Congress created the Federal Employees Retirement System (FERS) in 1986, and it became effective on January 1, 1987. Since that time, new Federal civilian employees who have retirement coverage are covered by FERS.
FERS is a retirement plan that provides benefits from three different sources: a Basic Benefit Plan, Social Security and the Thrift Savings Plan (TSP). Two of the three parts of FERS (Social Security and the TSP) can go with you to your next job if you leave the Federal Government before retirement. The Basic Benefit and Social Security parts of FERS require you to pay your share each pay period. Your agency withholds the cost of the Basic Benefit and Social Security from your pay as payroll deductions. Your agency pays its part too. Then, after you retire, you receive annuity payments each month for the rest of your life.
The TSP part of FERS is an account that your agency automatically sets up for you. Each pay period your agency deposits into your account amount equal to 1% of the basic pay you earn for the pay period. You can also make your own contributions to your TSP account and your agency will also make a matching contribution. These contributions are tax-deferred. The Thrift Savings Plan is administered by the Federal Retirement Thrift Investment Board.
For more information about TSP, see their website(external link). See the SSA website(external link) for more information about the Social Security portion of your retirement benefit. This website covers the Federal Employees Retirement System. Through the menu links on the left, you can find information about the following FERS retirement topics:
source: https://www.opm.gov/retirement-center/fers-information
Federal Retirement Consultants (FRC℠ ) all have comprehensive training including the FERS/CSRS retirement systems, Social Security, FEGLI, the Thrift Savings Plan and related benefits. The FRC℠ Designation is professionally listed with FINRA which signifies they have achieved an exceptional depth of knowledge in federal benefits and adherence to the highest ethical standards. The information provided on this website is intended solely for educational purposes and should not be construed as specific tax or legal advice. Personal reviews will be conducted by state-licensed agents through the state Department of Financial Services, independent of the federal government any government agency. We disclaim any liability for reliance on the information provided herein. Videos and content available on this site do not constitute investment advice or an offer to buy or sell any securities or insurance products. Your personal review is unbiased providing you with the information to make an informed and educated decision for your retirement needs.
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