1. What is FERS Monthly Annuity?

The FERS (Federal Employees Retirement System) monthly annuity is a benefit calculated based on your high-3 average salary and years of creditable service. It provides a foundation for your federal retirement income.

2. How Does the Calculator Work?

The calculator uses the basic FERS annuity formula:

Where:

• High-3 Average Salary — Your highest average basic pay during any 3 consecutive years of service
• Years of Service — Your total creditable federal service
• 1% — The basic multiplier for most FERS employees

Note: Different multipliers apply for law enforcement (1.7%) or over 20 years of service (1.1% for years over 20).

3. Importance of FERS Annuity Calculation

Details: Understanding your projected annuity helps in retirement planning, determining when to retire, and how to supplement your retirement income with TSP and Social Security.

4. Using the Calculator

Tips: Enter your high-3 average salary in USD/year and years of service. The calculator provides the basic annuity estimate before any reductions for survivor benefits or early retirement.

5. Frequently Asked Questions (FAQ)

Q1: What's included in high-3 average salary?
A: It includes basic pay but not bonuses, overtime, or allowances. It's the average of your highest 3 consecutive years of basic pay.

Q2: How is part-time service calculated?
A: Part-time service counts, but your high-3 salary is based on full-time equivalent pay.

Q3: What's the minimum retirement age?
A: Depends on your year of birth and years of service (typically between 55-57 for regular employees).

Q4: Are there reductions for early retirement?
A: Yes, if you retire under MRA+10 before age 62, your annuity is reduced by 5% per year under 62.

Q5: How does survivor benefit affect the annuity?
A: Electing a survivor benefit reduces your annuity by about 10% for a full survivor annuity.