreduced annuity before reaching age 62, when they become eligible for Social Security benefits—if you retire at 62 or above, you are immediately eligible and thus no SRS will be paid—and ends when they reach that age..."
"...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..."
"...As anticipated, the 2018 House Budget is in the same mold as the White House budget – it punishes workers and the working-class, while giving big payouts to the rich. The resolution instructs the House Oversight and Government Reform Committee (which has jurisdiction over the Postal Service and postal/federal employee annuity benefits) to cut $32 billion in the programs and agencies they oversee during ten years. Like the White House proposal, the House budget recommends big pay cuts to postal workers through increased Federal Employee Retirement System pension contributions and eliminating the special retirement supplement (which helps federal retirees who retire before they are eligible for Social Security benefits). These two proposals alone will take thousands of dollars out of the pockets of postal workers and retirees. Even more egregious, the House plan calls for replacing guaranteed pension benefits..."
"...you are eligible for what is known as the Special Retirement Supplement or the Annuity Supplement if: you have..."
"...The Special Retirement Supplement will be added automatically to your annuity. The SRS will be applied to the first full month in which you have reached your MRA and payable at the end of that month...."
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...."
