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.