FERS Supplement: Bridging Retirement for Federal Employees Under 62
The Federal Employees Retirement System (FERS) offers a unique benefit to certain retirees under the age of 62. Known as the FERS Supplement, it bridges the gap between retirement and Social Security benefits for specific employees. Here's a breakdown of its eligibility and workings.
FERS is a three-tiered system comprising Social Security, Thrift Savings Plan, and a government retirement benefit. The FERS Supplement is included with the basic retirement benefit, administered by the Office of Personnel Management, with no separate application required.
Eligible for the Supplement are surviving spouses of FERS retirees under specific conditions. Employees retiring with an unreduced, immediate retirement benefit before age 62, but after their minimum retirement age, can receive it. This includes law enforcement officers, firefighters, and air traffic controllers with at least 20 years of service, who can get it even before age 60. Approximately half of all FERS employees qualify for this benefit.
However, an earnings test can reduce or eliminate the Supplement between the minimum retirement age and age 62. Employees 62 or older at retirement, those resigning without qualifying for immediate retirement, and disability retirees are not eligible.
The FERS Supplement acts as a bridge to Social Security benefits for certain employees retiring younger than age 62. It's included with the FERS basic retirement benefit and administered by the Office of Personnel Management. Understanding its eligibility criteria can help federal employees plan their retirement more effectively.
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