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An annuitant is a person who is entitled to receive benefits from an annuity. [1] The payout benefits for an annuitant are based on the person's life expectancy. Since 2000, in the United States of America, Federal and State agencies have allowed the rehiring of retired employees without the loss of their retirement benefits. Such a "rehire" is ...
Most new federal employees hired on or after January 1, 1987, are automatically covered under FERS. Those newly hired and certain employees rehired between January 1, 1984, and December 31, 1986, were automatically converted to coverage under FERS on January 1, 1987; the portion of time under the old system is referred to as "CSRS Offset" and only that portion falls under the CSRS rules.
In general, if rehired employees have 5 years of civilian service as of December 31, 1986, they will retain CSRS coverage. However, if the break in service is greater than 365 days, the employee is also covered under Social Security and will be deemed CSRS Offset.
Many people view retirement as a wonderful time, where years of hard work have hopefully led to a relaxed and financially secure life. But what does it mean to actually be wealthy in...
Receipt of a SURS annuity may reduce, or eliminate entirely, his or her Social Security benefit at retirement under the Windfall Elimination Provision or the Government Pension Offset [5] Participation in the State Universities Retirement System (SURS) is mandatory for all eligible University employees. The employee contribution to the system ...
By Susan Ricker People leave jobs for a variety of reasons: They find better opportunities, they're offered higher salaries or they get fired or laid off, to name a few. But what if a job seeker ...
Some annuity payments end upon the owner’s death, while others offer death benefits.
However, if the annuitant is in good health, it may be more advantageous to select the higher payout option on his or her life only and purchase a life insurance policy that would pay income to the survivor. The pure life annuity can have harsh consequences for the annuitant who dies before recovering his or her investment in the contract.