Question 1

What is FERS?

Accepted Answer

FERS (Federal Employees Retirement System) is the retirement system for federal employees hired after 1983. It consists of three components: Basic Benefit Plan (pension), Thrift Savings Plan (TSP), and Social Security. FERS provides a defined benefit pension based on years of service and high-3 average salary.

Question 2

How is FERS annuity calculated?

Accepted Answer

FERS annuity is calculated using the formula: High-3 Average Salary × Years of Service × FERS Multiplier. The multiplier is 1% per year for standard FERS employees, or 1.7% per year for special category employees (LEOs, firefighters, air traffic controllers). The high-3 is the average of your highest 3 consecutive years of salary.

Question 3

What is the FERS multiplier?

Accepted Answer

The FERS multiplier determines your pension percentage. Standard FERS employees get 1% per year of service. Special category employees (law enforcement officers, firefighters, air traffic controllers, nuclear materials couriers) get 1.7% per year. For example, 30 years of service = 30% (standard) or 51% (special category) of your high-3 salary.

Question 4

What are FERS special categories?

Accepted Answer

FERS special categories include Law Enforcement Officers (LEOs), Firefighters, Air Traffic Controllers, and Nuclear Materials Couriers. These positions receive enhanced benefits with 1.7% multiplier instead of 1%, earlier retirement eligibility, and special retirement supplement. They also have different mandatory retirement ages.

Question 5

When can I retire under FERS?

Accepted Answer

FERS retirement eligibility depends on age and years of service: Minimum Retirement Age (MRA) with 30 years, MRA with 10 years (reduced benefits), age 60 with 20 years, age 62 with 5 years. Special category employees can retire earlier: LEOs/firefighters at age 50 with 20 years or any age with 25 years.

Question 6

What is the FERS special retirement supplement?

Accepted Answer

The FERS special retirement supplement is a temporary benefit for employees who retire before age 62. It approximates the Social Security benefit you would have earned as a federal employee. It's paid from retirement until age 62, when you become eligible for Social Security. The supplement is subject to earnings limits.

Question 7

How does survivor benefit affect FERS?

Accepted Answer

FERS survivor benefits provide continued benefits to your spouse after your death. If you elect survivor benefits, your annuity is reduced by 10% to fund the survivor benefit. Your spouse would receive 50% of your unreduced annuity. You can elect survivor benefits at retirement or within 18 months of retirement.

Question 8

What is early retirement reduction in FERS?

Accepted Answer

Early retirement reduction applies when you retire before age 62 with less than 30 years of service. The reduction is 5% for each year you're under age 62. For example, retiring at age 60 with 25 years of service results in a 10% reduction (2 years × 5%). This reduction is permanent and affects your monthly annuity.

Question 9

How does FERS work with TSP?

Accepted Answer

FERS is a three-tier retirement system: 1) Basic Benefit Plan (pension), 2) Thrift Savings Plan (TSP) with agency matching, and 3) Social Security. TSP is like a 401(k) with up to 5% agency matching. The combination provides comprehensive retirement benefits for federal employees.

Question 10

Can I work after FERS retirement?

Accepted Answer

Yes, you can work after FERS retirement, but there are restrictions. If you return to federal service, your annuity may be reduced or suspended depending on the position and hours worked. Private sector employment has no restrictions. Special rules apply for re-employment in federal service.

FERS Calculator - Federal Employees Retirement System Calculator

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