The cost of your Federal Employee Group Life Insurance and the amount of coverage you receive from it are difficult to understand unless you know how it’s calculated.
While not always common, it’s important to understand what might happen if you’re ever going through a RIF: a reduction in force. If you’re a federal employee that’s losing your position, or the position is moving to another area where you cannot relocate, then you may find yourself applying for VERA/VSIP.
The Civil Service Retirement System is a defined benefit contributory pension plan. It was established August 1st, 1920, and was later replaced by FERS in 1987.
Retirement under the Federal Employee Retirement System doesn’t affect government workers alone. If you’re a federal employee, you’ve probably also been choosing and arranging your coverage to provide for your family under FERS as well.
Several different government agencies are covered under Special Provision Retirement, which differs slightly from the traditional Federal Employee Retirement System. In short, a number of government careers which involve more physical or mental stress are provided with options for earlier retirement.
As a FERS Federal Employee you have a three component retirement system, FERS Pension, Social Security, and Thrifts Savings Plan.
As a federal employee, you may be wondering exactly how much money is being deducted per paycheck for your retirement. First, we need to take a look at what items are considered part of your retirement package.
This article only pertains to FERS and qualifying for full immediate retirement. Look for future blogs on special provisions and additional retirement options with the FERS retirement system.
