Family Life Financial Services Inc. - Greater Lansing Financial Services

Federal Employee Retirement - FERS
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Federal Employee Retirement Services - Family Life Financial Services

Cost of Retirement

FERS

Contributions

Employee

Employer

Retirement

.80%

12.90%

Social Security

6.20%

6.20%

Medicare

1.45%

1.45%

TSP

1.00%

Total

8.45%

21.55%

Eligibility Requirements For FERS

Type of Retirement

Year of Birth

Minimum Age

Minimum Service For Un-reduced Benefits (Years)

Minimum Service For Reduced Benefits**

Special Requirements

Optional
and
Deferred

N/A
N/A
Before 1948
1948
1949
1950
1951
1952
1953-1964
1965
1966
1967
1968
1969
1970 & After

62
60
55
55 & 2 mos
55 & 4 mos
55 & 6 mos
55 & 8 mos
55 & 10 mos
56
56 & 2 mos
56 & 4 mos
56 & 6 mos
56 & 8 mos
56 & 10 mos
57

5
20
30
30
30
30
30
30
30
30
30
30
30
30
30

N/A
N/A
10
10
10
10
10
10
10
10
10
10
10
10
10

None
None
**Reduction is 5 percent for each year the employee is under age 62.

Optional

N/A
N/A

50
Any

20
25

N/A
N/A

LE/FF
MAJOR RIF
ATC

Discontinued
Service

N/A
N/A

50
Any

20
25

N/A
N/A