Updating a postal retirement
These changes will impact eligible members who retire and start their pension on or after January 1, 2017, but will not affect eligible retirees who started receiving their pension before that date.The Government of Ontario has announced that Optional Upgrade Packages will be available effective May 1, 2017 to all pensioners who are eligible for Post Retirement Benefits (PRBs), including eligible retirees who started their pension before January 1, 2017.The Trump budget would have: eliminated annual cost-of-living increases for FERS retirees; lowered COLA’s for Civil Service CSRS enrollees by 0.5 percent; increased employee retirement contributions by 1 percent every year over the next 5-6 years; and eliminated annuity supplements for FERS retirees who stop working before they are eligible for Social Security benefits.Considerable lobbying in Washington and the field by NAPS and other federal/postal employee and retiree groups over the past six months succeeded in in whittling down the prospect of benefit cuts.Please note that if you are under age 60, you cannot draw your pension without first leaving service and your pension would be subject to an early retirement reduction to reflect early payment.Federal and postal employees dodged a bullet aimed at their retirement benefits when the House of Representatives today refrained from including any retirement benefit cuts in the final version of the Fiscal Year 2018 budget resolution (H Con Res 71).Eligibility is determined by your age and number of years of creditable service.In some cases, you must have reached the Minimum Retirement Age (MRA) to receive retirement benefits.
It’s been reported that the President’s FY 2019 budget proposal will include a pay freeze for federal workers in 2019 and propose eliminating the FERS defined benefit program for all new government hires.Congressional passage of the budget resolution paves the way for Congress to begin work on tax reform through reconciliation instructions to the tax-writing committees.Earlier this week House Republican leaders, faced with dwindling time to get a tax package passed, elected to quickly accept the terms Senate budget resolution, instead of conferencing with the Senate to resolve differences between the House and Senate resolutions.But like all legislative victories, the success could be temporary.Federal benefits could be vulnerable next month if Congressional lawmakers try to raise existing budget sequester caps and seek budget offsets.
Search for updating a postal retirement:
Use the FERS Information page to determine your Minimum Retirement Age. Office of Personnel Management Retirement Operations Center Post Office Box 45 Boyers, PA 16017 For more information about the application process, please visit the CSRS & FERS Information page.