Q: I will be eligible for retirement in 2011 with 35 years of service under the Civil Service Retirement System. I have just heard that I will need to work 40 years to get 80 percent of my salary. What percentage will I receive if I retire with 35 years of service. A: To receive an annuity that equals 80 percent of your highest three years of average salary, you would have to have 41 years and 11 months of service and owe no deposits or redeposits. To figure out how much your annuity would be, use the following formula,…
Browsing: formula
Q: I became fully eligible for Social Security at 66. I am now 67 and will work until I am 68. For each year, limited to five years, Social Security will increase the benefit by 8 percent a year if drawing Social Security is deferred. Is there a similar provision for Federal Employees Retirement System retirement? A: No. However, a FERS employee who attains age 62 and retires with at least 20 years of service will have the first number in his annuity formula increased from 0.01 to 0.011. The new formula would then be 0.011 x high-3 x years and full months of…
Q: I know that I can retire at 30 years of service and 55 years of age. At the present time I have more than 30 years of service; however, I am under 55. I am 50. I would like to know: 1. For every year above 30 years of service do I get 2 percent more or only at 30 years and age 55? 2. If so? If I decided to retire say at 52 or 53 with 34 years would that balance out to a full retirement? A: Here’s the formula used to compute the annuities of Civil…
Q: I have 12 years of legislative work experience (working for Congress) and 10 years of administration work experience. I’m in Federal Employees Retirement System. My question is, for FERS retirement formula, is it high 3 X 1.7% X 12 and then high 3 X 1.0% X 10? Are my 12 years of legislative experience treated with a different rate multiplier than administrative years? A: Yes, your time as a Hill staffer will be computed using the 0.017 multiplier; all additional years of service will be multiplied by 0.01.
Q: I started my federal career Oct. 16, 1983, and had a break in service of three months in 1987, which caused me to have a new service comp date of Jan. 21, 1984. However, I remained a Civil Service Retirement System employee until voluntarily changing to Federal Employees Retirement System in May 1998. I resigned from federal service in June 2004. I left my retirement money in, but withdrew all my Thrift Savings Plan money, which I rolled into an IRA. In reading through all the literature available, it is my best reasoning that I will be entitled to…