Q. When I retire under the FERS, do I get two retirements – one for the FERS and one for TSP? How do I compute my FERS retirement?
A. Assuming that you meet the age and service requirements to retire, you’ll receive an annuity. The amount will be determined by the following formula:
.01 X the average of your highest three consecutive years of basic pay X your years and full months of service (The multiplier is increased to .011 if you retire at age 62 with 20 years of service.)
You’ll also receive the special retirement supplement if you retire at or after your minimum retirement age. MRAs range between 55 and 57, depending on your year of birth. The SRS will end at age 62 when you become eligible for a Social Security benefit.
The Thrift Saving Plan is designed to supplement your retirement. There are a variety of ways you can use it do that. For more information go to www.tsp.gov.