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Frequently Asked Questions

How do you calculate retirement FERS?

FERS (Immediate or Early) FERS annuities are based on high-3 average pay. Generally, the benefit is calculated as 1 percent of high-3 average pay multiplied by years of creditable service. For those retiring at age 62 or later with at least 20 years of service, a factor of 1.1 percent is used rather than 1 percent.

Is FERS a qualified retirement plan?

The CSRS, FERS, and TSP annuities are considered qualified retirement plans. You can find information about computing the taxable portion of your annuity by going to IRS Publication 721 (Tax Guide to U.S. Civil Service Retirement Benefits) on the Internal Revenue Service website.

Do you pay taxes on FERS retirement?

Taxes on Your FERS Pension During your career, you pay a portion of your paycheck into the Federal Employees Retirement System (FERS) (the system that funds your pension), and that money that you contributed actually does come out tax free because you already pay taxes on it.

Is FERS taxable income?

Much of a federal government worker’s CSRS or FERS pension benefit will be taxable on a federal income tax return. State income tax laws with respect to pension income vary. You will receive your already-taxed contributions back without having to pay any more tax on them.

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