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Group Life Insurance | Retirement System

Federal Employees Retirement System

The Federal Employees Retirement System (FERS) is the Retirement plan for those entering Federal service under a permanent appointment. FERS benefits are portable and allow employees to take an active role in securing their future.

FERS is a three-tiered retirement plan comprised of the following components:

• The FERS Basic Benefit Plan: The plan establishes an annuity amount that is based on an employee’s age, years of Federal service as of the effective retirement date, and average highest salary attained over a 3-year consecutive period. The Basic Benefit Plan also provides benefits for survivors of federal employees and retirees.
  

• Social Security: Benefit payments from the Social Security Fund at retirement are based on an employee’s age, type of benefit applied for, earnings history, and former employment history.
  

• Thrift Savings Plan (TSP): The TSP is a tax-deferred retirement savings and investment plan similar to 401(k) plans offered by private employers. An employee covered under FERS may contribute up to $15,000 per year to the plan with the Federal government matching employee contributions up to 5% of basic pay (dollar-for-dollar on the first 3% of pay and 50 cents on the dollar for the next 2% of pay). Employees participating in TSP are able to choose from several investment plans including government securities, common stock funds, fixed income index funds, small capitalization stocks, international stock funds and Lifecycle (L) funds.