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.
WHAT FACTORS AFFECT MY ELIGIBILITY TO DRAW FROM FERS?
Your eligibility to withdraw money from the Federal Employee Retirement System is determined by two factors:
- Your Years of Creditable Service
- Your Age or Minimum Retirement Age
1. YEARS OF SERVICE
The FERS years of service are determined by “creditable years of service”. Meaning, the pay periods in which federal retirement deductions were made. It is important to note, not all service time is considered creditable– such as temporary positions, some part-time positions, and so on. To obtain official OPM classification of your service time please complete the Certified Summary of Federal Service standard form SF 3107-1 and submit to your agency personnel office.
Anyone at the age of 62 is eligible to retire and draw the pension with as little as five years of creditable service under their belt. If someone has worked for over 20 years, then they’re eligible to retire and draw the FERS monthly pension at age 60.
If you have 30 years of creditable service or more, then you're eligible to retire before the age of 60. You just have to meet your MRA, or Minimum Retirement Age.
2. MINIMUM RETIREMENT AGE
Your minimum retirement age is determined by your birth year. See the chart and find the year you were born. The corresponding age is your MRA at your MRA you can take full immediate FERS retirement if you have over 30 creditable years of service.
So if you were born after 1970, for example, the earliest you can retire under the FERS system is after 57 with 30 creditable years of service.
ARE YOU MAXIMIZING YOUR BENEFITS FROM THE FEDERAL EMPLOYEE RETIREMENT SYSTEM?
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