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Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


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bjean  
#1 Posted : Monday, April 09, 2012 7:16:21 AM(UTC)
bjean

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Posts: 9

I need input on the accuracy of FEDBENS calculator for the special FERS supplement.  I have read several formulas but ultimately it is OPM who has the special formula. 
How accurate is FEDBENS calculator, the moderator tells me usually users receive more than his site's calculation?
 
Our HR unit is horrible and they calculated 10 % of my basic FERS annuity for the supplement.  They would not tell me how they came up with that figure and did not have access to my social security earnings.   This scared me as it was half of what I have been figuring.  The FEDBENS calculation is more generous.
 
I am a regular federal employee (not special) and am a FERS transfer (1998), yes they got me to transfer like a dummy.  I will have 13 years in FERS and of course 18 in CSRS.  I have been told to multiply 13 times $42.00 and also another site suggested $25-$30 time 13?  Then there is the multiply # of years in FERS and divided by 40.  How does OPM figure the social security as s if you were age 62?  The OPM site actually states" OPM first estimates what your full career (40 years) social security beneift would be.  Then we calculate the amount of your civilian sevice under FERS and retuce the estimately full career social security benefit accordingly."  (What does this mean???)
 
I just want to make sure my FERS supplement is not lower than I am expecting as it looks like congress is going to eliminate the FERS supplement for non-mandatory (law enforcement, lawmakers, etc  exempt) to pay for this Transportation Bill HR 3830 which has been kick down the road to June 2012 for final decision.  I have  emailed the republican lawmakers and they are apologizing but advise these promises for our generous retirement systems cannot be sustained and oh yes they need money to fix our highways and are going to pay for it by taking away our retirements. Thank god I am eligible this summer!!!!!!!!!  I am learning more as I continue digging, I never knew the FERS supplement is paid by OPM, not social security.  I did speak to an actual body at social security and was very concern at the level of communication (very poor). 
 
Please help!!!!!!!!!!!!Dead
Tryno  
#2 Posted : Monday, April 09, 2012 9:54:19 AM(UTC)
Tryno

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For a rough estimate take your SS age 62 estimate (should show on your annual statement from Social Security) divide that by 40 and multiple by the number of years under FERS.  I don't know if there is an adjustment for being FERS transfer, you'll have to look that part. 

On mine the above was actually more accurate then what HR came up with. 

 

pez4  
#3 Posted : Monday, April 09, 2012 5:31:14 PM(UTC)
pez4

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68gto  
#4 Posted : Wednesday, April 11, 2012 7:21:56 PM(UTC)
68gto

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Joined: 9/23/2009(UTC)
Posts: 142

The method Tryno posted should get you close.  The official method they use is very complicated and included in a 46 page document outlining all the requirements to qualify, etc.   Here is a link to it.

http://annuity-due-table.docspile.com/subchapter-51a-fers-part-51a1-general-information




pete7713  
#5 Posted : Thursday, April 12, 2012 5:08:19 AM(UTC)
pete7713

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Posts: 17

my actual supplement was $90 less than the estimated #
skidog01  
#6 Posted : Sunday, April 15, 2012 10:57:25 PM(UTC)
skidog01

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Joined: 4/13/2012(UTC)
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If the bill to eliminate the supplement is passed in it's current form and I retire by the end of this year on Early out at age 52, I won't be eligible to get the supplement until I'm 56. I assume I'll be eligible and start receiving it then. I hope I get Grandfathered in somehow. I really need to work longer, but might be forced to take early out to keep the supplement.

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