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fkohler  
#1 Posted : Thursday, April 12, 2012 10:50:45 PM(UTC)
fkohler

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I read online that Congress is thinking about taking the Federal Supplement check from everyone in 2013...so in essence if we don't retire now, we are really going to get screwed next year...this will force just about everyone to work until they are at least 62 or 59 1/1 to get their TSP....anyone hear anything on this, and if so, when would and how long would it take to...dismantle this move from us?
 
I plan on going at the end of Jan/2013...unless a early out comes by then...but if that extra check is cut from us...I won't be going anywhere...:(
 
Thanks
dhacker56  
#2 Posted : Thursday, April 12, 2012 10:59:27 PM(UTC)
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They could make it effective immediately of delay it.  No way to know.  I doubt it passes soon.

Guts  
#3 Posted : Friday, April 13, 2012 12:08:48 AM(UTC)
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fkohler wrote:
I read online that Congress is thinking about taking the Federal Supplement check from everyone in 2013...so in essence if we don't retire now, we are really going to get screwed next year...this will force just about everyone to work until they are at least 62 or 59 1/1 to get their TSP....anyone hear anything on this, and if so, when would and how long would it take to...dismantle this move from us?
 
I plan on going at the end of Jan/2013...unless a early out comes by then...but if that extra check is cut from us...I won't be going anywhere...:(
 
Thanks


If your FERS, the age to retire to maximize your retirement, and not give in to the COLA penalty, is the age of 62. Plus you get the 1.1 multiplier.

If you take an immediate retirement in the year you turn 55, or later, you can take TSP payments without penalty. You do not have to wait until 59 1/2.

Whatever is said will come out of Congress Wars, especially during an election year, is pure drivel. IMHO

A body of men holding themselves accountable to nobody ought not to be trusted by anybody." --Thomas Paine<br /><br />
fkohler  
#4 Posted : Friday, April 13, 2012 6:35:09 AM(UTC)
fkohler

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If your FERS, the age to retire to maximize your retirement, and not give in to the COLA penalty, is the age of 62. Plus you get the 1.1 multiplier.

If you take an immediate retirement in the year you turn 55, or later, you can take TSP payments without penalty. You do not have to wait until 59 1/2.

Whatever is said will come out of Congress Wars, especially during an election year, is pure drivel. IMHO


-------------------------
Yes I am under FERS
No I do not have my 30 years...more like 29 and I'm 56, also I'm 8 months from my lousy health anniversary date...you know that 5 year up your arse thing?....Of course you can request OPM to waive your health so you can take it with you, through an early out....So what do you do, retire now, take the FSS check, pension, and hope they waive your health ins to take with you...and get out of dodge? Oh yeah take the 5% penalty /per year under 62 for quitting early, or wait till Jan and hope the Federal supplement check is still here to be had and go then...IF! Honestly the whole freaking place sucks...and when Congress gets done with us there probably won't be any of us left to screw....
Don't you need 30 years regardless of situation to pull your TSP as you said in your statement above?...sure you can retire at 55, but you still need your 30 to touch the TSP I thought, of course have you ever in your life seen a company that has so many employees under it, that truely have no idea what rule is what? Just like them....clueless to the end.
SJCX  
#5 Posted : Friday, April 13, 2012 6:47:32 AM(UTC)
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Was thanked: 1 time(s) in 1 post(s)
fkohler wrote:
I read online that Congress is thinking about taking the Federal Supplement check from everyone in 2013...so in essence if we don't retire now, we are really going to get screwed next year...this will force just about everyone to work until they are at least 62 or 59 1/1 to get their TSP...


It would also force alot of people to retire right now and get the supplement. The proposed law stated as long as you retired before 2013 you got it. They were trying to get a bunch of people to leave.
fkohler  
#6 Posted : Friday, April 13, 2012 6:59:25 AM(UTC)
fkohler

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Originally posted by fkohler fkohler wrote:

I read online that Congress is thinking about taking the Federal Supplement check from everyone in 2013...so in essence if we don't retire now, we are really going to get screwed next year...this will force just about everyone to work until they are at least 62 or 59 1/1 to get their TSP...

It would also force alot of people to retire right now and get the supplement. The proposed law stated as long as you retired before 2013 you got it. They were trying to get a bunch of people to leave.

Yeah well its working with me, I'm going to give them about 2-3 months to see if an early out comes into play then head to Liteblue and click on 'start/eretire'....as for the health ins thing, you can get that anywhere, whereas you can't get something that isn't there -The Federal Supplement, and I refuse to work until I'm 62 penalty or not in that nut house....if you get my drift :)

jello  
#7 Posted : Friday, April 13, 2012 10:23:01 AM(UTC)
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H.R. 3813 was introduced by Rep. Dennis Ross (R-FL)  would require not only massive increases in contributions to pensions by
current and future federal employees, but also make draconian reductions in retirement benefits for current and future federal employees.
  • for current CSRS and FERS employees, permanent increases in
    contributions to retirement of 1.5 percent, phased in over three years, starting
    in 2013.
  • for current vested FERS employees, reducing the multiplier
    from 1.1 percent to 1 percent if they retire at 62 or later, which will cut
    benefits 9 percent to 10 percent from the current formula.
  • for any FERS employees who retire after 2012, eliminating the
    Social Security supplement if they retire before becoming eligible for Social
    Security.
  • for anyone hired after 2012 with fewer than five years of
    previous civilian service, they would be in a new category, called Secure Annuity Employee (SAE).
  • contact the members of Ross’ subcommittee and encourage them to oppose the bill. At last report, H.R. 3813 has yet to garner even one co-sponsor.

    dhacker56  
    #8 Posted : Friday, April 13, 2012 10:38:27 AM(UTC)
    dhacker56

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    jello=  technically is not a SS supplement but a FERS supplement.

    Guts  
    #9 Posted : Friday, April 13, 2012 12:21:43 PM(UTC)
    Guts

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    fkohler wrote:

    I plan on going at the end of Jan/2013...unless a early out comes by
    then...but if that extra check is cut from us...I won't be going anywhere...:(


    First of all fkohler, step back, sit down, take a deep slow breath.

    Now, only worry about what you know to be fact.  You plan retiring Jan/2013. I see nothing changing by then that will change your plan. Second, you have 30 yrs by then, and the 5 yrs for FEHB qualification in retirement.  These facts are what you need to plan your retirement, not this other BS you keep posting. Fine, keep an ear to what's going on, and THEN make decisions as they become FACT. BTW, only half of CONgress, and not all that many in fact, have supported your worries. On the very slim chance BOTH parts of CONgress agree to some form of Postal reform, it will be completely different in substance and coverage.

    If you retire under a VERA at age 55 (or in the yr you turn 55) or later, WITH LESS THAN 30 yrs.....you can withdraw from the TSP without penalty. Of course, if you already qualify for an immediate FERS annuity (other than MRA +10), you do not qualify for a VERA retirement. If you retire under VERA below the above age (55), you can only withdraw from TSP using an annuity or payments based on life expectancy (which you can stop/change at age 59 1/2).




    Guts2012-04-14 09:39:17
    A body of men holding themselves accountable to nobody ought not to be trusted by anybody." --Thomas Paine<br /><br />
    the_mechanic  
    #10 Posted : Friday, April 13, 2012 5:47:49 PM(UTC)
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      FERS           BASIC RETIREMENT INFO       FERS

    YOU ARE RESPONSIBLE FOR YOUR RETIREMENT PLAN.  THIS INFORMATION IS TO BE USED ONLY AS A REFERENCE FOR NON-DISABILITY FERS RETIREMENTS   

    ===================================================================

    VERA  or DISCONTINUED SERVICE RETIREMENT:  Must be 50 + with 20+ years of service, no penalty; however, no FERS supplement until you reach MRA and no COLA until you are 62 years old.

    ===================================================================

    Under Age 62 at Separation for Retirement   Or  Age 62 or Older With Less Than 20 Years of Service. 

    Years of service x high three average x 0.01     example    20 x $55,000 x 0.01= $11,000 / year.

     1% of your high-3 avg.     0.833 x yrs of svc x high 3 avg. in thousands = $ / month      0.833 x 20 x 55 = $916/month

    --------------------------------------------------------------------------------------------------------------------------------------

    Age 62 or Older at Separation With 20 or More Years of  Service.  1.1 percent of your high-3 average salary for each year of service.

    Years of service x high three average x 0.011   example   25 x $55,000 x 0.011= $15,125 / year

    1.1% of your high-3 avg.      0.916 x yrs of svc x high 3 avg. in thousands = $ / month       0.916 x 25 x 55 = $1260/month

    ---------------------------------------------------------------------------------------------------------------------------------------

    Age Reductions in Non-Disability Annuity      If you have 10 or more years of service and retire at the Minimum Retirement Age (MRA), your benefit will be reduced by 5/12 of 1% for each full month (5% per year) that you were under age 62 on the date your annuity began. However, your annuity will not be reduced if you complete at least 30 years of service, or if you complete at least 20 years of service and your annuity begins when you reach age 60.  If you postpone the beginning date of your annuity, the age reduction will be reduced or eliminated.

    Postponed Retirement:      If retirement is postponed you may resume FEHB and FEGLI.  You must be MRA or older and have 10+ years of service to elect a postponed retirement; you must resume retirement before age 62.   You can choose any beginning date between your MRA and 2 days before your 62nd birthday.

    ---------------------------------------------------------------------------------------------------------------------------------------

    Deferred Retirement    If retirement is deferred

     If you receive a deferred annuity, you are not eligible to continue any health benefits or life insurance coverage you had while employed

    Retirement With 10 or More Years of Service     The annuity begins either:  the first day of the month after the former employee attains the MRA, or later date specified by the retiree, in order to reduce or avoid the age reduction

    Retirement With At Least 5 Yrs But Less Than 10 Yrs   The annuity begins the first day of the month after the individual reaches age 62

    Former employees who receive a deferred annuity are not eligible for the retiree annuity supplement.

     

    Cost of Living Adjustments       Your annuity will be increased for cost-of-living adjustments, if:

    ·        You are over age 62; or

    ·        You retired under the special provision for air traffic controllers, law enforcement personnel, or firefighters; or

    ·        You retired on disability, except when you are receiving a disability annuity based on 60% of your high-3 average salary. This is generally during the first year of receiving disability benefits; or

    ·        Your retirement includes a portion computed under Civil Service Retirement System (CSRS) rules.

    FERS retirees under age 62 who do not fall into one of the categories above, are not eligible for cost-of-living increases until they reach age 62.

    If you’ve been receiving retirement benefits for less than 1 year and are eligible for a cost-of-living adjustment, you’ll get a percentage of the cost-of-living increase. The percentage depends on how long you were receiving your annuity before the effective date of the increase.

    -------------------------------------------------------------------------------------------------------------------------------------Survivor Benefits
    If you are married, your benefit will be reduced for a survivor benefit, unless your spouse consented to your election of less than a full survivor annuity. If the total of the survivor benefit(s) you elect equals 50% of your benefit, your annuity is reduced by 10%.

    ------------------------------------------------------------------------------------------------------------------------------------
    FERS Supplement, if it has not been eliminated. Use FULL CALENDAR YEARS of federal civilian service divided by 40 multiplied by your estimated social security at age 62. If you started in July and retire in May those first six months and those last 5 months are not included, only full calendar years are used in the calculation. 
    Example: 26 years divided by 40 times $1400(SS @62) = $910 (26/40 x 1400 = 910)
       Go to: http://ssa.gov/estimator for a social security estimate based on your earnings record.
       Go to http://www.opm.gov/retire/pubs/handbook/C051.pdf
    for more info on eligibility and how to calculate the FERS supplement.

    --------------------------------------------------------------------------------------------------------------------------------------

    How much will you need?   Estimate what you will need for your retirement lifestyle. Some ballpark calculators start at 70% of current income, it could be much more; it depends on your lifestyle and how much debt you carry into retirement.  FERS annuity + FERS supplement (or social security) + other pensions (military/etc) = your pension income.  Subtract pension income, taxes, insurance etc. from what you estimated you will need, the difference is what you will need from your TSP, IRAs, etc. for your retirement. 

    ------------------------------------------------------------------------------------------------------------------------------------

    EDUCATE YOURSELF   –  YOU MAKE THE DECISIONS AFFECTING YOUR RETIREMENT.

    http://www.opm.gov/retire/retire       http://www.opm.gov/retire/pre/fers/index.asp   

    http://www.choosetosave.org             http://www.opm.gov/retire/tools/calculators/ballpark/ballparkintro.asp              

    http://www.tsp.gov/                            https://www.tsp.gov/planningtools/planningTools.shtml                                          

    http://www.ssa.gov                             http://ssa.gov/estimator/                   http://www.mymoney.gov/               

    http://www.liteblue.usps.gov   à   Click on eRetire on the carousel in the middle of the page

                                                                         You will need your 8-digit Employee ID (EID) and USPS PIN to log into the system.

     

    CSRS estimate: 2 x (years of service minus 2) x  0.01 x your high 3 average  e.g.  2x(30-2) x0.01x$55,000=$30,800/yr  

    Guts  
    #11 Posted : Saturday, April 14, 2012 12:49:12 AM(UTC)
    Guts

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    Good stuff Mechanic!


    FERS SUPPLEMENT:

    "If
    you started in July and retire in May those first six months and those
    last 5 months are not included, only full calendar years are used in the calculation.
    "

    .....
    That is a kicker!!!
    Guts2012-04-14 09:38:16
    A body of men holding themselves accountable to nobody ought not to be trusted by anybody." --Thomas Paine<br /><br />
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