You are eligible for a FERS deferred retirement annuity if you meet one of the following age and service requirements:

You have completed at least 5 years of creditable civilian service, then you are eligible for a deferred annuity beginning on the first day of the month after you reach age 62.

You have completed at least 10 years of creditable service, including 5 years of civilian service, then you are eligible for a deferred annuity the first day of the month after you reach the Minimum Retirement Age (MRA).

You are eligible for an immediate annuity the first day of the month after you reach the Minimum Retirement Age if you completed at least 10 years of creditable service, including 5 years of civilian service.

Age Reduction

If you completed at least 10, but less than 30 years of creditable service before you left Federal service, your annuity will be reduced if it begins before age 62. The only exception to this is if you had at least 20 years of service and your annuity begins when you reach age 60, there is no reduction.

Your annuity will be reduced by 5/12 of 1% (5% per year) for each month by which your benefit commencing date precedes your 62nd birthday.

However, you can postpone the commencing date of your annuity to reduce or eliminate this age reduction.

Health Benefits and Life Insurance Coverage

If you separated from Federal service after reaching the Minimum Retirement Age with at least 10 years of service, but postponed the commencing date of your annuity to reduce or avoid the age reduction, you are eligible to reenroll in the Federal Employees Health Benefits Program and the Federal Employees' Group Life Insurance Program, if you participated in the program for the 5 years of service immediately before you separated from Federal service or continually from your earliest opportunity.

If you separated from Federal service with at least 10 years of service before reaching the Minimum Retirement Age or if you separated from Federal service with at least 5, but less than 10 years of service, and are now applying for a deferred annuity, you are not eligible to continue any health benefits or life insurance coverage you had while employed.

Source:  OPM RI 92-19A