FERS/CBP annuity formula


 Q. Is the FERS retirement annuity formula used in 2010 the same formula being used today by the Office of Personnel Management and Customs and Border Protection retirement? I retired as a GS-1895 CBP officer (Inspections) in 2010 and, being over age 62 with 20 years and one month of service, my annuity was calculated as 1.1 percent x high-3 x 18 years and 10 months, plus one year and 10 months at 1.7 percent.

Now, OPM has come back saying that calculation was wrong, and 1 percent should have been credited to me rather than 1.1 percent.

A. OPM is right. You can’t have it both ways. Since you have fewer than 20 years of service subject to the standard formula, the .01 multiplier must be used. The remaining time, because on the rules covering CPB law enforcement officers, is multiplied by .17.


About Author

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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