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Thread: The end of FERS Supplement - and other stuff

  1. #37

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    Default Re: The end of FERS Supplement - and other stuff

    Some thoughts FWIW.
    I started my fed employment at age 45. So. I never worried about the SS supplement but thought it a really good deal for some to be able to retire at MRA and get that “extra” money.

    Many I know who retired at MRA didn’t know about the supplement and were surprised. Now many of those people are turning 62 and bitching about reduced annuities. Some went on to other jobs, some did not. Now they are faced with trying to find those SS statements they were sent over the years and figuring out how to establish an account at ssa.gov.

    Many years in the military and almost as many years in fed service has taught me one thing. NEVER take anything for granted.

    Included in the President’s budget proposal is a “mandatory” proposal to sell the part of the agency I work for. Of course, the Agency’s budget request includes that proposal. This has come up before. It is just a proposal to propose divestiture. That will take years. It helps moral 0% at my level. Adding to the angst is OPM issued a SF50 to many of us reassigning us. No notification of new docs in eOPF. Most of us are still assigned to the same work station, get the same pay and are just a different job title under the same series. A few were changed with no notification and some pay was reduced. OPM says they are fixing the duty station and pay thing. Cause and effect. This didn’t just happen. Management claims no knowledge.
    So, fellow feds, things are afoot. Just remember that a budget proposal is not a new federal law. It has to go through legislative process. Unless it becomes a presidential proclamation. (search previous administration).

    Listen to James48843, he keeps an eye on things and will always remind you it’s Trumps fault. Actually it all goes back to Reagan and HW and W and… the fact that Carter, Clinton and Obama let the proposal ride is of no consequence.

    PO

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  3. #38

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    Default Re: The end of FERS Supplement - and other stuff

    Quote Originally Posted by PessOptimist View Post
    ...Listen to James48843, he keeps an eye on things and will always remind you it’s Trumps fault. Actually it all goes back to Reagan and HW and W and… the fact that Carter, Clinton and Obama let the proposal ride is of no consequence.

    PO

    It's all Herbert Hoover's Fault!

    ends.jpg

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  5. #39

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    Default Re: The end of FERS Supplement - and other stuff

    I don't think they can do what is outlined in Trump's plan. All major changes to government employee compensation has applied to new employees, FERS, FERS-RAE & FERS-FRAE. CSRS Offset employees had special rules for those that had a certain number of years under CSRS.

    Interesting article from earlier this year https://chiefhro.com/2017/01/10/6-ci...15th-congress/

    There have been multiple proposals in recent years to eliminate the defined benefit portion of FERS and move new hires (not existing employees) to a plan based entirely on Social Security and the Thrift Savings Plan. <SNIP>
    The first year of a party change in Washington puts a lot of issues on the table and it is unlikely everything would happen at once. A comprehensive civil service reform bill would take time and energy that the Congress may not want to devote to federal workforce issues. That means the most likely outcome is piecemeal legislation stretched out over both years of the 115th Congress.

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  7. #40

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    Default Re: The end of FERS Supplement - and other stuff

    Quote Originally Posted by evilanne View Post
    I don't think they can do what is outlined in Trump's plan. All major changes to government employee compensation has applied to new employees, FERS, FERS-RAE & FERS-FRAE. CSRS Offset employees had special rules for those that had a certain number of years under CSRS.

    Interesting article from earlier this year https://chiefhro.com/2017/01/10/6-ci...15th-congress/

    I think you are correct. However, I have never found James wrong on facts easily researched - regardless of how wrong he is elsewhere Thus, this is something to watch.

    This President and this Administration press issues and fight battles they will likely lose. My guess is that changes will apply to new hires...
    Lookin' up at the 'G Fund'!!!

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  9. #41

    Default Re: The end of FERS Supplement - and other stuff

    Quote Originally Posted by evilanne View Post
    I don't think they can do what is outlined in Trump's plan. All major changes to government employee compensation has applied to new employees, FERS, FERS-RAE & FERS-FRAE. CSRS Offset employees had special rules for those that had a certain number of years under CSRS.

    Interesting article from earlier this year https://chiefhro.com/2017/01/10/6-ci...15th-congress/

    I happen to have the CSRS Offset plan as I left and returned to Civil Service. Whoo that is a wild ride! When I started the Offset plan in 1987 there was only one lady in DC who could answer questions about the plan. All I heard was trust us it'll be fine! It actually turned out to be like FERS without the matching and the Supplement. You pay SS and Medicare on your salary and the net difference between SS and CSRS ( .8%) if I remember correctly. They then pay your regular CSRS annuity less the SS pension you draw based on your Offset years. Then you receive a Soc. Sec. Pension as adjusted if you have less than 30 years of SS earnings including your Offset years. Exciting enough for you yet? Also, you have to draw your Soc. Sec. at 62 whether you want to or not. They still reduce your CSRS annuity by your Soc. Sec. receivable at 62 whether or not you actually received it yet.

    Watch the changes but don't freak out. It may change a thousand time or not before the budget is finalized. They have been trying to cut our pay, benefits, and retirement for the last 40 years through Democrat and Republican administrations alike. My WAG is that major changes will impact new hires only.

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  11. #42

    Default Re: The end of FERS Supplement - and other stuff

    Update:

    Proposed Changes to Retirement Benefits

    Good News! We have dodged the bullet....for now. Today, the House narrowly adopted the Senate's budget, and the Senate's version did not include instructions for reducing federal expenditures through reductions to federal retirement benefits. The big debate in DC now will be over tax reform.
    There's more but I didn't want to post too much in case this is only for subscribers to his service.

    https://fersguide.com/
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor. Do your own due diligence.

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  13. #43

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    Default Re: The end of FERS Supplement - and other stuff

    There are plenty of FERS employees that are forced to retire at 56. Think air traffic controllers, LEO, fire fighters, etc. What do you say to those people? Tough luck?

    Quote Originally Posted by nnuut View Post
    I had to wait to take my Social Security until I was 62, but I took it at 64 and 9 months why should FERS folks be able to retire early and get a subsidy? I paid 8% for the whole time into my retirement plan, you paid less than 1% I was CSRS and qualified for Social Security they cut my SSN by 60% when I retired, you FERS folks are complaining, what for?
    Weatherweenie's Account Talk
    Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Expected retirement date: November 2023

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  15. #44

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    Default Re: The end of FERS Supplement - and other stuff

    Additional info from govexec.com. Including possible 0% raise for 2019.

    House Vote Takes Federal Retirement Cuts Off the Table For Now - Pay & Benefits - GovExec.com
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Retired on December 31, 2018!!

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  17. #45

    Default Re: The end of FERS Supplement - and other stuff

    Quote Originally Posted by weatherweenie View Post
    There are plenty of FERS employees that are forced to retire at 56. Think air traffic controllers, LEO, fire fighters, etc. What do you say to those people? Tough luck?
    The only thing that might make sense is to limit the benefits changes to new hires. At least you know going in what to expect. To change the rules on employees who have been onboard for decades and are getting ready to retire is not right, especially those forced to retire at 56.


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  19. #46

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    Default Re: The end of FERS Supplement - and other stuff

    I came across this recently, it is at the state & local level, but it is a bad precedent if it ever comes to Federal Pensions or Social Security. Facts are somewhat different as the RI's legislative process isn't recorded http://www.businessinsider.com/rhode...ecurity-2018-2

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  21. #47

    Default Re: The end of FERS Supplement - and other stuff

    This post scared the crap out of me - I retired @56 (36 years xx months) and am 58 now - whew
    Last edited by BamaAF; 02-12-2018 at 11:23 AM. Reason: added info

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  23. #48

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    Default Re: The end of FERS Supplement - and other stuff

    Quote Originally Posted by Happy_Trails View Post
    The only thing that might make sense is to limit the benefits changes to new hires. At least you know going in what to expect. To change the rules on employees who have been onboard for decades and are getting ready to retire is not right, especially those forced to retire at 56.
    Of the many different iterations of retirement contributions and benefits changes I've seen proposed by Congress or the WH they do impact only "new hires". I know I may have missed one, but those I've seen don't affect those currently retired. For those currently employed, but not retired, I have read that there have been proposed changes to their level of contributions to retirement, but not to retirement benefits they were promised when hired. Of course, that could all change with the stroke of a pin. But, what's new. I heard the same song and dance in 30 years of working for DOJ, and though multiple administrations.
    The thing that always seems to stick out to me (as noted in the Govexec article) is these proposals always seem to unfairly target FERS employees and retirees. For instance, elimination of the FERS supplement, and elimination of COLAS for FERS employees while only a reduction in CSRS COLAs of 0.5%. Funny thing is, FERS was fully funded until they started robbing money out of it to cover unfunded liabilities in CSRS, yet these proposals always seems to target the FERS cash cow.

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