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Today 3:33 pm
Your agency withholds the cost of the Basic Benefit and Social Security from your pay as payroll deductionsFuelman » 33 minutes ago » wrote: ↑ More spoon feeding:
Yes, the Federal Employee Retirement System (FERS) Basic Benefit Plan is an annuity: What it is: The FERS Basic Benefit Plan is a defined benefit plan that provides monthly annuity payments to retired federal employees. How it's calculated: The amount of the annuity is based on an employee's salary history and years of service: The government averages the employee's highest three years of basic pay, known as the "high-3" average pay The annuity is calculated by multiplying the "high-3" average pay by 1% for each year of federal service Eligibility: To be eligible for a FERS pension, an employee must work for the federal government for at least five years. When to start receiving payments: Eligibility for immediate annuity payments depends on age and years of service: Age 62 with five years of service Age 60 with 20 years of service Minimum Retirement Age (MRA) with 30 years of service Other benefits: The FERS Basic Benefit Plan also includes survivor and disability benefits. Deferring benefits: Employees can elect to defer their retirement benefits. Cost of living adjustment: The FERS Basic Benefit Plan includes a cost of living adjustment.