Retirement Rules For Central Government Employees In Fairfax
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FAQ
Federal career employees receive retirement benefits through either the Federal Employees Retirement System (FERS) or the Civil Service Retirement System (CSRS). Both are defined benefit, contributory retirement systems.
You must work at least 5 years with the Federal Government before you are eligible for a FERS Federal Pension, and for every year you work, you will be eligible for at least 1% of your High-3 Average Salary History.
You must work at least 5 years with the Federal Government before you are eligible for a FERS Federal Pension, and for every year you work, you will be eligible for at least 1% of your High-3 Average Salary History.
You become eligible for an unreduced retirement benefit at age 65 with at least five years (60 months) of service credit or at age 50 with at least 30 years of service credit.
Overview Voluntary Retirement. Voluntary Retirement – The most common type of retirement. Early Retirement. Disability Retirement. Deferred Retirement. Phased Retirement.
On your 65th birthday or thereafter if you have at least five years of eligibility service, OR • Plans A & B - on your 50th birthday if you have 30 years or more of eligibility service or at any time thereafter when your age plus years of eligibility service total 80 or more.
FERS is a retirement plan that provides benefits from three different sources: a Basic Benefit Plan, Social Security and the Thrift Savings Plan (TSP). Two of the three parts of FERS (Social Security and the TSP) can go with you to your next job if you leave the Federal Government before retirement.
Note, the full retirement age for Social Security is increasing to age 67. You may retire with a reduced benefit as early as age 60 with at least five years of service.
Under normal retirement eligibility requirements, a Fairfax County teacher qualifies for full VRS pension benefits at age 67 with five years of service, or at any age—as long as the sum of her age and years of service is 90 or more (whichever comes first).
