FERS Retirement Advice
Congress created the Federal Employees Retirement System (FERS) in 1986, and it became effective on January 1, 1987. Since then, new Federal civilian employees who have retirement coverage are covered by FERS.
FERS is a retirement plan that provides benefits from three different sources:
Your agency will contribute funds towards your Social Security as well as your Basic Benefit Plan. In addition, a share will be withheld from your pay as a payroll deduction. Following retirement, these contributions will be allocated to you monthly as annuity.
If you decide to leave the Federal Government before retirement, the Social Security and TSP you have amounted will follow you to your next job. The Basic Benefit Plan will not.
Eligibility
Find Out When You Can Retire
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Federal retirement is a long and difficult road to navigate. But you're not alone on this journey!
- Retirement Roadmap Includes, at No Cost to Current Federal Employees:
- MRA Date (Minimum Retirement Age)
- FERS Pension Calculation
- SRS Qualification (Special Retirement Supplement)
- Social Security Calculation for Age 62 & FRA
- TSP Income Estimate & Maximization
- CSRS (Civil Service) Retirement Options
- Military Buy Back Calculation & Step-by-step
- FEGLI Analysis Pre & Post-Retirement)
- Health Insurance Eligibility & Costs
- Medicare Step-by-step
- Interim Pay Estimates
- Terminal Leave Calculation
- Survivor Benefit Overview
- Make the most of your federal retirement. Request your Retirement Roadmap today.
*The Retirement Roadmap is available at no cost to current federal employees. MyFEDBenefits is a free resource for all federal employees to help them understand their unique beneifts package.
Making Federal Retirement Easy
- Accurate Preparation of Retirement Forms
- MRA Date (Minimum Retirement Age)
- Best Date to Retire for Optimal Income
- FERS Pension Calculation
- SRS Qualification (Special Retirement Supplement)
- Social Security Calculation & Optimization
- TSP Income Estimate & Maximization
- CSRS (Civil Service) Retirement Options
- Military Buy Back Step-by-step Guide
- FEGLI Analysis (Pre & Post-Retirement)
- Medicare Step-by-step Guide
- Interim Pay Estimates
- Terminal Leave Calculation
- Survivor Benefits Overview
- Health Insurance Eligibility & Cost
There are four categories of benefits in the Federal Employees Retirement System (FERS) Basic Benefit Plan:
Eligibility is determined by your age and number of years of creditable service. In certain situations, you must reach the Minimum Retirement Age (MRA) to receive retirement benefits. Use the chart below to figure your Minimum Retirement Age.
| If you were born | Your MRA is |
|---|---|
| Before 1948 | 55 |
| In 1948 | 55 and 2 months |
| In 1949 | 55 and 4 months |
| In 1950 | 55 and 6 months |
| In 1951 | 55 and 8 months |
| In 1952 | 55 and 10 months |
| In 1953-1964 | 56 |
| In 1965 | 56 and 2 months |
| In 1966 | 56 and 4 months |
| In 1967 | 56 and 6 months |
| In 1968 | 56 and 8 mo |
| In 1969 | 56 and 10 mont |
| In 1970 and after | 57 |
Immediate Retirement
A FERS immediate retirement benefit is one that starts within 30 days from the date you stop working. You may qualify for an immediate retirement benefit if you meet one of the following age and service requirements. The chart below illustrates a federal retirement timeline based on your age and years of service.
| Age | Years of Service |
|---|---|
| 62 | 5 |
| 60 | 20 |
| MRA | 30 |
| MRA | 10 |
If you retire at the MRA with at least 10, but less than 30 years of service, your benefit will be reduced by 5 percent a year for each year you are under 62. If you have 20 years of service you are eligible to receive benefits once you reach the age of 60.
Early Retirement
The FERS early retirement benefit is available in certain involuntary separation cases and in cases of voluntary separations during a major reorganization or reduction in force. To be eligible, you must meet the following requirements:
| Age | Years of Service |
|---|---|
| 50 | 20 |
| Any Age | 25 |
Deferred Retirement
If you leave federal service before you meet the age and service requirements for an immediate retirement benefit, you may be eligible for FERS Deferred Retirement benefits. Deferred Retirement refers to a delayed payment of benefit until certain criteria are met. To be eligible, you must have completed at least 5 years of creditable civilian service. You may receive benefits when you reach one of the following ages:
| Age | Years of Service |
|---|---|
| 62 | 5 |
| MRA | 30 |
| MRA | 10 |
If you retire at the MRA with at least 10, but less than 30 years of service, your benefit will be reduced by 5 percent a year for each year you are under 62. If you have 20 years of service you are eligible to receive benefits once you reach the age of 60.
Disability Retirement
In order to be eligible for Disability Retirement in the Federal Employees Retirement System (FERS) you have at least 18 months of service.
| Age | Years of Service |
|---|---|
| Any Age | 18 months |
You must have become disabled while employed in a position subject to FERS because of a disease or injury for useful and efficient service. The disability must be expected to last at least one year. Your agency must certify that it is unable to accommodate your disabling medical condition in your present position and that it has considered you for any vacant position in the same agency at the same grade/pay level, within the same commuting area, for which you are qualified for reassignment.
Let MyFEDBenefits Help
Whether you are filing for federal retirement under FERS or CSRS the process can be daunting. Contact a MyFEDBenefits Federal Benefits Specialist today to discuss how we can help you navigate retirement. We will answer any questions you may have as well as assist you with putting the right plan in place to achieve a comfortable retirement.
