The CSRS .

How To Make Sense Of Your Retirement Statement

April 13, 2024 /by ali el-sayed

An annuity statement is a summary of the performance of your annuity over time generated by your annuity provider. Along with other crucial information for tax purposes, you’ll receive regular updates on the annuity value and any interest or dividends you’ve earned.

Annuity statements also attest to related activities, such as changes to index values or information on rate caps. You will receive these statements regularly after purchasing an annuity, often once a year for fixed annuities and once every three months for variable annuities.

OPM Annuity Statement

When your application for a CSRS or FERS annuity was granted, the Office of Personnel Management sent you a statement that included information on your cost, commencement date, and gross monthly rate of your annuity benefit.

Here are the elements of the typical annuity statement.

A. Identification details

Identification information will often be located near the top of a statement for an annuity. The annuity policyholder’s name, account number, and address are included in these specifics. The message should also include the annuity provider’s contact details.

B: Contract Overview

If the annuity owner and annuitant is not the same person, the statement will include a summary of the contract terms, including their names. The product type, tax qualifying status, and effective date of the annuity contract are all included in this section’s detailed description of the agreement.

C: Financial Details

A summary of the financial data accessible for the statement period. This section briefly analyzes your annuity’s value changes during the statement period. The financial activity overview will provide information on index values and rate caps if you have an indexed annuity.

There won’t be much to report in this area if you own a conventional fixed annuity. The statement will detail the interest your annuity earned during the last statement period and the anticipated interest rate for the upcoming period.

D: Transactions History

Transaction history may be included in a separate portion of a variable annuity statement. You can read about any acquisitions or sales of mutual fund units in this section and any dividends you might have received from those mutual funds.

E: Value of Surrender

Your statement should contain the surrender value of the annuity regardless of the type you have. This figure indicates the money you would get if you cancel the annuity contract as of the statement date.

The surrender value will never equal the income you would receive from a mature annuity in its distribution stage because annuities function by letting a lump-sum premium increase over time to be transformed into a stream of income years later.

The OPM retirement statement

The cost is the amount you paid income tax on earlier. This amount represents a portion of your retirement plan contributions. Although you did not receive the funds contributed to the plan, they were counted toward your gross income for federal income tax reasons in the years they were deducted from your pay.

Note: Both were deemed initial deposits, and redeposits were included if you chose the alternative annuity option. You will compute the amount of your recoverable cost tax-free using the information from your annuity statement.

If you paid into the plan to earn full credit for service not subject to retirement deductions or if you refunded contributions to a retirement plan from which you had previously withdrawn, the entire repayment, in addition to any interest, is a portion of your cost. Any interest payments made are not deductible for interest. These payments are seen as regular employee contributions rather than voluntary contributions. Thus, you cannot classify them as such.

Depending on when your annuity begins, you must calculate the tax-free recovery of the cost of your CSRS or FERS annuity. That is the starting date on your OPM annuity statement. Your annuity’s commencement and accrual dates are unaffected if something happens, such as a late retirement application submission.

The gross monthly rate is the amount you would have received, less any deductions for income tax withholding, insurance premiums, etc., after your annuity had been adjusted for either the lump-sum payment under the alternative annuity option or the survivor’s annuity (if either applied).

Contact Information:
Email: [email protected]
Phone: 8132032515

Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice has been filed, or is excluded from notice filing requirements. This information is not a complete analysis of the topic(s) discussed, is general in nature, and is not personalized investment advice. Nothing in this article is intended to be investment advice. There are risks involved with investing which may include (but are not limited to) market fluctuations and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making any investment decision. You should consult a professional tax or investment advisor regarding tax and investment implications before taking any investment actions or implementing any investment strategies.

Advantages of the FERS and the CSRS

April 8, 2024 /by rick viader

Advantages to survivors of the FERS and the CSRS

	CSRS	FERS
Full advantage cost	10% of CSRS pension + 2.5% of the first $3600	10% of the amount of pension
Cost of the half survivor payment	10% of a selected part of CSRS pension + 2.5% of the first $3600	5% of the amount of pension
Advantages of half survivor	55% of any part of the pension	25% of pension
Full survivor payment	55% of pension	50% of pension

As an illustration, consider the following scenario including full survivor payments from FERS and CSRS pensions for governmental retirees earning $50,000 a year:

	CSRS	FERS
On federal retirees death, the amount of full benefit that the surviving spouse will get	$3600 x 2.5% ($90) + $46,400 x 10% ($4640) = $4730 per year or $394.17 per month	50% of $50,000 / gross $25,000 per year / $2083.33 per month
Pension income from the federal government (decreased by survivor advantage)	Gross $45,270 per year / $3772.50 per month	Gross $45,000 per year / $3750.00
Annuity from the federal government	Gross $50,000 per year / $4166.67 per month	Gross $50,000 per year / $4166.67 per month
The cost of receiving full benefits	$3600 x 2.5% ($90) + $46,400 x 10% ($4640) = $4730 per year or $394.17 per month	50,000 x 10% = $5000 per year or $416.67 per month

This page explains how survivor benefits operate with a former spouse.

Federal retirees may consider substituting spouse benefits with life insurance. Certain standards must be met for a federal pensioner’s companion to remain eligible for Federal Employees Health Benefits (FEHB).

Survivors pick perks.

The pair earned FEHB.

COLAs modify FERS, CSRS, and survivor payouts for inflation.

Marriages benefit survivors

Retirement pensions are full, partial, or none. Spouse-signed. Important retirement paperwork. Spouse seeks reduced pension. 30-days following the initial FERS or CSRS payout, death, divorce, or annulment might end a marriage.

What happens when an annuitant’s spouse dies?

Surviving FERS and CSRS pensions are unaffected. Before a partner’s death, reduced pensions are non-refundable.

Married retirees

Married retirees may receive a greater pension, which halves the sale. First, survivor benefits decline – math cuts pension by 5%, resulting in a permanent decline.

Retiring?

Remarried retirees who refused the survivor benefit, divorced, then remarried cannot raise it.

Feds divorce

A judge must grant survivor benefits to an ex-partner. Married government employees can’t retire.

What happens to divorced feds?

Ex-spouses of FERS or CSRS can get survivor benefits. This court order can’t be modified until the employee retires or dies. To prevent pension reductions owing to a former spouse’s survivor benefits claim, the ex-spouse must remarry before 55, die, or have their right canceled. The ex-spouse can earn survivor benefits if they remarry before 55 or if the marriage lasted 30 years or more.

Contact Information:
Email: [email protected]
Phone: 9568933225

Bio:
Rick Viader is a Federal Retirement Consultant that uses proven strategies to help federal employees achieve their financial goals and make sure they receive all the benefits they worked so hard to achieve.

In helping federal employees, Rick has seen the need to offer retirement plan coaching where Human Resources departments either could not or were not able to assist. For almost 14 years, Rick has specialized in using federal government benefits and retirement systems to maximize retirement incomes.

His goals are to guide federal employees to achieve their financial goals while maximizing their retirement incomes.

You might be eligible for a pension top-up

March 14, 2024 /by rick viader

Who wouldn’t want some extra cash, especially now, when everything from energy bills to the monthly grocery shopping is becoming more expensive? That’s why it’s more necessary than ever to keep an eye out for pensioners who may require further assistance. The good news is that there is additional financial assistance available. It’s known as pension credit.

Around 1.4 million pensioners already receive pension credit, but up to 850,000 other households could be missing out. It’s one thing that could make a significant difference now that the cost of living is rising.

Pension credit is money given to people to help with daily living expenses; they must have reached state pension age and be on a low income. Furthermore, if you receive pension credit, you may be eligible for support with other bills such as rent (in the form of a housing benefit), council tax, and heating. And if you’re above age 75 and receiving pension credit, your TV license will be free, even if you live with others.

Even if you have some funds or are a homeowner, you may be able to receive that little bit extra. Some pensioners may be unaware of pension credit or believe they won’t qualify; therefore, they don’t apply. However, they may be missing out on money to which they are entitled.

If you’re of pensionable age, check to see if you’re qualified today.

If you know anyone you believe is entitled to pension credit, you can encourage them to check and file a claim to ensure they’re not missing out. So, what are you holding out for?

Let’s debunk some myths about pension credits.

Myth

If I have a workplace or personal pension or any other income, I am ineligible for pension credit.

Fact

Even if they receive a retirement income from a private pension, those of state pension age may be eligible for pension credit.

Pension credit supplements weekly income to a guaranteed minimum of $182.60 for single retirees and $278.70 for couples. It’s a non-taxable payment.

Provided you reached the state pension age before April 6, 2016, you may be eligible for savings credit while also receiving pension credit if your weekly income is less than $218.80 for a single person or $319.20 for a couple.

Myth

I’m a homeowner, so I’m not eligible for pension credit.

Fact

You can still qualify if you own a home. And it makes no difference whether you live alone or with others – for example, you may still be eligible whether you live with your grown-up family or rent your home.

Myth

Since I have savings, I won’t be eligible for the pension credit.

Fact

Savings of less than $10,000 won’t influence your pension credit eligibility. If you have more than $10,000 in savings, you may still be eligible for pension credit, but the amount you receive will be reduced. You can find more information online.

Myth

Applying for pension credit is too complicated.

Fact

There are numerous approaches you can take, so pick the most convenient one for you. You can do it online, via phone, or by mail. There is also an online pension credit calculator where you may find out how much you could get – without providing any personal information.

Myth

Pension credit won’t make much of a difference to me.

Fact

Even if you only qualify for a modest amount of pension credit, there are various other benefits available to you, such as aid with heating bills, housing costs, council tax, and NHS dental treatment.

You can also receive a free TV license if you’re over age 75. With the rising cost of living and utilities, these additional benefits could make a significant difference.

Myth

If I were qualified, someone would have contacted me.

Fact

You must apply for pension credit if you want to get it.

A staggering one-third of seniors eligible for pension credit don’t apply and thereby miss out on this weekly supplement. Don’t be like them!

Research your eligibility to check whether you are able to receive this credit. If you’ve previously asked for pension credit but were unsuccessful, or if you used to get it but no longer do, it’s worth double-checking your eligibility.

Contact Information:
Email: [email protected]
Phone: 9568933225

His goals are to guide federal employees to achieve their financial goals while maximizing their retirement incomes.

Converting TSP Money Into Annuities

January 8, 2024 /by aaron steele

An annuity is one of several choices for withdrawals from a Thrift Savings Plan (TSP)â€”payments can be given in lump sums, monthly, or a combination of both. Only a tiny fraction of TSP withdrawals are annuity purchases.

But, before you discard it, learn about its features. For one reason, the TSP’s annuity benefits are more customizable than FERS or CSRS.

The TSP provides three primary forms of annuities:

• Single life annuity – an annuity paid solely to you during your lifetime.

• Joint life with spouse – an annuity given to you and your spouse while you’re both alive. When one spouse dies, the surviving spouse will get an annuity for the rest of their life.

• Joint life with someone that’s not your spouse – an annuity paid to you while you and a person of your choosing (but not your spouse) remain alive. This individual must have a vested interest in you. When one of you dies, the survivor will get an annuity for the rest of their life. Individuals deemed to have an insurable interest in you are the following: a previous spouse, blood relatives or adopted relatives who are closer than first cousins, and an individual with whom you’re living in a relationship that constitutes a common law marriage in countries that allow common-law marriages.

Joint life annuities can offer a 100% or a 50% survivor benefit. That implies that if one of you dies, your monthly payments will either continue in full (100%) or be reduced by half (50%) to you or your joint annuitant.

The basic annuity types can be paired with various annuity features, including growing payouts, cash refunds, and a 10-year guaranteed payout. The monthly payment amount increases by 2% every year with rising payments. Suppose you (or your partner annuitant) die before receiving payments equal to the account balance used to purchase the annuity. In that case, your designated beneficiary will get a cash return equal to the difference between the total of the payments and the annuity purchase value. If you die within ten years of the commencement of your annuity with a 10-year certain payout, your beneficiary receives payments for the remaining of the 10-year term.

Not all features can be coupled with every type of basic annuity. Also, once an annuity is purchased, the money is transferred to a private company. That company, rather than the TSP, provides the benefit.

The calculator at www.tsp.gov allows you to see how a certain amount might translate into income under various scenarios.

If you’re a married participant with an account balance greater than $3,500, the spouses’ rights criteria will apply to your withdrawal option. If you’re a married FERS participant, unless your spouse waives their right to that annuity, they have the right to a joint and survivor annuity with a 50% survivor benefit, level payments, and no cash return feature. If you’re a married CSRS participant, your withdrawal election must be communicated to your spouse by the TSP.

Contact Information:
Email: [email protected]
Phone: 3604642979

Bio:
After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely with
helping them pursue the most comfortable financial life possible.

Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.

Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.

Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.

Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.

With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.

Aaron can help you and your family to create, preserve and protect your legacy.

That’s making a difference.

The Basics and Differences of the CSRS and the FERS

December 8, 2023 /by mack hales

The Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS) are vastly different. So it’s worthwhile to look into such differences and discover why they exist.

A congressional statute established the CSRS in 1920, a defined benefit plan to which workers and the government contributed. It featured a formula that determined an employee’s retirement payout based on their base salary and years of service. CSRS, funded by employee and government payments, was a forward-thinking approach to employee welfare when practically all other employees who retired received only a goodbye wave and a gold pocket watch if they were high enough in the company. Social Security, on which the majority of us now rely, didn’t exist at the time and wasn’t incorporated into CSRS when it was established in 1935.

FERS commenced operations in 1987 due to Social Security amendments implemented in 1983, intended to increase the number of people contributing to the system. It was created on Capitol Hill with little input from the executive branch. It wanted to mirror what had become standard practice in most of the private sector at the time-a retirement system built on three pillars: a small defined benefit plan, Social Security, and a tax-advantaged personal retirement savings account (the Thrift Savings Plan for federal employees). They were all reliant on contributions from employees and the government. CSRS workers were also allowed to participate in the TSP without a government match.

In contrast to CSRS, where retiree cost-of-living adjustments (COLAs) are made annually regardless of age, FERS retirees often don’t receive a COLA on their annuities until they reach 62 and become eligible for a regular Social Security pension. Special category personnel, such as law enforcement officers and firefighters, are exempt since their careers are brief and they must retire.

When the FERS legislation was enacted, it was assumed that FERS retirees would get approximately the same retirement income amount based on their years of service as CSRS retirees if FERS employees put 5% of their pay in the TSP (with government matching contributions). Even if the government matches just a portion of it, contributing the yearly dollar maximum may put FERS employees ahead of their CSRS colleagues.

So, how did things turn out?

Not surprisingly, CSRS employees, whose annuities can be computed to the penny, come out ahead in most cases, especially if they contributed to the TSP. FERS employees, on the other hand, only know for certain the amount of their annuity and special retirement supplement (SRS). The SRS is the amount of Social Security income someone would be eligible to receive at 62.

However, as previously stated, they don’t get COLAs on that benefit until 62, when their earned Social Security payments begin. Furthermore, whatever income they could generate from their TSP account would be contingent on how much they had invested over the years and how those assets had performed.

FERS employees who can invest at the required amount and manage their investments properly can demonstrate that the FERS designers were essentially correct in assuming they could come even with CSRS employees. On the other hand, those FERS employees who cannot afford to invest at the required level and/or don’t manage their investments well will curse the day that the oh-so-dependable defined benefit plan enjoyed by CSRS employees was replaced by one that requires them to contribute more of their own money to their retirement and hope that those investments perform well.

Contact Information:
Email: [email protected]
Phone: 7705402211

Bio:
Mack Hales has spent the past 4 decades helping clients prepare for retirement and manage their finances successfully. He also works with strategies that help clients put away much more money for their retirement than they could in an IRA or even a 401k. We involve the client’s CPA and/or their tax attorney to be sure the programs meet the proper tax codes.

Mack works with Federal Employees to help them establish the right path before and after retirement. The goal is to help the client retire worry-free with as much tax-free income as possible and no worries about money at risk of market loss during retirement.

Mack has resided in Gainesville, GA since 1983, so this is considered home. Mack is married to his wife of 51 years, has two boys and five grandchildren.

Most Common Medicare Mistakes to Avoid

October 27, 2023 /by jason anderson

There are 3,834 Medicare Advantage (MA) plans, 766 Part D Prescription Drug Plans (PDPs), and many carriers offering Medicare Supplemental plans.

Enrolling in Medicare can be complicated and perplexing, even for individuals familiar with the program. If you don’t look into it properly, you can wind up with an expensive or poorly suited health insurance plan.

It’s not too early to begin weighing your options and asking the right questions as the Medicare Annual Election Period (AEP) draws near this autumn.

A crucial component of your total retirement strategy is health care. Because of this, you should consider Medicare even while employed, especially if you want to continue working beyond turning 65. There are various factors to consider, such as possible late fines, so consult an expert, such as your HR representative or an insurance broker, to ensure you are aware of the regulations and how they can affect your future coverage.

Numerous Medicare plans, such as Original Medicare, Medicare Supplement, Medicare Advantage (MA), and standalone Prescription Drug Plans, are offered. You must understand how the different aspects of the plans operate. All medical professionals who consent to participate in the Medicare program are covered by Original Medicare, which the government provides. Private insurance companies offer a Medicare Supplement along with the Original Medicare. It is available for an additional cost and helps pay for expenses like copays and coinsurance that Original Medicare does not cover. While Original Medicare and Medicare Supplement do not cover prescription drugs, a standalone PDP does. For a monthly cost, private insurers provide standalone PDP insurance. Furthermore, in addition to what Original Medicare provides, MA plans include extras like dental, eye, and hearing care. Prescription drug coverage is a typical aspect of MA plans. Many MA plans are free of charge, most of which include a network of providers.

If you already have Medicare, always look for changes to your plan. Most customers may only select or change plans during AEP annually, from October 15 through December 7. If your plan works for you, you should probably remain with it, but you should first look for changes the following year. The Annual Notice of Change (ANOC), which is sent out to current MA subscribers in September, contains a notice of any changes to the plan for the upcoming year, such as modifications to out-of-pocket costs. Please be sure you read it. If the changes make you uncomfortable, you might search for a new strategy.

The cost of a plan as a whole does not include the monthly premium. Additionally, you should understand the out-of-pocket expenses like copays and deductibles. You should also review the costs and regulations associated with any prescription you take daily, as certain treatments might be pricey.

A network of providers is typically included in MA plans to provide you with the most reasonably priced treatment. However, depending on the strategy, needs may change. Make sure a plan’s network includes your preferred hospitals, pharmacies, and physicians (including specialists). You might be able to leave the network, but be aware that doing so could result in higher costs.

After selecting a plan, ensure you take advantage of its benefits, including any tests and vaccinations your doctor may have advised you to get. Do not delay care. You might be able to treat a health issue early or perhaps stop it from happening entirely by taking a proactive approach.

Contact Information:
Email: [email protected]
Phone: 3234811328

Bio:
For over 13 years, Jason Anderson has served as a Personal Financial Advisor, Estate and Retirement Planner, helping to educate individuals from all walks of life and income levels on wise money investment and planning for a comfortable lifestyle and retirement.

Over time, Jason Anderson has become the ‘Go-To’ leading authority on personal financial advising, financial planning, and analysis, as well as retirement planning and financial planning for SMALL BUSINESS OWNERS. He also provides HIGHLY Popular financial education seminars for groups. These financial seminars empower people to more effectively budget, plan, manage their money, and achieve their personal financial goals. As a result of the excellent results, praise, and feedback that their financial seminars have received, the City of Los Angeles, The AFL-CIO union groups, as well as several other organizations, have decided to partner with Jason to more effectively accomplish their mission. He was also honored to be showcased in the November 2014 issue of Forbes Magazine “Americas Financial Leaders” and has been dubbed by the media as ‘The Financial Educator.’

Jason is passionate about the work he does because it brings him joy to help his financial planning and advising clients reach their financial goals. He finds excitement in assisting families in saving and paying for their children’s college education without stress, thanks to the financial plans he designs for them. He also takes pride in witnessing clients reach retirement and enjoy it precisely the way they desire.

Personally, Jason finds joy in being a husband and father of two wonderful children. In his spare time, he enjoys traveling, sports, hiking, and reading.

He works with Employees, Business Professionals, Business Owners, and ‘High Net Worth’ People.

► Like to discuss your personal financial situation?
☏ Call Jason at (323) 481-1328 for a FREE Consultation
✉ Email him at [email protected]

Disclosure:
All annuity and life insurance products are designed to supplement securities as part of an overall plan. The recommendation of annuities and life insurance is not designed to eliminate the need for securities in any way.

Five avoidable mistakes that could jeopardize your retirement

August 9, 2023 /by marvin dutton

Pursuing your retirement goals is challenging without making specific, frequent, and easily preventable errors. Here are eight significant blunders to avoid, if at all possible.

1. Not taking taxes into account

In a letter addressing French scientist Jean-Baptiste Le Roy, Benjamin Franklin penned what may have been his final significant remark. It reads as follows:

“Our new constitution is now in place, and everything seems to indicate that it will be strong; yet, in this world, only death and taxes are certain.”

The taxes you will have to pay on withdrawals from your retirement accounts should be considered when you make retirement planning decisions. Retirement distributions from standard 401(k) and IRA accounts are taxed as ordinary income. The tax bracket in retirement will determine how much you’ll pay in taxes. It’s crucial to make plans for these tax payments so they don’t come as a surprise, even if you think your marginal tax rate would be lower in retirement than it is today.

2. Poor preparation (or no planning)

You are not immediately entitled to retirement when you reach a specific age. After you quit the job, you will need income because relying just on Social Security may not be sufficient.

The total reserves of the trust funds that pay out retirement and disability benefits will run out by 2035, according to the Social Security and Medicare Board of Trustees’ 2020 annual report.

Nevertheless, Social Security will still exist at that point since ongoing taxes will be sufficient to pay for 79% of the benefits provided to retired and disabled workers. But it implies that you might not want to rely on government services to ensure your retirement.

Poor planning can be expensive. Completely failing to plan for retirement can hurt your future. A recent survey from the US Federal Reserve found that almost 25% of Americans have no pension or retirement savings. Although saving for retirement is a lifelong effort, it is easy to lose sight of it when retirement is decades away.

3. Quitting a job before receiving 401(k) vested benefits

In a retirement plan like a 401(k), vesting refers to acquiring ownership of the account’s money. Employer payments are not always 100% owned by you, even though you always contribute your own money to the plan.

You acquire a larger percentage of your account each year (or own). You will own all the money in that account once you have reached 100% vesting.

Your employer won’t be able to forfeit or take the money back at that point for any reason. However, if you quit a job before you have fully vested, you will lose the employer contribution to your 401(k).

You can be forced to quit a job before earning all your benefits due to circumstances beyond your control. Maybe you’re just not the right fit for the job. However, leaving voluntarily means leaving money on the table because you don’t yet possess 100% of the money in your account.

To avoid losing out on those additional funds if you have to leave your work, think about how much you have invested.

4. Taking a payout too soon

Cashing out your retirement funds early could be unavoidable amid severe financial difficulties. The COVID-19 pandemic demonstrated this. Thank goodness the senate enacted the CARES Act, which exempts qualified individuals from paying the 10% early withdrawal penalty that would normally apply to payouts up to $100,000.

Cashing out your retirement savings is often a costly error unless there is an emergency. Your future retirement savings are lowered if you withdraw money from the market too soon. Mainly, this is because you lose out on compound growth, drastically reducing your earnings. Unfortunately, the compounding interest impact is lost if you miss it. Avoid withdrawing your retirement funds before retirement unless it is essential.

5. Put aside the bare minimum

You estimate the amount you’ll need for retirement and how much you’ll need to save to meet your financial objectives using online retirement calculators. You should consider various variables while making these projections, including your expected retirement age, potential additional income sources, the expected returns on your investments, and inflation, among others. With some preparation, you can calculate how much money you’ll need to attain your retirement objectives. However, life does happen.

The minimal required quantity of savings might not be sufficient in practice. You might not receive enough money from your investments, Social Security can stop paying benefits, or you might incur unanticipated medical expenses that cost more than you had saved. Even though you might be able to meet your retirement goals by saving only the bare minimum, it’s better to leave yourself some breathing room.

Contact Information:
Email: [email protected]
Phone: 2129517376

Bio:
M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementing a sound plan for your retirement. We are committed to helping you achieve your goals. Visit us at MarvinDutton.com . Tel. 212-951-7376: email: [email protected].

Social Security: Forecast For 2023 COLA

May 20, 2023 /by todd carmack

With 2023 rapidly approaching, Social Security beneficiaries will soon learn how much their monthly payments will increase next year based on the current quarter’s inflation rate. According to The Senior Citizens League, a non-partisan seniors advocacy group, the predicted Social Security cost-of-living adjustment (COLA) for 2023 is 8.7%.

Its forecast was modified on September 13, 2022, in response to the Labor Department’s Consumer Price Index for All Urban Consumers (CPI-U) report. According to the report, overall inflation jumped 8.3% in August compared to the previous year, as monthly rises in food, lodging, and medical care offset a sharp decline in energy and gas prices. The August increase followed an 8.5% increase in July.

The Social Security COLA is calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which differs somewhat from the CPI-U. The COLA is determined using the year’s average inflation rate in the third quarter. When those results are released, the data from July, August, and September will be combined and divided by three to calculate the average. The third quarter 2021 average will then be compared to the 2022 figure to establish the percentage change for 2023.

The group’s most recent COLA projection is significantly lower than earlier estimates this year, which projected a Social Security hike of up to 10.5% in 2023. Even an 8.7% growth would be the greatest in more than four decades.

“A COLA of 8.7% is highly exceptional, and it would be the highest ever earned by the vast majority of Social Security pensioners alive now,” said Mary Johnson, Senior Citizens League’s Social Security and Medicare policy expert. “It was higher only three other times since the introduction of automatic adjustments (1979-1981).”

The Senior Citizens League and other senior advocacy organizations have frequently challenged the formula used to calculate the Social Security COLA since it does not account for increases in the Medicare Part B premium, which is 14.5% more this year than in 2021. This frequently results in Social Security payouts for seniors falling short of the real inflation rate.

According to The Senior Citizens League, the Medicare Part B premium and other fees are typically disclosed in mid-November. It does not anticipate a significant increase in premiums in 2023.

Even if you exclude this year’s higher Medicare costs, the 2022 COLA of 5.9% is already considerably below the total inflation rate. According to the Senior Citizens League, the August COLA fell short by an average of 48%.

What Does 8.7% COLA Imply?

According to The Senior Citizens League, an 8.7% COLA increase next year means that the average Social Security beneficiary would receive $1,656 in monthly payments, an increase of $144.10 per month. Retirees can calculate their exact increase by multiplying their current check amounts by .087.

“COLAs are supposed to help sustain the purchasing power of Social Security income when prices rise,” according to the Senior Citizens League’s estimate. They are permanent increases that will gradually boost retirees’ total Social Security benefits throughout their retirement. Without a COLA that keeps up with inflation, Social Security benefits buy less and less over time, which can be difficult, especially as older Americans live longer lives in retirement.

Medicare Part B Premiums May Fall in 2023

While costs for nearly everything has risen in line with inflation this year, it is obvious that Medicare premiums will fall in 2023.

It is the duty of The Centers for Medicare & Medicaid Services (CMS) to announce the 2023 Medicare Part A and Part B premiums, deductibles, and coinsurance amounts, as well as the 2023 Medicare Part D income-related monthly adjustment amounts.

The Social Security Act establishes the monthly Medicare Part B premium, deductible, and coinsurance rates. The regular monthly cost for Medicare Part B users in 2023 will be $164.90, a $5.20 drop from $170.10 in 2022. In 2023, the yearly deductible for all Medicare Part B participants is $226, a $7 drop from the previous year’s $233.

Contact Information:
Email: [email protected]
Phone: 6232511574

Bio:
I grew up in Dubuque, Iowa, where I learned the concepts of hard work and the value of a dollar. I spent years in Boy Scouts and achieved the honor of Eagle Scout. I graduated from Iowa State University and moved to Chicago and spent a few years managing restaurants. I then started working in financial services and insurance helping families prepare for the high cost of college for their children. After spending years in the insurance industry, I moved to Arizona and started working with Federal Employees offing education and options on their benefits. I became a Financial Advisor / Fiduciary to further help people properly plan for the future. I enjoy cooking and traveling in my free time.

How to Deposit Your Military Time to Receive Retirement Credit

April 26, 2023 /by rick viader

Prior military service may earn federal employees retirement credits, which can calculate retirement eligibility and annuities. However, the qualifying conditions for CSRS and FERS personnel are not the same. Here is a full breakdown of the regulations that govern the two systems.

Eligibility Rules for Civil Service Retirement System Employees

Before October 1, 1982, civilians who worked for the federal government after 1956 but didn’t put in a deposit will be able to retire under the CSRS. Therefore, it will be subject to Catch-62, which is used for computing the annuity of employees with prior military service but who have not paid the required deposit to have the military years added to their civilian years. They should also have the necessary credits to be eligible for Social Security benefits at 62.

Their Social Security benefits will not reflect their prior military service, but their initial retirement computation will. Their annuity will be computed twice, the first computation with the military years and the second computation for Social Security without the military years.

This program doesn’t apply if a federal worker won’t be eligible for Social Security benefits when they turn 62. CSRS employees hired after October 1, 1982, who have not made the required deposit, will only be able to retire.

Eligibility Rules for FERS Employees

The rules that apply to FERS employees are more straightforward for FERS employees with post-1956 military service who have made the required deposit will receive neither retirement eligibility nor annuity computation. However, it should be noted that those who pay the deposit under FERS and CSRS will receive both.

Military Deposit

The military deposit for active-duty military service took care of the period of your employment history when you did not make any retirement contributions to the FERS or CSRS from your salary. However, the deposit is not compulsory. You could decide to forgo it, but there will be some effects, as stated above. It may stop your years of military service from counting towards your retirement eligibility or annuity computation.

If you want to make the deposit, you have to do that before retirement. If you hold off depositing until separation for retirement, the Office of Personnel Management (OPM) will not adjudicate your annuity. However, if you deposit retirement, you will receive retirement credits that would count towards your annuity computation.

But that would mean you must forgo your retired military pay in most cases. Different rules apply for separated employees, and they do not have to make the military deposit.

Make a request that the Office of Personnel Management (OPM) not pay you for retired military service. It will help you figure out how much you will get in pension benefits because you served in the military. People who want to write the Retired Pay Operations Center at least two months (60 days) before they plan to retire from the government must also make do so early.

Contact Information:
Email: [email protected]
Phone: 9568933225

His goals are to guide federal employees to achieve their financial goals while maximizing their retirement incomes.

What are the Differences Between Postponed and Deferred Annuities?

January 27, 2023 /by jeff boettcher

Meeting age and service requirements are two necessary conditions for annuities, especially in terms of an immediate and unreduced annuity. However, suppose you are looking to leave the employ of the federal government or were let go due to downsizing. In that case, you may be entitled to a postponed or deferred annuity if you don’t currently qualify for voluntary retirement. Although some agencies currently undergoing reorganization and substantial restructuring, among others, utilize voluntary early retirement to increase the number of eligible employees for retirement, it isn’t always the case.

Proposed annuities are available to FERS employees who meet specific criteria, including service requirements (under the MRA+10 provision) and the age requirement. Unfortunately, CSRS employees are not eligible to receive a proposed annuity. For FERS employees, though, individuals may choose to postpone receiving an annuity to another date to eliminate or reduce the age penalty should they fail to meet unreduced annuity requirements.

Annuities are calculated according to the FERS formula, depending on the length of service, unused sick leave, high-3 of your separation, and the remaining age penalty. Although you are ineligible for SRS, you can receive Social Security benefits and a COLA on FERS civil service benefits starting at 62. However, this does eliminate any FEHB and FEGLI coverage on the date of separation. Once your retirement begins, you may reenroll if you had previously been enrolled for five consecutive years prior to separation.

Deferred annuity eligibility is dependent upon a few circumstances for individuals planning to leave the government before reaching immediate annuity eligibility. Qualifications include a minimum of 5 years of civilian service and refraining from requesting a retirement contributions refund. Plus, individuals under FERS and CSRS are eligible based on your high-3 and length of service (at the point of separation). This case is much unlike voluntary retirement, where unused sick leave will not be used to calculate service time. Finally, those covered by CSRS can begin receiving their deferred annuity upon reaching 62, with an amount that will increase with annual COLAs.

However, more deferred annuity options are made available to those covered by FERS. These options include unreduced deferred annuity eligibility at age 62 with a minimum of 5 years of service, age 60 with a minimum of 20 years of service, or minimum retirement age with a minimum of 30 years of service. Upon meeting your MRA, you will become eligible for a reduced FERS annuity at the ten-year service mark. This reduction includes a 5% penalty for each year you were less than 62 years old at the point of separation. It is important to note that deferred retirees are ineligible to receive FERS SRS (special retirement supplement), which typically approximates the SS benefit earned during employment (paid up to 62).

Contact Information:
Email: [email protected]
Phone: 8007794183

Bio:
For over 20 years, Jeff Boettcher has helped his clients grow and protect their retirement savings. “each time I work with my clients, I’m building their future, and there are few things that are more important to a family than a stable financial foundation.”

Jeff is known for his ability to make the complex simple while helping navigate his clients through the challenges of making the right investment decisions. When asked what he is most passionate about professionally, his answer was true to character, “Helping my clients â€“ I love being able to solve their problems. People are rightfully concerned about their retirement income, when they can retire, how to maximize their financial safety and future income.” Jeff started Bedrock Investment Advisors for clients who value a close working relationship with their advisors.

A Michigan native, Jeff grew up playing sports throughout high school and into college. While Jeff is still an ‘aging’ athlete, Jeff will take more swings on the golf course than miles running these days. He creates family time, often with weekly excursions to play golf, a hobby he shares with his three young children.

Disclosure:
Investment Advisory Services are offered through BWM Advisory, LLC (BWM). BWM is registered as an investment advisor and only conducts business in states where it is properly registered or is excluded from registration requirements. We are currently either state or SEC-registered in the following states: Arizona, Florida, Illinois, Kansas, Louisiana, Michigan, New York, Oregon, Texas, and Washington. Registration is not an endorsement of the firm by securities regulators and does not mean the advisor has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting. Always consult an attorney or tax professional regarding your specific legal or tax situation.
Although we make great efforts to ensure the accuracy of the information contained herein, we cannot guarantee all information is correct. Different types of investments involve higher and lower levels of risk. There is no guarantee that a specific investment or strategy will be suitable or profitable for an investor’s portfolio. There are no assurances that a portfolio will match or exceed any particular benchmark. Any comments regarding guarantees, safe and secure investments, guaranteed income streams, or similar refer only to fixed insurance and annuity products. They do not refer, in any way, to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claimsâ€paying ability of the issuing company and are not offered by BWM Advisory, LLC. Guaranteed lifetime income is available through annuitization or the purchase of an optional lifetime income rider, a benefit for which an annual premium is charged. Annuities are long-term products of the insurance industry designed for retirement income. They contain some limitations, including possible withdrawal charges and a market value adjustment that could affect contract values. Annuities are not FDIC-insured. Not affiliated with the U.S. Federal Government or any government Agency.

CSRS and FERS Retirement: Lump-Sum Credit Payments to Eligible Beneficiaries

November 20, 2022 /by rick viader

According to the Office of Personnel Management‘s (OPM) CSRS and FERS Retirement Handbook (Chapter 75), federal agencies must notify the survivors of deceased former employees or retirees to contact OPM directly for information on their potential entitlements. However, government authorities generally never contact surviving family members.
This column’s purpose is to clarify the lump amount credit, the regulations governing the payment of the lump sum credit to eligible surviving family members, and the processes eligible surviving family members must take to apply for the lump sum credit.

Lump-Sum Credit Payments for Former CSRS and CSRS Offset Employees

The lump sum credit for late former CSRS or CSRS Offset employees is comprised of the unrefunded portion of one or more of the following:

â€¢ CSRS retirement deductionsÃ¢â‚¬â€these are equal to 7% for a CSRS employee (0.8% for a CSRS Offset employee) that was withheld biweekly from the employee’s salary
â€¢ Redeposits of refunds previously paid
â€¢ Deposits for temporary (non-deduction) service
â€¢ Deposits for post-1956 military service
â€¢ Interest on retirement deductions through December 31, 1956, and
â€¢ For an employee or former employee who dies with fewer than five years of creditable service interest paid to the date of separation or transfer to a job not covered by CSRS, in any sum covering over one year of service.

Remember the following:

1. Contributions to the Voluntary Contribution Program (VCP) aren’t included in the lump-sum credit. Nonetheless, if an employee dies while in employment or after departure from duty, all VCP payments made by the deceased employee plus interest will be reimbursed individually in a lump sum according to the precedence sequence.

2. The lump-sum credit could have been paid to an employee or former employee while they were alive in one of three ways:

(a) A refund payment to a separated employee not entitled to a CSRS annuity;
(b) A lump-sum payment under the alternative annuity provision; or
(c) through the payment of a CSRS annuity.

CSRS Lump-Sum Credit: Payment Rules

The standard rule for payment of CSRS lump-sum credits is as follows: Upon the death of a CSRS/CSRS Offset employee, if there’s no survivor entitled to a monthly CSRS survivor annuity, the full lump-sum credit in the CSRS retirement fund is paid to the individual(s) entitled in the regular order of precedence (see above). Suppose a CSRS/CSRS Offset employee dies in service and a CSRS survivor annuity is payable to the person’s spouse, ex-spouse, or child. In that case, the individual entitled to a lump-sum credit in the order of precedence might not be given the lump-sum credit. However, they may be paid that fraction of the lump-sum payment consisting of the following:

â€¢ Retirement deductions withheld from the employee’s salary after the employee becomes eligible for the maximum annuity;
â€¢ Partial redeposits of previously paid refunds unless the surviving annuitant made the redeposit payment
â€¢ Partial deposits for temporary (non-deduction) service done after September 30, 1982, unless the survivor annuitant made the payment of the deposits
â€¢ Partial deposits for military service after 1956, and
â€¢ Completed pot-1956 military service deposits where the military service isn’t utilized to calculate the survivor benefit.

A CSRS lump-sum credit payment is subject to any fully certified and timely request for the recovery of a valid debt due to the U.S. government.

Upon the death of a CSRS Offset or former employee, the amount of a lump-sum payout representing an employee’s actual contributions (including partial deposits and redeposits) isn’t subject to federal and state income taxes. However, any interest paid on these contributions is taxable in the year the refund is issued.

Submitting a CSRS Lump-Sum Credit Application

Applicants for the CSRS lump-sum credit must comply with the following requirements:

1. Complete form SF 2800 (Application for Death Benefits) (https://www.opm.gov/forms/pdf fill/sf-2800.pdf) and attach any other documents and/or proof that the application or circumstances need.

2. Attach a certified death certificate copy

3. Send the completed application to:

a. the employing agency if the agency hasn’t yet sent the employee’s data to OPM; or
b. OPM directly if the employing agency has already sent the employee’s information to OPM. Office of Personnel Management P.O. Box 45 Boyars, Pennsylvania 16017-0045

Responsibility of OPM

OPM determines whether benefits are payable for both the CSRS lump-sum credit and the FERS lump-sum credit. Depending on the benefit and the specific circumstances, OPM may need the applicant to submit further proof.

Contact Information:
Email: [email protected]
Phone: 9568933225

His goals are to guide federal employees to achieve their financial goals while maximizing their retirement incomes.

Government Employee Retirement Strategies

November 10, 2022 /by jeff boettcher

As a government employee, there are several ways to manage retirement for stable financial security well into your golden years. Aside from Social Security benefits and 401(k) plans, it’s essential to understand the federal retirement benefits made available to you, specifically as an employee of the federal government. Depending on your hiring date, you may receive coverage through a different retirement system than your peers. So let’s delve deeper to see what applies to you and how it will benefit your retirement.

Hired in 1984 and Beyond

Civilian service employees hired in 1984 or later receive coverage from the Federal Employees Retirement System (FERS). This program provides government employees with Social Security benefits, a Thrift Savings Plan (TSP), and a basic pension plan. The TSP comprises government contributions, matching, and voluntary employee contributions. These retirement benefits are structured as an annuity, depending on years of service, plan contributions, and the participant’s age.

Hiring Date Prior to 01/01/1984

Those who began working before January 1st, 1984, might have access to the Civil Service Retirement System (CSRS). This distinction provides older civilian service employees with disability, survivor benefits, and retirement. Unfortunately, you will be ineligible to receive Social Security benefits because your employer did not deduct Social Security taxes from your paycheck. However, you may qualify for some Social Security benefits if another employer employed you to earn them or qualified through a current or former spouse.

Contributing to a Thrift Savings Plan (TSP)

The TSP is a defined contribution plan that allows federal employees to determine the amount of money and the method they’d like to invest. Ultimately, the amount available upon retirement is up to you, utterly dependent on your financial determinations according to your plan. Additionally, a TSP is not available to FERS employees alone. A CSRS employee may also make contributions to a TSP. The most significant difference here is employer contribution eligibility, with FERS receiving another 1% of their salary toward contributions made by their employer.

Furthermore, those covered by FERS can also receive matching employer contributions by increasing employee contributions accordingly. Calculating your maximum contribution amount according to the available employer match will reap big rewards. This strategy will enable you to accrue the necessary years of service to receive the automatic 1% match. If you had a retirement account through a previous employer, you could also roll these funds into your TSP.

Investment Options

Depending on your risk appetite, TSPs provide several investment choices, including low-risk funds (U.S. Treasury investments), higher-risk funds (international stock investments), and beyond. A life-cycle fund is another investment composition that changes as you age. In doing so, this design meets retirement goals with minimal effort overall. Low expense ratios are just one of the many reasons to utilize a TSP. In 2021, for example, TSP participants paid around $0.42 per $1,000 in net administrative expenses depending on the fund.

Contact Information:
Email: [email protected]
Phone: 8007794183

Disclosure:
Not affiliated with the U.S. Federal Government or any government Agency. Investment Advisory Services are offered through BWM Advisory, LLC (BWM). BWM is registered as an investment advisor and only conducts business in states where it is properly registered or is excluded from registration requirements. We are currently either state or SEC-registered in the following states: Arizona, Florida, Illinois, Kansas, Louisiana, Michigan, New York, Oregon, Texas, and Washington. Registration is not an endorsement of the firm by securities regulators and does not mean the advisor has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting. Always consult an attorney or tax professional regarding your specific legal or tax situation.
Although we make great efforts to ensure the accuracy of the information contained herein, we cannot guarantee all information is correct. Different types of investments involve higher and lower levels of risk. There is no guarantee that a specific investment or strategy will be suitable or profitable for an investor’s portfolio. There are no assurances that a portfolio will match or exceed any particular benchmark. Any comments regarding guarantees, safe and secure investments, guaranteed income streams, or similar refer only to fixed insurance and annuity products. They do not refer, in any way, to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claimsâ€paying ability of the issuing company and are not offered by BWM Advisory, LLC. Guaranteed lifetime income is available through annuitization or the purchase of an optional lifetime income rider, a benefit for which an annual premium is charged. Annuities are long-term products of the insurance industry designed for retirement income. They contain some limitations, including possible withdrawal charges and a market value adjustment that could affect contract values. Annuities are not FDIC-insured.

Understanding The CSRS Hybrid Offset

October 15, 2022 /by rick viader

If you were employed under the CSRS and served the government for at least five years before leaving, returning after a hiatus of more than a year, and doing so after December 31, 1983, you were given an option. The CSRS and Social Security, or the FERS, could provide coverage for you. If you selected option two, you were protected by a brand-new job classification known as CSRS Offset.

Those employed between 1984 and 1986 who had at least five years of service at the time of the official start of FERS on January 1, 1987, are also eligible for the CSRS Offset (the others were put under FERS).

As a CSRS Offset employee, you are qualified for benefits under the CSRS and Social Security programs since both cover you. You will become eligible for the same amount of retirement benefits upon retirement as you would if CSRS solely covered you. However, the funds will come from two distinct sources: the Social Security Administration and the Office of Personnel Management.

Your retirement annuity as a CSRS Offset employee will be determined in the same manner as it is for all CSRS employees:

The sum of .015% x your “high-3” average wage x 5 years of service plus. 0175% x your “high-3” average salary x 5 years of service, and .025% x your “high-3” x all additional years and months of service.

Your predicted retirement annuity will be the total of those three calculations. That estimate will be more precise as you draw closer to retirement.

You will receive a pure CSRS annuity if you retire before age 62. Your annuity will be deducted depending on the same amount of Social Security benefits you received while working as a CSRS Offset employee when you reach the age of 62 and become eligible for them. The offset will still happen automatically whether you apply for a Social Security benefit.

When you are around 62 years old, OPM will request an entitlement decision from the SSA. Two benefit computations – one including all Social Security-covered earnings and the other, excluding earnings related to CSRS Offset service – will be sent by the SSA to OPM. (The offset calculation will be performed if you retire at or after age 62.)

Your gross CSRS annuity will need to be reduced, and OPM will figure this out. According to the law, the lesser of the following two options applies:

1. The difference between your Social Security monthly benefit amount with and without CSRS-Offset service; or

2. The product of your monthly Social Security benefit amount and federal earnings is your total CSRS Offset service, rounded to the closest whole number of years, divided by a fraction, with 40 as the denominator.

The latter computation above appears as a formula as follows:

Social Security Benefit x Offset Service Years in Total / 40

Ensure you file for Social Security benefits a few months before turning 62 if you intend to retire before that age. This will give SSA enough time to handle your case and prevent delays in the full benefits package you are entitled to. If you don’t do that right away, your CSRS annuity will still be reduced; however, you will eventually receive a retroactive payment for the full Social Security benefits you are eligible for.

CSRS Offset and Social security

Employees who have CSRS Offset are eligible for retirement payments under both the CSRS and Social Security programs. These advantages are combined to give employees the same compensation for their government services as CSRS might have provided exclusively. The primary distinction is that funding will come from the Social Security Administration and OPM, two distinct organizations.

The employee’s annuity will be determined during retirement in a manner identical to that of ordinary CSRS employees. People who retire before turning 62 receive a pure CSRS annuity. Suppose they reach the age of 62 and become eligible for Social Security benefits. In that case, OPM will reduce or offset their CSRS benefit by the same amount as the Social Security they would have earned as a CSRS Offset employee. The changes will be made when you retire at or after age 62 and become eligible for Social Security benefits.

Contact Information:
Email: [email protected]
Phone: 9568933225

His goals are to guide federal employees to achieve their financial goals while maximizing their retirement incomes.

How marriage or divorce can have an impact on your survivor benefits under the CSRS and FERS

September 27, 2022 /by mickey elfenbein

Marital affairs should be confidential; however, with survivor benefits, the government needs to know about the state of your relationship, whether married, separated, or divorced.

Your survivor benefits under (CSRS) and (FERS)

The table below outlines the survivor benefits working mode under the Civil Service Retirement System and Federal Employees Retirement System.

	FERS	CSRS
Partial survivor benefit	25% of the (gross) annuity	55 percent of your annuity portion (minimum of $22.00)
Amount of partial-survivor benefits	5% of annuity price	2.5 percent of the initial $3600 ($90 per year) and 10 percent of your CSRS annuity defined portion (minus $3600)
Full survivor benefit	50% of the (gross) annuity	55 percent of the (gross) annuity
Full survivor benefit amount	10% of annuity price	2.5 percent of the first $3600 ($90/yr.) + 10 percent of CSRS annuity (minus$3600)

Influence of Marriage on Your Survivor Benefits

It would be best to decide as a federal government employee when you are about to retire and claim your benefits. You must decide either the full survivor or partial benefits. You can also waive your entire survivor annuity. Your spouse must approve and sign the waiver in your application form for retirement to waive or decrease benefits. Once you have done this and received your payment for the first month from CSRS or FERS, your option cannot be reversed, except if you end your marriage by divorce, annulment, or death.

What will happen if you, as a federal employee, die first?

The Civil Service Retirement System (CSRS) and Federal Employees Retirement System (FERS) will stop reducing survivor benefits from your account. Also, the reduction made before your death will not be paid back.

If you get married after retirement

Your survivor benefits may be included in your pension income as a federal retiree; suppose you made the change within two years after marriage? This will lead to two decreases in your pension income. The first decrease is for the payment of survivor benefits. In contrast, the second decrease is below 5% of your unreduced annuity cost. Even if your marriage ends with your annuitant, the annuity will still be permanent.

What happens if you get married back to your spouse after your retirement?

Suppose you and your spouse decide to give up survivor benefits and later divorce after your retirement. Somehow, after the divorce, both of you choose to get back again; you cannot add more than the selected survivor benefits you have chosen during your retirement.

If you, as a federal government retiree, divorce after your retirement

Your ex-spouse is qualified to receive the FERS or CSRS survivor benefits. Still, they need a relevant court order stating that it may only be for your selected survivor benefit option during retirement. But if the benefits were sacrificed when you are married, they cannot be included after your divorce.

What happens if you get divorced when you are still in government service?

Don’t be surprised; your ex-spouse is still eligible for the CSRS or FERS survivor benefit. However, you can only revise your plan before you retire or die through a court order. In addition, your ex-spouse’s survivor benefit may stop if they are late or remarried before age 55. However, suppose your marriage to them exists for thirty years or beyond. In that case, it does not matter if they remarry before they are 55 years and are entitled to your survivor benefits.

Contact Information:
Email: [email protected]
Phone: 6122163911

Bio:
Mickey Elfenbein specializes in working with Federal Employees relative to their retirement benefit plans, FEGLI, TSP, Social Security and Medicare, issues and solutions. Mr. Elfenbein’s mission is to help federal employees to understand their benefits, and to maximize their financial retirements while minimizing risk. Many of the federal benefit programs in place are complicated to understand and go through numerous revisions. It is Mr. Elfenbein’s job to be an expert on the various programs and to stay on top of changes.

Mickey enjoys in providing an individualized and complimentary retirement analysis for federal employees.

He has over 30 years of senior level experience in a variety of public and private enterprises, understands the needs of federal employees, and has expertise built on many years of high-level experience.

Understanding Deferred and Postponed Annuities

August 26, 2022 /by todd carmack

Let’s look at two different types of retirement that are open to folks who desire to take a break before finishing their job.

Deferred Annuities

You’ll become eligible for a deferred annuity if you leave the government before meeting the age and service criteria for an instant annuity, have at least five years of creditable civilian service, and do not take a refund of your retirement payments when you depart.

You can get a deferred annuity at various ages under FERS rules: Age 62 with 5 years of creditable service; age 60 with 20 years of creditable service, and at your minimum retirement age with 30 years of creditable service. MRAs span from age 55 to 57, depending on when you were born. Only at the age of 62 will you be eligible for a deferred annuity under CSRS rules.

With just 10 years of service as a FERS employee, you could apply for a deferred annuity at your MRA. Unless you have up to 20 years of service and an annuity starting at age 60, your annuity will be cut by 5% every year (5/12 of 1% every month) if you are under the age of 62 under the MRA+10 provision.

The standard FERS and CSRS calculations are used to calculate deferred annuities. At age 62, you’d start getting annual cost-of-living adjustments (COLAs) under both retirement schemes.

You would not be eligible for the special retirement bonus, which approximates the Social Security income received while covered by FERS, as a FERS deferred retiree.

Finally, whether you are under FERS or CSRS when you leave, you will lose coverage under FEGLI and Federal Employees’ Health Benefits and programs, and you will not be entitled to re-enroll when your annuity begins.

Postponed Annuities

Only FERS workers have access to this. If you retire in accordance with the MRA+10 provisions, you can defer your annuity payment to a later date to avoid or minimize the 5% per year age penalty described above.

The standard FERS calculation will be used to compute your annuity, which will be based on your years of service and high-3 as at the time you retired. You’ll get the amount when your annuity starts, minus any remaining age penalty.

If you were enrolled in the FEGLI and/or FEHB programs for 5 years prior to retirement, you could re-enroll in either or both of them when your annuity starts.

Contact Information:
Email: [email protected]
Phone: 6232511574

Less Than 200 Employees Are Interested In The SSA’s Early Retirement Offer

August 16, 2022 /by rick viader

In 2021, the Social Security Administration (SSA) resumed its tradition of providing early retirement to qualified employees. However, preliminary figures indicate that the agency had very few takers.

According to emails obtained by Federal News Network and confirmed by the agency, the SSA offered a round of early retirement prospects earlier this autumn.

This year, approximately 6,800 SSA employees were eligible for early retirement. To date, around 175 employees, or little more than 2% of those eligible, have accepted the offer, according to an email sent by an agency spokesperson to Federal News Network.

Employees eligible for the early retirement offer had until November 26 to notify their supervisor of their intention to accept the offer. According to an agency spokesperson, they must depart the agency by December 31, when the SSA’s early retirement permission from the Office of Personnel Management (OPM) expires.

In recent years, SSA has offered early terminations on multiple occasions. The agency normally announces an early-out option once a year, which “lets us rebalance resources to meet the changing service demands of the American people,” said an SSA spokesperson.

However, unlike in previous years, the Biden administration’s vaccination requirement adds a new dimension to the opportunity. Federal employees had until November 22 to get fully vaccinated or file a medical or religious exemption request, and most SSA employees complied with the vaccine mandate.

However, the timing of this year’s early-retirement window gave individuals eligible for an early departure some flexibility concerning complying with the vaccination obligation, according to the SSA.

All employees are expected to meet the vaccination requirement. However, they have reached an agreement with labor partners that any employee who notifies the management in writing of their intention to retire/separate by December 31, 2021, won’t be subject to enforcement of the requirement, the SSA spokesperson said.

According to data provided by the Office of Management and Budget last week, at least 90.3% of the SSA workforce has received at least one vaccine dose, and 97.7% of the agency’s employees were either partially vaccinated or had a medical or religious exemption request pending or approved.

The SSA’s offer doesn’t include additional monetary incentives, as has become usual with early retirements from agencies in recent years.

Employees need to have 20 years of creditable service and be at least 50 years old to be eligible for early retirement or have at least 25 years of service time at any age.

Employees have to be serving under a non-time-limited appointment, have been continuously on SSA’s rolls since at least 31 days before November 20, 2020, and employees cannot be the subject of an involuntary separation decision due to misconduct or unsatisfactory performance, according to the SSA’s early retirement notice, obtained by Federal News Network. In addition, Civil Service Retirement System (CSRS) workers must have worked in a CSRS post for at least one year out of the one year immediately before retirement. This last condition does not apply to employees of the Federal Employees Retirement System (FERS).

To maintain their federal health insurance coverage upon retirement, eligible personnel must have been covered by the Federal Employees Health Benefits (FEHB) program for at least the final five years of their government service.

The Office of Personnel Management (OPM) will grant pre-approved waivers to employees who have been continuously covered under the FEHB program since the beginning date of the agency’s latest early out authority (December 16, 2020) and retire through voluntary early retirement during the early out period, as stated in the SSA notices.

Early retirement was made available by the Social Security Administration (SSA) in 2012, 2014, 2017, and 2019. Around 3-4% of those eligible accepted the early retirement option in the past.

Around 27% of the SSA staff will be able to retire by 2022, as stated by a 2019 Government Accountability Office report.

Contact Information:
Email: [email protected]
Phone: 9568933225

Defined Benefit Programs of Value, Says Study

August 15, 2022 /by rick viader

A recent study demonstrates the importance of a defined benefit program, like the FERS or CSRS civil service annuity. It shows how much faster those without such benefits deplete their assets after retiring.

According to the Center for Retirement Research, given the erosion of defined benefit plans in the private sector, historical data on drawing down savingsÃ¢â‚¬â€which is used in calculations of how much people should have saved to guarantee enough income in retirementÃ¢â‚¬â€might paint an overly optimistic picture of retirement preparedness.

It discovered that half of the oldest Boomer households, born in the late 1940s, have at least one spouse with a defined benefit. That drops to around a quarter for the generation’s middle, people born in the mid-1950s, and less than a tenth for the youngest, people born in the early 1960s.

Previous studies focused on older generations with significant defined benefit (DB) coverage; the validity of drawdown estimates based on these cohorts for future cohorts with considerably less DB coverage is unknown… Any projections of the speed of drawdown for Baby Boomers based on the sluggish depletion of previous generations would likely underestimate the rate at which retirees pull down their assets, it warned.

For instance, it discovered that retirees with $200,000 of initial wealth (about the midpoint in the data) who are insured by a defined benefit plan lower their financial assets by $28,000 less by 70 than those who arenÃ¢â‚¬â„¢t covered by such a benefit.

It concluded that past generations’ access to a DB pension was related to the delayed depletion of their financial assets. Furthermore, the greater a retiree’s annuity holdings (including DBs, Social Security, and commercial annuities), the slower they drew down their other assets.

Projections for the Baby Boomer generation based on previous generations’ drawdowns are likely to underestimate their downturn speed. The findings show that Baby Boomers without DB plans may be depleting their assets quicker, putting them in greater danger of outliving their savings.

Contact Information:
Email: [email protected]
Phone: 9568933225

COLAs For Federal Retirees: What You Must Know About CSRS, FERS, And Social Security

August 8, 2022 /by todd carmack

Many federal retirees are uncertain about the size of the cost-of-living adjustment (COLA) that CSRS, FERS, and survivor annuitants would receive in 2023 after much debate about the high cost of living due to soaring inflation in 2022.

This article explains COLA, how it is calculated, and how it impacts CSRS and FERS annuities, survivor annuities, and other federal employee death benefits.

Method of Calculating COLAs and CSRS

The cost-of-living adjustment (COLA) given to CSRS/CSRS Offset annuitants is the same as the COLA given to Social Security disability and retirement benefit recipients. The COLA amount is calculated each year based on the percentage change in the base quarter price index from the previous year to the base quarter price index of the current year, rounded down to the nearest one-tenth of one percent. The COLA for CSRS/CSRS Offset annuitants and Social Security benefit recipients in 2022 was 5.9%, and it went into effect on December 1, 2021. Based on the data in the table, we arrived at the 5.9% estimate:

When calculating a CSRS/CSRS Offset annuitant’s new gross monthly annuity, which takes into account the COLA, the previous year’s gross monthly annuity is multiplied by the COLA factor (one plus COLA percentage).

The CSRS monthly annuity is rounded to the nearest dollar. Gross monthly annuity must increase by at least $1.00 once a COLA is implemented.

Illustration I

The preceding fact is depicted in this illustration. Jim, an annuitant of the Civil Service Retirement System (CSRS), retired from the federal government in 2014. After subtracting a $500 survivor annuity fee and a $100 unpaid deposit, Jim’s monthly CSRS net annuity for 2021 was $4,500. Because of this, Jim’s CSRS gross monthly annuity for 2021 was $5,100, which equals $4,500 plus $500 plus $100. Jim received the full 5.9 % COLA beginning on December 1, 2021. This increase was shown in his annuity check for the first time on January 1, 2022, and was calculated as follows:

It is essential to remember that the yearly COLA is applied before any deductions are made for federal and state income taxes, as well as deductions for health, life, dental, vision, and long-term care insurance premiums. Furthermore, when the COLA factor is used, the CSRS gross annuity is always rounded to the nearest lower dollar.

Illustration II

Judy is a CSRS retiree and received her pension on January 2, 2021. Judy’s CSRS annuity began on January 3, 2021, and she received her first payment on February 1, 2021. From January 3, 2021, through December 31, 2021, Judy got 11 CSRS monthly annuity payments. A CSRS annuity check was sent to her on February 1, March 1, April 1, May 1, June 1, July 1, August 1, September 1, October 1, November 1, and December 1. As a result, Judy was eligible for 11/12 of the 5.9% COLA for 2022, or 11/12 of 5.9% (the 2022 COLA) equals 5.4 % (Judy’s 2022 COLA amount).

Illustration III

Jim is a CSRS annuitant who plans to retire from the federal government on May 31, 2021. He received his first CSRS annuity check on July 1, 2021, and his annuity started on June 1, 2021. Jim received six CSRS annuity payments between June 1, 2021, and December 31, 2021. (July 1, August 1, September 1, October 1, November 1, and December 1). As a result, Jim was entitled to 6/12 of the 5.9 % COLA scheduled to take effect in 2022.

Jim’s 2022 COLA will be 2.9 % or 6/12 of 5.9 %. Amount of COLA for CSRS Survivor Annuitants (Including Spouses, Former Spouses, Insurable Interest)

After the annuitant’s death, a survivor annuity under CSRS is started for their surviving spouse, former spouse, or insurable interest (i.e., someone who is a blood relative of the annuitant but is not a first cousin, like a kid, sibling, or parent). As of January 1, following the annuitant’s death, CSRS survivor annuitants are eligible to receive all or a portion of the annual COLA. The amount of the first-year cost-of-living adjustment for the survivor annuity will depend on when the annuitant passed away after leaving federal service. The following rules will determine a survivor annuitant’s first-year COLA.

Illustration IV

On November 30, 2019, Jessica, a federal employee, announced her retirement. A CSRS annuity cheque for the first day of 2020 arrived in the mail for her. Her CSRS annuity was increased by 2.0 % on December 1, 2020, and she continued to receive them throughout 2020. In March 2021, Jessica abruptly died. On April 1, 2021, her husband, Howard, earned his first CSRS survivor annuity. On December 1, 2021, Howard’s survivor annuity payment earned a 5.9% COLA. On January 1, 2022, Howard’s CSRS survivor annuity check first showed the 5.9% COLA.

Contact Information:
Email: [email protected]
Phone: 6232511574

Bio:
I grew up in Dubuque, Iowa, where I learned the concepts of hard work and the value of a dollar. I spent years in Boy Scouts and achieved the honor of Eagle Scout. I graduated from Iowa State University and moved to Chicago and spent a few years managing restaurants. I then started working in financial services and insurance helping families prepare for the high cost of college for their children. After spending years in the insurance industry, I moved to Arizona and started working with Federal Employees offing education and options on their benefits. I became a Financial Advisor / Fiduciary to further help people properly plan for the future. I enjoy cooking and traveling in my free time.

Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.

What You Need to Know About the Federal Retirement Systems

May 14, 2022 /by todd carmack

Do you work for the federal government as a civilian? If that’s the case, depending on when you started working, you’ll be eligible for one of two federal retirement systems:

â€¢ Federal Employees Retirement System (FERS)

â€¢ Civil Service Retirement System (CSRS)

If you started working after January 1, 1987, you are certainly a member of the Federal Employees Retirement System (FERS). If not, you will qualify for the Civil Service Retirement System (CSRS).

What is the Federal Employees Retirement System (FERS)?

FERS is a retirement plan for federal civilian workers, including those in the executive, judicial, and legislative government departments. However, it does not apply to military members or workers of municipal and state governments.

If FERS insures you, you will be eligible for three types of benefits:

Basic Benefit Plan: This plan lets you and your employer put a percentage of your paycheck into it. After retirement, you will earn a monthly pension if you do so. Resultantly, the Basic Benefit Plan is often known as the monthly annuity.

Social Security: You must contribute 6.2% of your salary to Social Security, which the government matches.

Thrift Savings Plan (TSP): A Thrift Savings Plan (TSP) allows you to save and invest for your retirement. It is similar to a 401(k) plan in that it provides government workers with the same types of savings and tax advantages. A regular TSP allows you to make tax-deferred contributions. Hence, you will have to pay taxes when withdrawing money in retirement.

You may also contribute to a Roth TSP if you don’t have a 401(k) plan. You will contribute to the plan from your after-tax earnings. As a result, you will not have to pay any taxes while you are retired.

You can invest your TSP in the following funds:

â€¢ Common Stock Index Investment Fund

â€¢ Fixed Income Index Investment Fund

â€¢ Government Securities Investment Fund

â€¢ International Stock Index Investment Fund

If you quit your Federal government employment before retiring, keep in mind that you may take your Social Security and FERS TSP with you to your future job.

What is the Civil Service Retirement System (CSRS)?

In 1920, the Civil Service Retirement System (CSRS) was established as a defined benefit, contributing retirement system. Until 1984, when the Federal Employees Retirement System (FERS) took effect, it was the sole retirement system accessible to federal employees.

Most workers contribute roughly 7% of their base wage, and their employers match it. You must have worked for the federal government for at least five years to be eligible for the CSRS. You must also work in a CSRS coverage job for at least one of the past two years before retiring.

Your retirement benefits can be computed by taking your average highest 36 months’ salary from the last 120 months of employment and multiplying it by 1.5%. You will also receive a federal annuity based on five years of service credit.

You may choose to do a Voluntary Contributions Program to contribute 10% of your base pay into a CSRS subaccount.

If you are not eligible for CSRS, you may still participate in the FERS program if hired after 1987. You will have to choose between the two programs when making your payroll deductions. If you opt to join the FERS plan, it is possible for you also to fund a TSP account.

If you are unsure which retirement plan is right for you, visit the official Retirement System website.

Under the CSRS, you are eligible for an immediate retirement benefit if you fulfill one of the following criteria:

Optional benefits, such as a disability pension or a deferred annuity, will only be available to those who have fulfilled the five years of service requirement.

To become eligible for benefits under CSRS, you must be able to provide your employer with at least 31 days’ notice before leaving your government job. If you fail to do so, you will be barred from receiving any annuity.

You are also not allowed to receive your full CSRS annuity if you return to federal government employment before you turn 62.

If you have served for less than five years in the public sector or have contributed less than 5% in taxes, you may purchase up to three months of service credit for each year you have served.

Interest rates will determine the purchasing cost for this when your request was made. The average cost of buying three months’ worth of Service Credit is about 0.07% of the price of your annuity, or slightly more than $200 for each year covered.

If you are eligible to buy three months’ credit based on this formula, you can still purchase additional service credit if it is less expensive.

Contact Information:
Email: [email protected]
Phone: 6232511574

Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision. Confidential Notice and Disclosure: Electronic mail sent over the internet is not secure and could be intercepted by a third party. For your protection, avoid sending confidential identifying information, such as account and social security numbers. Further, do not send time-sensitive, action-oriented messages, such as transaction orders, fund transfer instructions, or check stop payments, as it is our policy not to accept such items electronically. All e-mail sent to or from this address will be received or otherwise recorded by the sender’s corporate e-mail system and is subject to archival, monitoring or review by, and/or disclosure to, someone other than the recipient as permitted and required by the Securities and Exchange Commission. Please contact your advisor if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. Additionally, if you change your address or fail to receive account statements from your account custodian, please contact our office at [email protected] or 800-779-4183.

Get Ready for Open Season

May 12, 2022 /by mark heinrich

Federal Employee’s Health Benefits (FEHB) can change outside the open season due to qualifying life events.

The majority of Federal Employees Health Benefits (FEHB) enrollment changes during the open season, which occurs yearly. Even though most enrollment changes occur during the open season, some changes can also happen when you experience a “qualifying life event.”

Below are the qualifying life events that allow enrollment or its changes to the Federal Employees Health Benefits (FEHB).

If there is a change in your family status, you can enroll or change your enrollment from the benefits program. Examples of such family status include birth or child adoption, marriage, divorce, legal separation, and death of a spouse or relative.

Changing your current employment status is also a “qualifying life event” that can cause an enrollment change. If you are reemployed back into the workforce after a short break in service for more than 72 hours, your status will return to pay status when your coverage is terminated. Coverage termination occurs when you are on leave, have no pay status, or do not have a pay status for more than a year while you are on leave.

Your premiums are withheld during your leave period because there is a sufficient increase in your pay. You will now be in a civilian position since you have served in the uniformed service. You can change from your temporary appointment to a new appointment that gives you access to a government contribution. You can move from or to part-time career employment.

You will terminate your membership in the employee organizationsÃ¢â‚¬â€the Federal Employees Health Benefits (FEHB) sponsorsÃ¢â‚¬â€when you change to self only in another health benefits program sponsored by the federal government. Changing to federally sponsored health benefits programs such as the state-sponsored program for the needy or Medicaid will terminate your membership in the Health Benefits program.

If you cancel or terminate the covering enrollment, you or your close relative may lose the Federal Employees Health Benefits (FEHB) or coverage under the benefits enrollment.

When any of these events happen, you can enroll, change your enrollment to or from self only, change to another employee health benefits plan, or even terminate your enrollment under the program. You must know that you can only change to Self Only in case of events that make you the last eligible close relative following the Federal Employees Health Benefits (FEHB) enrollment guide. You can only cancel your enrollment with a qualifying life event if you, the enrollee, show that you and your eligible close relatives now have another coverage for your health insurance.

Contact Information:
Email: [email protected]
Phone: 9187441333

Bio:
Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark’s passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Markâ€™s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families.

Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation.

Additionally, we’ve counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.

Disclosure:
Securities offered through GRF Capital Investors, Inc., 6506 South Lewis Avenue, Suite 160 Tulsa, OK 74136 Phone: 918-744-1333 Fax: 918-744-1564

Securities cleared through RBC Capital Markets, LLC. 60 South 6th St., Minneapolis, MN 55402

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Tag: CSRS

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