FERS Retirement


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FERS Retirement

FERS Retirement Overview

Classification	Generally, all federal and postal employees hired after January 1, 1984 (or CSRS-covered employees that opted for FERS coverage in one of the open seasons in 1987 or 1998)
Benefits	Annuity offering guaranteed lifetime retirement income with a survivor benefit annuity option
Employee contributions	Regular employees: 0.8% to FERS Retirement & Disability Trust Fund 1.45% to Medicare 6.2% of first $106,800 of wages (in 2010) to Social Security Special employee groups: (law enforcement, firefighters, air traffic controllers) 1.30% to FERS Retirement & Disablity Trust Fund 1.45% to Medicare 6.2% of first $106,800 of wages (in 2010) to Social Security
Thrift Savings Plan	FERS employees can contribute up to $16,500 (in 2011) of basic pay per year. The government automatically contributes 1% of employee's basic pay to the TSP; up to 5% of basic pay depending on the amount of the employee's contribution.

· CSRS Offset

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