Fed fers srs

[chief04010]

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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[texcurtis]

Mine is $1348.


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[Fedup]

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.

 

[chief04010]

Nikki I'm not familiar with EBIS is we have FHRNavigator

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[chief04010]

Ignore the Nikki my voice to text thing is crazy

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[zinger1457]

When you did the calculation were you using the age 62 SS estimate in today's dollars or future dollars?

 

[chief04010]

It was my latest estimate so I'm pretty sure it was today's dollars

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[Fedup]

If you don't have EBIS then use the retirement calculator that comes with your agency. My husband was with the AF.

 

[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.

 

[Lakedog]

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.

+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.

 

[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?

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[Lakedog]

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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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?

 

[chief04010]

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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[Tadpole]

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

 

[chief04010]

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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[Fedup]

If you work that long the records might not be correct. I've heard some of them are hand recorded.

 

[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.

 

[Luv 2 Travel]

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.

That's true. I keep forgetting that when I do my calculations. Thank you.

 

[chief04010]

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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