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FERS Annuity Formula:
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The FERS (Federal Employees Retirement System) annuity calculation determines the retirement benefit for federal employees based on their highest three years of salary and years of service. It provides a foundation for retirement income planning for federal workers.
The calculator uses the FERS annuity formula:
Where:
Explanation: The calculation provides the basic annuity amount before any adjustments for age, survivor benefits, or other factors.
Details: Accurate annuity calculation is crucial for federal employees to plan their retirement income, understand their benefits, and make informed decisions about retirement timing and financial planning.
Tips: Enter your High-3 average salary in USD and your total years of creditable service. Both values must be positive numbers to calculate your estimated FERS annuity.
Q1: What is included in the High-3 calculation?
A: The High-3 includes basic pay plus any locality pay, but excludes bonuses, overtime, and other special payments.
Q2: Are there different multipliers for different ages?
A: Yes, employees who retire at age 62 or later with 20+ years of service receive a 1.1% multiplier instead of 1%.
Q3: How is part-time service calculated?
A: Part-time service is prorated based on the number of hours worked compared to full-time employment.
Q4: What other factors affect the final annuity amount?
A: The final amount may be reduced for survivor benefits, unpaid deposits, or if retiring before minimum retirement age with reductions.
Q5: Is this calculator accurate for all FERS employees?
A: This provides a basic estimate. Actual annuity calculations may vary based on specific circumstances, special provisions, or law enforcement/firefighter service.