FERS Supplement: A Lifeline for Federal Retirees Under 62
The Federal Employees Retirement System (FERS) offers a unique supplement to certain retirees under the age of 62, bridging the gap between their federal retirement and Social Security benefits. Around half of all FERS employees can qualify for this supplement, which ceases once they reach 62. Surviving spouses may also be eligible under specific conditions, with the supplement ending at age 60.
To receive the FERS supplement, employees must retire with an immediate, unreduced benefit and meet specific service requirements, or qualify under certain early retirement provisions. An earnings test by the Office of Personnel Management can adjust or eliminate the supplement between the minimum retirement age and 62. The supplement is designed to replace the Social Security retirement benefit for employees retiring before the full Social Security retirement age with an unreduced, immediate benefit.
FERS is a three-tiered system consisting of Social Security, Thrift Savings Plan, and a government retirement benefit. Employees who qualify for the supplement after age 62 typically have at least 30 years of federal service. Those who retire at 62, resign without qualifying for immediate retirement, or retire with specific service ranges are not eligible. Special provisions allow certain groups to retire as early as age 50 with 20 years of service, with the supplement payable at retirement. It's important to note that the FERS retirement benefit is generally smaller than the Civil Service Retirement System (CSRS) benefit for the same length of service and compensation level.
The FERS supplement plays a crucial role in providing financial security to federal retirees before they reach the full Social Security retirement age. Understanding the eligibility requirements and how the supplement interacts with other retirement benefits is essential for federal employees planning their retirement.
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