Q & A
I plan on retiring at the end of June 2014. I will be 61 years old with 28½ years of service for the Internal Revenue Service under FERS. Am I eligible to receive special retirement supplement until February 2015, when I will be 62 years old? Is the supplement amount equal to what I will receive from Social Security at age 62? Or is it calculated differently? By receiving supplement, will my Social Security amount be affected or lowered compared to if I didn’t receive the supplement?
Answer: You will be entitled to the special retirement supplement until you reach age 62. The SRS will be based solely on the amount of Social Security benefit you earned while a FERS employee. At age 62, you’ll be entitled to a Social Security benefit based on your entire Social Security-covered employment history. As a result, it will be higher than the SRS.
Source: Federal Times - August 22, 2013 (http://blogs.federaltimes.com/federal-retirement/2013/08/22/special-retirement-supplement-75/)
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