1. What is the FERS Pension Calculator?

The Federal Gov Pension Calculator estimates the annual annuity for federal employees under the Federal Employees Retirement System (FERS). It calculates retirement benefits based on years of service and high-3 average salary.

2. How Does the Calculator Work?

The calculator uses the basic FERS pension formula:

Where:

• \( Annuity \) — Annual retirement benefit (USD)
• \( YS \) — Years of service (years)
• \( H3 \) — High-3 average salary (USD)

Explanation: The formula calculates 1% of the high-3 average salary multiplied by years of service. For employees with 20+ years of service at age 62 or older, the percentage increases to 1.1%.

3. Importance of FERS Pension Calculation

Details: Accurate pension estimation helps federal employees plan for retirement, understand their expected benefits, and make informed decisions about retirement timing and financial planning.

4. Using the Calculator

Tips: Enter years of service (including partial years as decimals) and high-3 average salary in USD. Both values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the high-3 average salary?
A: The average of your highest 3 consecutive years of basic pay, which determines your pension base amount.

Q2: Are there different percentages for different situations?
A: Yes, employees with 20+ years of service who retire at age 62 or older receive 1.1% instead of 1% per year of service.

Q3: What other factors affect FERS retirement?
A: FERS includes three components: Basic Benefit Plan, Social Security, and Thrift Savings Plan (TSP). This calculator only estimates the Basic Benefit portion.

Q4: How is part-time service calculated?
A: Part-time service is prorated based on the number of hours worked compared to full-time employment.

Q5: When can I retire under FERS?
A: Minimum retirement age varies from 55-57 depending on birth year, with different requirements for immediate vs. deferred retirement.