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FERS Annuity Formula:
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The Federal Government Annuity Calculator estimates retirement benefits under the Federal Employees Retirement System (FERS). It calculates the basic annuity benefit based on your high-3 average salary, years of service, and age at retirement.
The calculator uses the FERS annuity formula:
Where:
Explanation: The formula provides a straightforward way to estimate your basic retirement annuity under the FERS system.
Details: Accurate annuity estimation is crucial for retirement planning, helping federal employees understand their expected retirement income and make informed decisions about their retirement timing and financial future.
Tips: Enter your high-3 average salary in dollars, years of service (including partial years), and your age at retirement. All values must be valid positive numbers.
Q1: What is included in the high-3 average salary?
A: The high-3 average salary includes your basic pay from your highest 3 consecutive years of federal service. It does not include bonuses, overtime, or allowances.
Q2: How are partial years of service calculated?
A: Partial years are converted to decimal format (e.g., 6 months = 0.5 years). The calculator accepts decimal values for years of service.
Q3: Are there other factors that affect my actual annuity?
A: Yes, factors such as retirement system (FERS vs. CSRS), survivor benefits elections, and any applicable reductions may affect your final annuity amount.
Q4: What is the maximum annuity percentage?
A: The maximum annuity is generally 80% of your high-3 average salary, though special provisions may apply to certain groups like law enforcement officers.
Q5: When should I use the 1.1% multiplier?
A: Use the 1.1% multiplier only if you are age 62 or older AND have at least 20 years of service at retirement.