Q. I am 58 years old and am separating from a Department of Interior agency due to a term employment expiration. I have 10 years in the federal system: six years as a permanent employee and four years as a term employee. The permanent position was as a GS 11 Step 3, and the term position is a GS-12 Step 5.
I am trying to find information regarding retirement options. Where can I look for this kind of information? Specifically, I’d like to calculate how much I may receive if I start taking a pension now, and how much I would be eligible for if I hold off until I’m 62 years old, four years from now.
A. Go to www.opm.gov/retire/pubs/handbook/hod.htm and review chapters 42 (MRA+10 Retirement) and 45 (Deferred Retirement). Then review the FERS portion of chapter 50 (Computation of Annuity Under the General Formula).