Saturday, October 19, 2013

Federal Employees Retirement System - Office of Personnel

Federal Employees Retirement System - Office of Personnel ...Federal Employees Retirement System (An Overview of Your Benefits) Insurance ServicePersonnel Management FERS RI 90-1 Revised April 1998 Retirement and United States Office of Previous edition is usable. Federal Employees Retirement System (An Overview of Your Benefits) This booklet contains highlights of the Federal Employees Retirement System (FERS). It is not meant to provide a detailed explanation of all the plan provisions. The information is based on the law in effect at the time the booklet went to publication. Under the Balanced Budget Act of 1997, Public Law 105-33 for fiscal year 1998, employee retirement contributions will increase as follows. Deductions for the Civil Service Retirement System and the Federal Employees Retirement System would be increased by 0.25% in January

1999, by an additional 0.15% in January 2000, and by 0.1% more in January 2001, for a total increase of 0.5%. These higher contribution rates would be in effect through 2002. Additional retirement information and all publications of the U.S. Office of Personnel Management listed in this pamphlet are available on the Internet. OPM Website — http://www.opm.gov/asd For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328 ISBN 0-16-045533-2 Table of Introduction .............1 Overview ................2 The Components Social Security Benefits Basic Benefit Plan Thrift Savings Plan Social Security Benefits ....3 What is Social Security? Social Security Benefits Social Security Taxes Basic Benefit Plan .........5 Eligibility Participation Vesting Creditable Service Contributions Refunds Retirement Options Immediate or Postponed Early Deferred Benefit Formula Special Retirement Supplement Survivor Benefits Spouse Former Spouses Children Disability Benefits What Does Disability Mean? Eligibility The Benefits Cost-Of-Living Adjustments (COLA’s) Form of Payment Contents Thrift Savings Plan .......12 Eligibility Contributions Agency Automatic (1%) Contributions Employee Contributions Agency Matching Contributions Vesting Requirement Investment Options Government Securities Investment (G) Fund Common Stock Index Investment (C) Fund Fixed Income Index Investment (F) Fund Contributing to TSP Tax Advantages Loan Program Withdrawing Your Funds Withdrawal Options Leaving Your Money in the TSP Automatic Cashout Additional Information Special Groups of Employees ...........17 Firefighters, Law Enforcement Officers, and Air Traffic Controllers Military Reserve Technicians Part-Time Employees Members of Congress, and Congressional Employees Enrolling in FERS ........19 New Employees Rehires and Conversions Examples ..............21 For More Information .....26 i Introduction R etirement...a time for reflection, rest, and enjoyment...a rewarding time. But, a rewarding retirement doesn’t just happen. It takes careful planning. Knowing when you can retire and where you will stand financially are important parts of that planning process. The financial security you will have in the future depends, in part, on the plans you make today. Recognizing the importance of your future, the Federal Government offers a retire ment program that helps provide financial security for you and your family. You are a participant in the Federal Employees Retirement System (FERS). This is one of the most important benefits you receive as a Federal employee. FERS is a retirement system that is responsive to the changing times and Federal work force needs. Many of its features are “portable,” so that if you leave Federal employment, you may still qualify for the benefits. FERS is flexible; you will be...

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