Welcome to Scribd. Sign in or start your free trial to enjoy unlimited e-books, audiobooks & documents.Find out more
Download
Standard view
Full view
of .
Look up keyword or section
Like this
1Activity
P. 1
2007-RetirementHandbook

2007-RetirementHandbook

Ratings: (0)|Views: 19|Likes:
Published by John Burns

More info:

Published by: John Burns on Oct 21, 2010
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

11/04/2011

pdf

text

original

 
 
FederalHandbooks.com
FREE Federal Handbooks – Since 2001
 
Federal Handbooks – 2007 Federal Retirement Handbook www.federalhandbooks.com FREE Federal Handbooks Since 2001 1
2007 Federal Retirement Handbook
Published by Federal Handbooks – FREE Federal Handbooks Since 2001________________________________________________________________________
Copyright © 2007. Federal Handbooks, 815 King Street, Suite 201, Alexandria, Virginia 22314. Federal Handbookswebsite:http://www.federalhandbooks.com. All rights reserved. No part of this book may be reproduced in any formor by any means without prior written permission from the Publisher. Printed in the U.S.A.“This publication is designed to provide accurate and authoritative information in regard to the subject matter covered.It is sold with the understanding that the publisher is not engaged in rendering legal, accounting or other professionalservice. If legal advice or other expert assistance is required, the services of a competent professional person should besought.” –
From a Declaration of Principles jointly adopted by a committee of the American Bar Association and acommittee of publishers and associations.
Go tohttp://www.federalhandbooks.comto sign up for your FREE Federal Handbooks today!
 
Federal Handbooks – 2007 Federal Retirement Handbook www.federalhandbooks.com FREE Federal Handbooks Since 2001 2
Contents
1. Financial Planning Overview ……………………………………………………………………. 6Estimating Your Retirement Expenses …………………………………………………... 6Calculating Your Retirement Income …………………………………………………... 6Tips for Saving For Retirement …………………………………………………………… 7What to Do If You Come Up Short …………………………………………………... 112. The Civil Service Retirement System …………………………………………………………… 14When You May Retire ……………………………………………………………………. 14How Annuities are Computed …………………………………………………………… 15Credit for Military Service …………………………………………………………… 15Disability Retirement ……………………………………………………………………. 15If You Retire Before Age 55 …………………………………………………………… 15If You Die in Service ……………………………………………………………………. 16If You Leave the Service …………………………………………………………… 16Making Payments for Previous Service …………………………………………………... 16Alternative Form of Annuity …………………………………………………………… 16CSRS Offset Employees …………………………………………………………… 173. The Federal Employees Retirement System …………………………………………………... 18Social Security ……………………………………………………………………………... 18Social Security Taxes …………………………………………………………………….. 19Basic Benefit Plan …………………………………………………………………….. 19Benefit Formula …………………………………………………………………….. 21Special Retirement Supplement ……………………………………………………………. 22Survivor Benefits …………………………………………………………………….. 22Disability Benefits …………………………………………………………………….. 23Cost-of-Living Adjustments (COLA’s) …………………………………………………… 24Form of Payment …………………………………………………………………….. 24Thrift Savings Plan …………………………………………………………………….. 24Firefighters, Law Enforcement Officers, and Air Traffic Controllers ………………… 24Military Reserve Technicians ……………………………………………………………. 25Part-Time Employees …………………………………………………………………….. 25Members of Congress and Congressional Employees ………………………………….. 25Enrolling in FERS ……………………………………………………………………... 254. Five-Year Retirement Plan ……………………………………………………………………... 27Beginning to Plan for Retirement ……………………………………………………. 27Health Insurance Benefits After Retirement …………………………………………… 27Requirements for Keeping Life Insurance in Retirement ………………………………....... 27Verifying Civilian and Military Service ……………………………………………………. 28Social Security ……………………………………………………………………………… 28
 
Windfall Elimination Provision …………………………………………………………….. 28Government Pension Offset …………………………………………………………….. 29One Year Before Retiring …………………………………………………………….. 29Necessary Official Personnel Folder (OPF) Documentation ………………………….. 29Other Records to Check …………………………………………………………….. 30Records Necessary for Health Benefits ……………………………………………………. 30Records Necessary for Life Insurance ……………………………………………………. 30Retirement Pay Does Not Cover Premium Costs …………………………………………… 30Making Payment for Retirement Credit for Military Service ………………………….. 30

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->