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Calculating your high-3 for federal retirement depends on whether you worked under the Federal Employees Retirement System (FERS) or if you spent time under other retirement programs.
The Federal Employees' Retirement System (FERS) is the retirement system for employees within the United States civil service. FERS [1] became effective January 1, 1987, to replace the Civil Service Retirement System (CSRS) and to conform federal retirement plans in line with those in the private sector. [2] FERS consists of three major components:
The basic retirement annuity under FERS is equal to the (Average High-3 Salary x .017 x Years of Service through 20 years)+(High-3 Salary x .01 x Years of Service over 20)= Annual Pension Members who began congressional service before 1984 and who elected to join FERS will receive credit under FERS from January 1, 1984, forward.
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
A new bill has been introduced in Congress that would increase the annual cost of living adjustment (COLA) for retired federal employees under the Federal Employees Retirement System (FERS) in some...
As Social Security trust funds are beginning to run low, the federal government is looking to address the issue. This includes making cuts to Social Security retirement benefits, according to CNBC....
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