Your employer provides comprehensive retirement benefits - one of the most important benefits available to federal employees. It's never too early to begin thinking about and planning for retirement.
To learn more, see Retirement Information and Services on OPM.gov.
Note: Temporary employees with appointments of less than one year are not eligible to participate in a retirement benefit program.
The Federal Employees Retirement System (FERS) is a defined benefit plan that provides a future annuity based on years of creditable service and highest three years of salary. Under this plan, employees generally contribute .8% of biweekly salary.
Employees who were newly hired on or after 1/1/2013, or rehired with less than 5 years of civilian service that is potentially creditable under FERS are covered by the Federal Employees Retirement System (FERS)-Revised Annuity Employees (RAE) plan. FERS-RAE is a defined benefit plan that provides a future annuity based on years of creditable service and highest three years of salary. Under this plan, employees generally contribute 3.1% of biweekly salary.
Employees who were newly hired on or after 1/1/2014, or rehired with less than 5 years of civilian service that is potentially creditable under FERS are covered by the Federal Employees Retirement System (FERS)-Further Revised Annuity Employee (FERS-FRAE). FERS-FRAE is a defined benefit plan that provides a future annuity based on years of creditable service and highest three years of salary. Under this plan, employees generally contribute 4.4% of biweekly salary.
If you were hired before January 1, 1984, you are a member of the Civil Service Retirement System (CSRS), unless you elected FERS during one of the open seasons. The CSRS is a comprehensive system of entitlements that provides a full range of pension benefits.
You may also contribute a portion of your pay on a tax-deferred basis to the Thrift Savings Plan (TSP). There is no employer contribution to TSP.
To learn more, see CSRS Retirement on OPM.gov.
You are covered under CSRS Offset if you:
As a CSRS Offset employee, you are covered by both Civil Service Retirement (CSRS) and Social Security at the same time. You receive a full CSRS annuity at retirement. However, that annuity is reduced - or "offset" - when you become eligible to receive Social Security benefits (usually at age 62). The formula used to calculate the offset generally works to your advantage.
To learn more, see CSRS Offset Retirement (PDF) on OPM.gov.
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Some types of civilian or military service may be credited towards your retirement benefit. However, to receive this credit, you may need to pay a deposit for deductions that would have been withheld from your pay during that period. Contact your Benefits Specialist as soon as possible, to minimize the amount of your deposit.
To learn more, see:
The Thrift Savings Plan (TSP) is a tax-deferred retirement savings and investment plan for federal employees - similar to the "401(k)" plans offered by many private employers. If you are covered by FERS, CSRS, or CSRS Offset, you are eligible to participate in the TSP. You can start, change, stop, and resume contributions at any time.
Some key points about the TSP:
