Federal FERS Basic Annuity Calculator
Use this calculator to estimate your basic FERS (Federal Employees Retirement System) annuity. This calculation is based on your High-3 Average Salary, total creditable years of service, and age at retirement. It does not include Social Security benefits or Thrift Savings Plan (TSP) withdrawals.
Enter your highest average basic pay earned during any 3 consecutive years of service.
Enter your total years and months of creditable federal service (e.g., 25 years and 6 months would be 25.5).
Enter your age at the time of retirement.
Estimated FERS Basic Annuity:
Annual Annuity:
Monthly Annuity:
Understanding Your Federal FERS Basic Annuity
The Federal Employees Retirement System (FERS) provides a three-tiered retirement package for most federal civilian employees hired after December 31, 1983. This package includes a Basic Benefit Plan (annuity), Social Security, and the Thrift Savings Plan (TSP). This calculator focuses specifically on the FERS Basic Benefit Plan, which is a defined benefit pension.
How the FERS Basic Annuity is Calculated
The formula for the FERS Basic Annuity is generally:
High-3 Average Salary × Years of Creditable Service × Multiplier
- High-3 Average Salary: This is the highest average basic pay you earned during any 3 consecutive years of service. These three years do not have to be your last three years of service, but they typically are. Basic pay includes your regular salary, but generally excludes overtime, bonuses, and allowances.
- Years of Creditable Service: This refers to the total number of years and full months you have worked in a position subject to FERS deductions. This can include military service if a deposit was made, and certain types of temporary service. For calculation purposes, months are converted to a decimal (e.g., 6 months = 0.5 years).
- Multiplier: The multiplier is a percentage that depends on your age and years of service at retirement:
- 1.1% (0.011): If you retire at age 62 or older AND have at least 20 years of creditable service.
- 1.0% (0.010): For all other FERS retirements (e.g., retiring at your Minimum Retirement Age (MRA) with 30 years of service, age 60 with 20 years of service, or MRA with 10-29 years of service).
Example Calculation:
Let's consider an employee with:
- High-3 Average Salary: $80,000
- Total Creditable Years of Service: 30 years
- Age at Retirement: 62
Since the employee is 62 and has 30 years of service (which is >= 20), the multiplier is 1.1%.
Annual Annuity = $80,000 × 30 × 0.011 = $26,400
Monthly Annuity = $26,400 / 12 = $2,200
Important Considerations:
- Cost-of-Living Adjustments (COLAs): FERS annuities are generally subject to COLAs, but these typically begin at age 62, even if you retired earlier. The COLA percentage can vary based on the Consumer Price Index (CPI).
- Survivor Benefits: You may elect to provide a survivor annuity for your spouse, which will reduce your own monthly payment.
- Taxes: Your FERS annuity is subject to federal income tax and, in most cases, state income tax.
- Special Provisions: Certain occupations (e.g., law enforcement officers, firefighters, air traffic controllers) have different multipliers and retirement eligibility rules. This calculator uses the standard FERS formula.
- Social Security and TSP: Remember that your FERS Basic Annuity is just one part of your federal retirement. You will also receive Social Security benefits (if eligible) and can draw from your TSP savings.
This calculator provides an estimate for planning purposes. For precise figures, always consult with an OPM (Office of Personnel Management) retirement specialist or your agency's HR/benefits office.