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Retirement Overview. Simplified Acquisition Symposium April 22, 2009. Federal Retirement Systems. Civil Service Retirement System (CSRS) (includes CSRS-Offset) Federal Employees Retirement System (FERS). CSRS Basic Benefit. Based on: High-3 Average Salary

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retirement overview

Retirement Overview

Simplified Acquisition Symposium

April 22, 2009

federal retirement systems
Federal Retirement Systems
  • Civil Service Retirement System (CSRS) (includes CSRS-Offset)
  • Federal Employees Retirement System (FERS)

National Institutes of Health

Human Capital Group

csrs basic benefit
CSRS Basic Benefit
  • Based on:
    • High-3 Average Salary
    • Federal civilian and military service (may require deposit)
    • Unused sick leave

National Institutes of Health

Human Capital Group

csrs formula
CSRS Formula
  • 1.5% of High 3 x 1st 5 years of service
  • 1.75% of High 3 x 5 years of service
  • 2% of High 3 x remaining years of service
  • Quick formula: Total Service minus 2 times 2

National Institutes of Health

Human Capital Group

csrs offset
CSRS Offset
  • Same formula as CSRS
  • Annuity reduced at age 62 if eligible for Social Security
  • Reduction based on amount of SS benefits earned while covered under CSRS Offset

National Institutes of Health

Human Capital Group

fers basic benefit
FERS Basic Benefit
  • 1% of your High-3 x each year of service (must make a deposit for military service)
  • A FERS employee with 30 years of service will receive 30% of their high-3 average salary
  • If you retire at age 62 with at least 20 years of service 1.1% of high-3

National Institutes of Health

Human Capital Group

social security benefit
Social Security Benefit
  • Eligible for reduced social security benefit at age 62
  • Eligible for unreduced benefits at age 65 – 67.
  • Receive a statement each year from SSA
  • www.ssa.gov

National Institutes of Health

Human Capital Group

thrift savings plan
Thrift Savings Plan
  • Tax deferred retirement savings acct
  • Eligible under both CSRS and FERS
  • Contributions limited by IRS
  • Vested in employee and agency matching contributions.
  • Vested in agency automatic contributions after 3 years.
  • TSP calculator (www.tsp.gov) available

National Institutes of Health

Human Capital Group

tsp csrs
TSP CSRS
  • No agency contributions
  • TSP limit 2008 - $15,500
  • TSP limit 2008 catch up - $5,000
  • Use myPay to request contributions

National Institutes of Health

Human Capital Group

tsp fers
TSP FERS
  • Employee contributions
    • TSP limit 2008 - $15,500
    • TSP limit 2008 catch up - $5,000
  • 5% Agency contributions -
    • automatic 1%,
    • Matching – 1st 3% matched dollar-for-dollar, next 2%, 50 cents on the dollar.

National Institutes of Health

Human Capital Group

slide11
TSP

Investment Options

  • Government Securities (G-fund)
  • Fixed Income Index fund (F-fund)
  • Common Stock fund (C-fund)
  • Small Cap Stock fund (S-fund)
  • International Stock fund (I-fund)

National Institutes of Health

Human Capital Group

slide12
TSP

Lifecycle fund (L-fund)

Select If time horizon is

  • L 2040 (2035 or later)
  • L 2030 (2025 thru 2034)
  • L 2020 (2015 thru 2024)
  • L 2010 (2008 thru 2014)
  • L Income (sooner than 2008)

National Institutes of Health

Human Capital Group

slide13
TSP

Withdrawal Options:

  • Lump-sum, and/or
  • Equal monthly payments, and/or
  • Life annuity w/wo survivor annuity, and/or
  • Transfer account balance to IRA.

A one-time opportunity for a partial withdrawal either lump sum or transfer balance.

Must begin withdrawal by age 70 ½.

National Institutes of Health

Human Capital Group

life insurance
Life Insurance

Eligible to continue coverage provided you are:

  • Covered at retirement
  • Continuous coverage for at least 5 years preceding retirement
  • Elections available for continuation of coverage.

National Institutes of Health

Human Capital Group

health insurance
Health Insurance

Eligible to continue coverage provided you are:

  • Covered at retirement
  • Continuous coverage for at least 5 years preceding retirement
  • Same premium payment – post-tax
  • Continuation of coverage for spouse provided a survivor benefit payable

National Institutes of Health

Human Capital Group

medicare
Medicare
  • Eligible at age 65
  • Part A – Hospital benefits – no cost
  • Part B – Medical benefits - $96.40
  • Part D – Prescription
  • Primary coverage after retirement
  • FEHB Secondary – waive calendar year deductables and co-payments

National Institutes of Health

Human Capital Group

long term care insurance
Eligible to continue coverage after retirement.

Payment options available.

www.LTCFEDS.com

1-800-582-3337

Long Term Care Insurance

National Institutes of Health

Human Capital Group

fedvip
FEDVIP

The Federal Employee Dental and Vision Insurance Program

  • Eligible to enroll as retiree.
  • Eligible to continue coverage on post-tax basis.
  • www.BENEFEDS.com - 1-877-888-3337

National Institutes of Health

Human Capital Group

questions
QUESTIONS

?????

National Institutes of Health

Human Capital Group