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Federal Employees Retirement System (view source)
Revision as of 00:35, March 24, 2019
, 00:35, March 24, 2019→Retirement Eligibility
===Retirement Eligibility===
===Retirement Eligibility===
An employee must meet certain combinations of age and "creditable Federal service" in order to be eligible for a FERS annuity. Certain levels of military and part-time civilian service may be "repurchased" (at a set percentage of then salary plus interest) in order to be counted in the annuity; such repurchase is optional but must be done before retirement (it cannot be done after retirement).
An employee must meet certain combinations of age and "creditable Federal service" in order to be eligible for a FERS annuity. Certain levels of military and part-time civilian service may be "repurchased" (at a set percentage of the salary earned during that time, plus interest which compounds and changes rate over time) in order to be counted in the annuity; such repurchase is optional but must be started and completed before retirement (once the employee retires the repurchase option is no longer available).
For an "immediate" retirement annuity (which starts one full calendar month after retirement), or a "deferred" annuity (which starts at age 62 or after), the majority of employees must meet one of four combinations of age and service:
For an "immediate" retirement annuity (which starts one full calendar month after retirement), or a "deferred" annuity (which starts at age 62 or after), the majority of employees must meet one of four combinations of age and service: