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Federal Employees Retirement System (view source)
Revision as of 16:47, February 1, 2021
, 16:47, February 1, 2021→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 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).
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 (those who do not have earlier mandatory retirement ages, such as law enforcement officers, firefighters, or air traffic controllers) must meet one of four combinations of age and service:
For an "immediate" retirement annuity (which starts '''''one full calendar month'''''<ref>This is '''''not''''' the same as 30 days, it means that an entire calendar month -- beginning on the 1st and ending the last day of the month -- must pass before annuities are paid; therefore, retirees often pick their retirement date as the last day of the month, with December 31 being the most common in order to maximize the amount of unused annual leave paid.</ref> after retirement), or a "deferred" annuity (which starts at age 62 or after), the majority of employees (those who do not have earlier mandatory retirement ages, such as law enforcement officers, firefighters, or air traffic controllers) must meet one of four combinations of age and service:
*Age 62, 5 years of service
*Age 62, 5 years of service
*Age 60, 20 years of service (but a deferred annuity is unavailable under this combination)
*Age 60, 20 years of service (but a deferred annuity is unavailable under this combination)