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05-29-2016, 07:04 AM
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#1
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Recycles dryer sheets
Join Date: Dec 2012
Location: Tampa Bay
Posts: 64
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Fed fers srs
Sorry about the alphabet soup, but I figure anyone who knows what it means might be able to help. Using using the formula that I found online I have come up with a figure of $1,358 for my SRS monthly amount my agency's estimate is showing much lower. My question is for anyone who has gone through retirement (FED FERS,) is this typical?
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05-29-2016, 12:15 PM
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#2
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Recycles dryer sheets
Join Date: Oct 2014
Posts: 125
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Mine is $1348.
Sent from my iPad using Early Retirement Forum
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05-29-2016, 12:40 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
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It's lower because the salary base is different. I know they don't show what my husband made per year, but it was slightly less. But whatever the calculator in EBIS shows that's the correct amount.
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05-29-2016, 12:45 PM
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#4
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Recycles dryer sheets
Join Date: Dec 2012
Location: Tampa Bay
Posts: 64
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Nikki I'm not familiar with EBIS is we have FHRNavigator
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Send lawyers, guns and money. The ship has hit the sand.
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05-29-2016, 12:47 PM
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#5
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Recycles dryer sheets
Join Date: Dec 2012
Location: Tampa Bay
Posts: 64
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Ignore the Nikki my voice to text thing is crazy
Sent from my SCH-I535 using Early Retirement Forum mobile app
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Send lawyers, guns and money. The ship has hit the sand.
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05-29-2016, 01:33 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 3,229
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When you did the calculation were you using the age 62 SS estimate in today's dollars or future dollars?
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05-29-2016, 01:36 PM
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#7
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Recycles dryer sheets
Join Date: Dec 2012
Location: Tampa Bay
Posts: 64
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It was my latest estimate so I'm pretty sure it was today's dollars
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Send lawyers, guns and money. The ship has hit the sand.
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05-29-2016, 01:57 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
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If you don't have EBIS then use the retirement calculator that comes with your agency. My husband was with the AF.
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05-29-2016, 02:16 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 3,229
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The SRS calculation is fairly simple as I understand it;
SRS= (SS estimate at 62)*(FERS service years/40)
The SS estimate is calculated on the assumption that you will continue to work until you're 62, if not then you need to factor that in.
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05-30-2016, 06:17 AM
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#10
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Full time employment: Posting here.
Join Date: May 2007
Posts: 984
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 Quote:
Originally Posted by zinger1457
The SRS calculation is fairly simple as I understand it;
SRS= (SS estimate at 62)*(FERS service years/40)
The SS estimate is calculated on the assumption that you will continue to work until you're 62, if not then you need to factor that in.
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+1
For example, if you have 20 years under FERS, your SRS would only be around 50% of the SS estimate at 62. I switched from CSRS to FERS, retiring at age 51 with less than 20 yrs under FERS, so my SRS is under 50% of the SS estimate at 62.
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05-30-2016, 08:07 AM
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#11
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Recycles dryer sheets
Join Date: Dec 2012
Location: Tampa Bay
Posts: 64
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Ok, first thank you all for responding. But my question is not about how to calculate the SRS but whether the amount based on the most current SS amount is significantly higher than the actual payment? For example my current SS estimate is $1,838/month so using the formula for 30 years FERS service should be 1838 x .75, which is 1378.50 however my agency estimates that I will get a payment of about $800/month. Did anyone see nearly $600 less than the formula estimate and the actual amount?
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Send lawyers, guns and money. The ship has hit the sand.
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05-30-2016, 02:20 PM
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#12
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Full time employment: Posting here.
Join Date: May 2007
Posts: 984
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Quote:
Originally Posted by chief04010
Ok, first thank you all for responding. But my question is not about how to calculate the SRS but whether the amount based on the most current SS amount is significantly higher than the actual payment? For example my current SS estimate is $1,838/month so using the formula for 30 years FERS service should be 1838 x .75, which is 1378.50 however my agency estimates that I will get a payment of about $800/month. Did anyone see nearly $600 less than the formula estimate and the actual amount?
Sent from my SCH-I535 using Early Retirement Forum mobile app
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I don't know of anyone that received that much less from the formula estimate. Maybe your agency is incorrect with their estimate for some reason? Is there someone in HR that can give you a detailed explanation or show how they calculated the SRS estimate?
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05-30-2016, 03:01 PM
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#13
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Recycles dryer sheets
Join Date: Dec 2012
Location: Tampa Bay
Posts: 64
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My agency uses something known as fhr navigator for the estimates of your retirement benefits it is riddled with errors and I just wanted to see if anyone else had gotten a lot less I believe that the errors will be corrected with OPM however it does not give me confidence to know that they're not figuring anything correctly in the estimate. Thank you for your response that is the information that I was looking for.
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__________________
Send lawyers, guns and money. The ship has hit the sand.
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05-30-2016, 03:03 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,434
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Long shot - where did they get the SS benefit? I'm wondering if maybe you gave them the age 62 number and they thought it was the age 66(67?) number so the age 62 reduction got applied twice. I got 974 (not 800) but it was closer.
FRA 67 = (1838-.3(1838))*.75=974
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05-30-2016, 03:08 PM
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#15
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Recycles dryer sheets
Join Date: Dec 2012
Location: Tampa Bay
Posts: 64
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Quite frankly I have no idea where they got the numbers it's all kind of smoke and mirrors feeling that when it comes to SRS amount
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__________________
Send lawyers, guns and money. The ship has hit the sand.
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05-30-2016, 03:50 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
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If you work that long the records might not be correct. I've heard some of them are hand recorded.
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05-30-2016, 09:22 PM
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#17
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Recycles dryer sheets
Join Date: Apr 2012
Location: Birmingham, AL
Posts: 195
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Chief, if you included any military time you bought back for your FERS retirement in your calculation, that might cause the difference. Only years served as a FERS employee count for the Annuity Supplement...can't include the years you bought back.
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05-31-2016, 02:35 AM
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#18
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Dryer sheet wannabe
Join Date: May 2016
Posts: 11
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Quote:
Originally Posted by Greg V
Chief, if you included any military time you bought back for your FERS retirement in your calculation, that might cause the difference. Only years served as a FERS employee count for the Annuity Supplement...can't include the years you bought back.
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That's true. I keep forgetting that when I do my calculations. Thank you.
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05-31-2016, 04:35 AM
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#19
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Recycles dryer sheets
Join Date: Dec 2012
Location: Tampa Bay
Posts: 64
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I am aware that will military time bought back does not count the 30 years and 9 months that all have at the end of next year is all under FERS
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