How to calculate portion of FERS retirement annuity for ex-spouse - hohykokivine.tkk
The percentage of service will not affect your accumulation of service credit for qualification of benefits or vesting. If you have at least one year of pension credit in more than one of the retirement systems and your combined service credits are equal to the longest minimum service requirements of any of the systems in which you have credit, you may be eligible to apply for a benefit under the Illinois Retirement Systems Reciprocal Act.
For further information on retiring under this Act, please refer to the reciprocal brochure. Please consult the current list of reciprocal systems.
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Yes, you should complete and submit an application for each reciprocal system. Normal processing time is 6 months or longer. For Traditional or Portable Plan retirements:. Retirement claims are finished on a first in, first out basis. There are three primary calculations used when member retires under the Traditional or Portable plan:. For further information on the formula calculations, please refer to the Traditional or Portable member guide.
What does the term "final average earnings" FAE mean as it is used in the retirement calculation? The FAE is determined by comparing: a the average of the four highest-paid consecutive academic years of employment, and b the average of the last 48 months of employment if applicable , using whichever is higher.
The FAE is determined by comparing: a the average of the eight highest-paid consecutive academic years during the last 10 years of employment, and b the average of the highest 96 consecutive months during the last months of employment if applicable , using whichever is higher. A reversionary annuity provides your spouse or other dependent beneficiary with a monthly income in addition to what is payable as a survivor benefit.
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In order to provide this benefit to your spouse or other dependent beneficiary, you will receive a reduced annuity. What is the difference between a Normal form of annuity and an Optional form of annuity under the Portable plan? Please refer to the Normal and Optional forms of annuity section of the Portable member guide.
Who is an eligible survivor under the Traditional plan? For Traditional and Protable Plan monthly annuities:.
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After retirement, you may return to work with a SURS-covered employer after you have been retired for at least 60 calendar days. There is no waiting period if you return to employment with an employer who is not covered by SURS. You may not return to work for a SURS-covered employer until 60 days following the date your benefit is issued. If your return to SURS-covered employment is after the day period mentioned above, you have the following choices:.
You may return to work after retirement with no restrictions from SURS. There is not a day waiting period. There is neither a monthly or annual earnings limitations. You will not contribute the 8 percent of earnings to SURS. NOTE: If you were vested for retirement benefits and took a lump-sum retirement distribution, in addition to not being able to contribute to SURS, you may not be eligible for certain benefits if you return to work for a SURS-covered employer.
It is strongly recommended that you contact your employer for benefit eligibility prior to accepting employment. If you return to work under a SURS-covered employer ; Traditional and Portable retirees are subject to an earnings limitation. Traditional and Portable Plan monthly annuities:.
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If your first participation began prior to January 1, , there is no limitation on your post-retirement earnings if you return to work with an employer who is not covered by SURS. If your first participation began on or after January 1, , there is no limitation on your post-retirement earnings if you return to work with an employer who is not covered by SURS; however, if you begin full-time covered employment with an eligible retirement system covered under the Illinois Retirement Systems Reciprocal Act, SURS may be required to suspend your annuity during that employment.
The first increase will begin on the January 1st following the month in which you retire and will be prorated for the number of months you were retired. If you first began participation on or after January 1, A non-compounding annual increase will apply to the monthly retirement annuity beginning on the January 1 occurring on or after the later of your attainment of age 67 or the 1st anniversary of the commencement of your annuity. If you have one of those conditions, and wish to apply for the AFA, your application would have to be certified by a physician.
If OPM exercises its right to choose a physician, it will cover the costs. The law requires that both the lump sum payment and the annuity contain a mix of employee and government contributions. Civil Service Retirement Benefits, available for download at www. While the taxable portion of the lump-sum distribution can be rolled over into an IRA, to avoid the 20 percent federal tax withholding, it has to be a direct account-to-account transfer.
On the other hand, the annuity will be treated the same as the annuity of any other retiree. In other words, a portion of the annuity will be tax free while the rest will be taxable as regular income.
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To learn more about the AFA and how the lump sum and annuity are calculated, go to www. Unfortunately, the present value factors in that chapter are out of date. FEDweek Toggle navigation.
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