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.