It came as no surprise to me that few postal employees accepted the latest voluntary early retirement offer, especially those under the new retirement system, FERS. The annuity estimates given to FERS eligibles between minimum retirement age (MRA) and age 62 omitted their FERS Special Retirement Supplement. It was a substantial amount to leave out–$1,000 per month in some cases! (see attached example)
The USPS VER website since July 2008 has been blunt: “HR Shared Service Center cannot verify whether employees are on the eligibility listing or discuss individual questions/concerns until application for early retirement is submitted and approved.” This contradicts OPM’s instructions on SF 3107, Application for Immediate Retirement: “If you have any questions, ask your employing office for assistance.” See also CSRS and FERS Handbook for Personnel and Payroll Offices, Chapter 40, Section 40A2; Chapter 1, Section 1C3.1-1.C; and Chapter 83, Part 2.II.F.
The USPS does not have an automated system to easily calculate the FERS Special Retirement Supplement. With 150,000 potential retirements this year, it was too time-consuming for the staff at HRSSC to calculate it manually for those eligible. The USPS should ask themselves, why aren’t they using modern computer techniques to estimate the FERS Special Retirement Supplement for each eligible in FERS between MRA and 62? Is it because they would prefer to do a RIF? If the FERS Special Retirement Supplement is too difficult for staff at HRSSC to calculate, what hope does the prospective FERS retiree have of estimating it themselves?
Don Cheney
Auburn WA
See previous blog entry: USPS FERS Annuity Estimates Are Too Low Between MRA and age 62
http://www.postalreporter.com/news/2009/06/14/usps-fers-annuity-estimates-are-too-low-between-mra-and-age-62/
CSRS and FERS Handbook for Personnel and Payroll Offices
http://www.opm.gov/retire/pubs/handbook/hod.htm
VER Offering for July 31, 2009 – “HRSSC Assistance”
https://liteblue.usps.gov/news/ver2008/effective_retirement_date_073109.htm
Fers Supplemental is a joke. A BAD JOKE!!!! It is reduced based upon your previous year’s earnings. I earned 61,000 my last full year of work. I retired in May and my supposed supplement of $826 was reduced to 0.00. This amounts to fraud, as I expected to receive the supplement upon retirement and now will have to make do without it. There is no way I can “unretire”. Please spread the word to others contemplating retirement that the supplement won’t be there as promised.
Postal Service, OPM and Congress need to wake up.
If I meet the requirements for years of service and qualify for the VERA then give me ALL the elements of my FERS. Supplemental included. Don’t tell me I have to wait until I get to MRA.
No one is denying the civil service folks of all the elements of their retirement when they offer them a VERA, now are they??? Shared Services is a JOKE. They don’t help you, just mail you forms to let you figure out all the details. Bring back the personnel offices locally.
The fact is USPS gave employees no information at all to help with employee’s decision to take the VER. NOTHING…I consider working at USPS to winning the lottery. Only difference, I need show up each day to collect the money. And I do mean just show up.
Get to work and quit worrying about your retirement which you will never be able to afford.
Anyone with a calculator can figure their FERS Annuity Supplement. The easiest way to estimate your supplement is to use the following formula: the number of civilian years under FERS (military time is not counted) divided by 40, times your Social Security benefit at age 62 (check your annual SS statement). The good thing about the VER is that you do not need to meet the 30 year requirement (or 20 year @ 60). The bad thing about the VER is that the you are not eligible for any payments until you have reached your MRA (56 or over).
NO MONEY, WE WON’T GO EVER! AND IT WILL COST YOU MORE TO KEEP US….DUH!! EACH EMPLOYEE A BASE SALARY OF 50 K….NIGHT DIFFERENTIAL, SUNDAY PREMIUM, DOUBLE SUNDAY PREMIUM, HOLIDAYS, SICK LEAVE, 5 WEEKS OF VACATION, OVER TIME, FILING OF EEOS AND GRIEVANCES….ETC, ETC, ETC!! GET A GRIP USPS, NO ONE WILL LEAVE WITH OUT INCENTIVES…..AND GOOD ONES TOO….HELL NO, WE WON’T GO!!!!!