FERS balance

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Q. How does a federal employee go about finding out what their FERS balance is at any specific time? Like if I was to retire tomorrow, what would my annuity payments be drawn on, balance-wise?

A. You can find the amount of your retirement contributions by looking at your most recent pay slip. However, that information isn’t related to what your annuity will be. For most employees that will be based on the following formula: 0.01 x your highest three years of average basic pay x your years and full months of service. If you were to retire at age 62 or later with at least 20 years of service, the multiplier would be increased to 0.011.

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Reg Jones was head of retirement and insurance policy at the Office of Personnel Management. Email your retirement-related questions to fedexperts@federaltimes.com.

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