FERS Supplement: A Bridge to Social Security for Early Retirees
The Federal Employees Retirement System (FERS) offers a unique supplement to its basic retirement benefit for certain retirees under the age of 62. This supplement, administered by the Office of Personnel Management, replaces the Social Security retirement benefits until the recipient reaches 62.
Approximately half of all FERS retirees qualify for this supplement, which acts as a bridge to their eventual Social Security entitlement. To be eligible, retirees must have an immediate, unreduced retirement with specific service requirements or fall under certain special provisions for specific groups. Employees who are 62 or older upon retirement, those who resign without qualifying for immediate retirement, and disability retirees do not qualify for the FERS supplement.
The FERS supplement is automatically included with the FERS basic retirement benefit. However, an earnings test can reduce or eliminate the supplement between the minimum retirement age and age 62. It's important to note that the FERS retirement benefit is smaller than the Civil Service Retirement System (CSRS) benefit for any given length of service and level of compensation.
The FERS supplement is a crucial aspect of the three-tiered FERS retirement system, which also includes Social Security and the Thrift Savings Plan. Surviving spouses of FERS retirees may also be eligible for the supplement under specific conditions. Understanding the eligibility requirements and the role of the FERS supplement in the broader retirement system can help federal employees plan for their future.
Read also:
- Thieves Steal Unique Sculptures from Redwood National Park's Grove of Titans
- Strategizing the Integration of Digital Menus as a Core Element in Business Operations
- Financial Actions of BlockDAG Following Inter and Borussia Agreements: Anticipating Future Steps
- International powers, including France, Germany, and the UK, advocate for the reinstatement of sanctions against Iran.
