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FERS
FERS 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 $102,000 of wages (in 2008) 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 $102,000 of wages (in 2008) to Social Security |
| Thrift Savings Plan |
FERS employees can contribute up to $15,500 (in 2008) 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 mployee's contribution. |
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Overview - CSRS