By Reg Jones
January 23rd, 2013 | Uncategorized
Q. On Sept. 2, I will be eligible to retire (age 56 with 30 years of service) under FERS. I plan to retire in September 2014 and would like to know if I will receive/be eligible for the special retirement supplement. When using the Employee Benefit Information System to calculate my benefits and after annotating my salary history, I am not provided an estimate on the special retirement supplement.
A. Yes, you would be eligible for the special retirement supplement. To estimate what that would be, use the following formula: Multiply your estimated Social Security benefit by your total years of FERS service, rounded up to the next higher year and divide the product by 40.
Note: Only actual years of FERS service are used. Not included are any years of civilian or military service for which you’ve made a deposit.