CSRS/FERS Retirements

CSRS Eligibility

* Purchased military service credited time counts toward credited service,but doesn’t count towards vesting requirement.

Benefit Age Criteria Years of Credited Service

Benefit Reduction

Regular Retirement

Age 62 5 years or more No Reduction

Unreduced Early Ret

At least age 60 20 years or more

No reduction

Unreduced Early Ret

At least age 55 30 years or more

No reduction

FERS Eligibility

* Purchased military service credited time counts toward credited service,but doesn’t count towards vesting requirement.

Type of Retirement

Year of Birth

Minimum Age

Minimum Service for Unreduced

Minimum Service

for Reduced Benefits

Reduction

Optional and Deferred

N/A 62 5 N/A None

N/A 60 20 N/A None

Before 1948

55 30 10 5%

FERS Eligibility

* Purchased military service credited time counts toward credited service,but doesn’t count towards vesting requirement.

Type of Retirement

Year of

Birth

Minimum Age Minimum Service for Unreduced

Minimum Service

for Reduced Benefits

Reduction

Optional and DeferredContinued

19481949195019511952

55 & 2 mos55 & 4 mos55 & 6 mos55 & 8 mos

55 & 10 mos

3030303030

1010101010

5% for each year

the employee is under age 62

FERS Eligibility

* Purchased military service credited time counts toward credited service,but doesn’t count towards vesting requirement.

Type of Retirement

Year of

Birth

Minimum Age Minimum Service for Unreduced

Minimum Service for Reduced Benefits

Reduction

Optional and DeferredContinued

1953-1964196519661967196819691970

& After

56

56& 2 mos56 & 4 mos56 & 6 mos56 & 8 mos

56 & 10 mos57

30

303030303030

10

101010101010

5% for each year

the employee is under age 62

Survivor Benefit

• FERS Maximum Survivor Benefit– Annuity will be reduced by 10%– Survivor Spouse will receive 50%

• FERS Partial Survivor Benefit– Annuity will be reduced by 5%– Survivor Spouse will 25%

• Spouse pre-deceases retiree – benefit will revert to the amount before reduction

• CSRS Survivor Benefit varies, contact Terry White at MRG

Retirement Package

• CSRS or FERS Retirement Application provided by MRG

• Direct Deposit Form and voided check

• MCCS 100 Form • Copies of 499 if eligible to continue

insurance coverage.

Benefit Application Process

• Draft CSRS/FERS benefit application 3 months before retirement

• MRG will finalize retirement package the day after final and VP paycheck

• OPM 6 – 8 months behind• Interim pay 80% until final adjudication

PeopleSoft Data

• Job Termination Effective Date• Marital Status• Terminating Benefits

–Retirement Plan 7Y – Do Not Terminate

Insurance Benefits

• Insurance continuation process same as NAF Plan retirees

• Except - Premiums must be sent to the lockbox

• Questions? Terry White 703-432-0419 DSN 378