Q: I am a post office employee under FERS. I am 40 and have 15 years of service. If I quit my job, will I receive a pension at the qualified age of 62? Will I be penalized? How is this computed?
A: If you left your retirement contributions in the retirement fund, at age 62 you would be eligible for a deferred annuity, which would be calculated using your high-3 and length of service on the day you left government. The formula is simple: 0.01 x your high-3 x your years and full months of service.