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Retirement Information

All employees hired on or after January 1, 1984 are covered automatically by the Federal Employees Retirement System (FERS). FERS is a three-tiered system which includes the following:

Social Security

All FERS employees pay the full Social Security tax (6.2%). The Social Security system has three cash benefit components:

• Retirement program
• Disability program
• Survivor benefits program

Basic Annuity Component

All FERS employees pay a small percentage (1.20% of their basic pay) toward a government annuity.

You must have at least 5 years of creditable civilian service for retirement benefits. Survivor and disability benefits are available after 18 months of civilian service.

Thrift Savings Plan (TSP)

Employees may contribute up to 14 percent of their basic bi-weekly salary to one or more of the following TSP investment funds:

• Government Securities Investment (G) Fund
• Common Stock Index Investment (C) Fund
• Fixed Income Index Investment (F) Fund
• Small Capitalization Stock Index Investment (S) Fund
• International Stock Index Investment (I) Fund

Regardless of whether the employee participates, the Government will contribute 1 percent of the bi-weekly salary. The Government will make a matching contribution of up to 5 percent of what the employee contributes. Contributions and earnings are tax deferred until retirement.

For more information please visit the Thrift Savings Plan website at www.tsp.gov.