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Retirement Age From Federal Services
Several factors such as your birth year, the retirement system, and the number of service years give proper insights into your retirement age from the federal government. Explore the retirement requirements with us:
Federal Employees Retirement System (FERS)
- The Minimum Retirement Age (MRA) for federal employees in the FERS plan varies depending on the birth year. Commonly, it is between 55-57 years.
- The MRA for federal employees is 55 if they are born before 1948.
- Similarly, the MRA is increased to 56 years if the employee is born between 1948 and 1952.
- Furthermore, the MRA of a federal employee is 56 years if they are born between 1953 and 1964.
- The MRA is increased to 57 if the employee is born in 1965 or later.
Eligibility for Retirement
- If a federal employee has reached their MRA with 30 years of federal service.
- If the federal employee is 60 years old with 20 years of federal service.
- When the federal employee is 62 years old with 5 years of service.
- The benefits are reduced if an employee who has reached their MRA wants to retire from federal services with 10 years of service.
Civil Service Retirement System (CSRS)
- The CSRS is a pension plan for federal employees who joined services in 1920.
- All federal employees who joined services after 1983 had the option to switch to the FERS plan.
- Federal employees who were hired to services before 1983 and did not take the option to switch to the FERS plan are automatically enrolled in the CSRS plan.
Eligibility for Retirement
- The Minimum Retirement Age (MRA) varies depending on the birth year of the federal employee and the joining year to federal services.
- Federal employees can take voluntary retirement from federal services if they are 55 years old with 30 years of service, 60 years old with 20 years of service, or 62 years old with 5 years of service.
- Employees can choose the early retirement option if they are 50 years old with 20 years of service or at any age if they have completed 25 years of service.
- Disabled employees can retire at any age if they have 5 years of service regardless of their age.
- Deferred federal employees have to retire at the age of 62 with 5 years of service.
However, if federal employees within the CSRS plan retire before the MRA, 55 years, a permanent 2% reduction of retirement benefits is deducted annually.
Social Security Income For Federal Employees
The Social Security income is a FERS supplement for federal employees. Check out the benefits of this income in detail –
Eligibility for FERS Special Retirement Supplement
- The FERS Social Security income supplement is given to all federal employees who retire at the appropriate Minimum Retirement Age (MRA) with the specified number of service years.
- Social Security benefits are not available to federal employees who retire at their MRA but only with 10 years of service, which significantly reduces their original retirement benefits as well.
- Federal employees who retire under the FERS plan before age 62 with appropriate MRA get full retirement benefits as well as Social Security income.
Federal Retirement Income Calculation
These calculations help eligible employees under the Federal Employees Retirement System and the Civil Service Retirement Service plans determine the annuity return amount during retirement. Here are the calculation factors –
FERS Employees
- Identify Highest Salary Average for 3 Years – This is the average calculation of the highest basic pay received by an employee for three consecutive years.
- Calculate the Number of Qualified Service Years – This is the total number of qualified years contributed to federal services.
- Integrate the FERS Annuity Formula –
The calculation for most employees includes – Annual Annuity = Highest Average Salary for 3 Years multiplied by the number of service years and again multiplied by one percent. However, the calculation is different if a federal employee retires at the age of 62 or more with a minimum of 20 years of service. In this case, the average salary and number of service years are multiplied by 1.1 percent.
Calculation Example –
- Average 3 Month Highest Salary – $90,000
- Years of Service – 30 years
- Retirement Age – 62 years
- Annual Annuity = 90,000x30x1.1% = $29,700/year
CSRS Employees
- Determine the highest average salary for 3 consecutive years outlined from the basic pay of the federal employee.
- Calculate the total number of service years in the federal government qualified for creditable annuity.
- Apply the CSRS Annuity Formula –
- The calculation for the first 5 years of federal services is – Annuity = 1.5 percent of the highest basic pay for three years.
- For the next 5 years of service, the annuity is calculated as the highest average pay for 3 years multiplied by 1.75 percent.
- The annuity for all service years after completing the first 10 years is 2 percent of the average 3-year highest salary.
Federal Government Retirement Benefits
Employee benefits are converted into retirement benefits. Here is a list of benefits accessible to all federal employees –
- Annuity Payments – A financial coverage where the annuity vendor makes regular monthly payments to the applicant from an eligible retirement, insurance, or pension plan.
- Special Retirement Supplement from FERS – An additional retirement benefit for federal employees who retire before 62 years. It is a supplementary income until the employee is eligible to receive Social Security Benefits.
- Social Security Benefits – This is a monthly payment for US federal employees who are retired, ill, or fall victim to poverty after retirement.
- Thrift Savings Plan (TSP) – A retirement investment program designed only for federal employees in the US.
- Federal Employees Health Benefits (FEHB) – Federal employees and their families can enjoy a wide range of healthcare plans and benefits under this program. Common FEHB plans include Fee-for-Service, Consumer-Driven, and High-Deductible health insurance to save for future or unforeseen illnesses.
- Dental and Vision Insurance Program – A health insurance plan for federal and USPS employees, eligible retirees, and related family members. Group insurance purchases are enabled for lower premiums on dental and vision problems.
- Federal Employees’ Group Life Insurance (FEGLI) – The largest group insurance program for federal employees in the US. This program includes Basic insurance along with 3 additional insurance options for individual and family care. One-third of the basic insurance coverage is provided by the federal government.
- Long-Term Care Insurance (FLTCIP) – Insurance coverage for people who are above the age of 65 years. It offers compensation for nursing home care, home health care, and adult day care for people with chronic diseases or disabilities. This insurance mostly covers all funds required for assisted living.
- Annual and Sick Leave – Guidance to federal employees related to accessing their annual leaves and the rules related to it. Additionally, a federal employee cannot take more than 12 weeks of sick leave in a financial year. Furthermore, the accumulated leaves offer a lump sum payment to federal employees at the time of retirement.
- Retirement Counseling and Assistance – Get expert insights and advice related to the best retirement investment funds, age limits, withdrawal options, contribution limits, and family coverages.
Talk to a federal employee’s retirement and financial advisor to get personalized advice to meet your retirement objectives or connect with the Office of Personnel Management (OPM)
Frequently Asked Questions
Resolve your queries related to the retirement system and benefits from the Office of Personnel Management for federal employees with our FAQs –