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Federal Employees Retirement System (view source)
Revision as of 23:08, March 16, 2019
, 23:08, March 16, 2019→Components
Except for some rare instances, all Federal employees newly hired during or after 1987, as well as prior employees rehired who had less than five years nonmilitary service prior to 1987, are covered by FERS. Employees hired between 1984-1986 were transitioned to FERS in 1987; their service period prior to that is called "CSRS Offset" and benefits for that period are calculated under the old CSRS rules. Former employees with five or more years nonmilitary service could, upon rehire, choose to go back to CSRS or, within six months of rehire, move under FERS (but such a move was irrevocable).
Except for some rare instances, all Federal employees newly hired during or after 1987, as well as prior employees rehired who had less than five years nonmilitary service prior to 1987, are covered by FERS. Employees hired between 1984-1986 were transitioned to FERS in 1987; their service period prior to that is called "CSRS Offset" and benefits for that period are calculated under the old CSRS rules. Former employees with five or more years nonmilitary service could, upon rehire, choose to go back to CSRS or, within six months of rehire, move under FERS (but such a move was irrevocable).
==Components==
==Retirement Components==
The retirement aspect of FERS consists of three components:
The retirement aspect of FERS consists of three components:
*The FERS annuity (a defined-benefit pension plan, similar to CSRS but at a much lower benefit),
*The FERS annuity (a defined-benefit pension plan, similar to CSRS but at a much lower benefit),
*Mandatory participation in Social Security (CSRS employees do not participate in Social Security unless they had prior private sector employment), and
*Mandatory participation in [[Social Security]] (CSRS employees do not participate in Social Security unless they had prior private sector employment), and
*Participation in the Thrift Savings Plan (TSP, a defined-benefit contribution plan) with matching contributions (CSRS employees may participate in TSP but do not receive matching contributions).
*Participation in the [[Thrift Savings Plan]] (TSP, a defined-benefit contribution plan) with matching contributions (CSRS employees may participate in TSP but do not receive matching contributions).
==FERS Annuity==
==FERS Annuity==