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State Department Retirement Formula:
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The State Department retirement calculation determines the annual annuity for federal employees based on years of service and the high-3 average salary. This formula is used to estimate retirement benefits for US Department of State employees under the Federal Employees Retirement System (FERS).
The calculator uses the State Department retirement formula:
Where:
Explanation: The formula calculates 1% of the high-3 average salary multiplied by years of service. For employees with 20+ years of service, the percentage may increase to 1.1% for years beyond 20.
Details: Accurate retirement planning is essential for State Department employees to ensure financial security after years of public service. Understanding your potential annuity helps in making informed decisions about retirement timing and financial preparation.
Tips: Enter your total years of service (including partial years) and your high-3 average salary (the average of your highest 3 consecutive years of earnings). Both values must be positive numbers.
Q1: What is the "high-3 average salary"?
A: The high-3 average salary is the average of your highest 3 consecutive years of basic pay. This typically includes your final 3 years of service but can be any 3 consecutive years with the highest earnings.
Q2: Are there different percentages for longer service?
A: Yes, for employees with 20 or more years of service, the percentage increases to 1.1% for each year beyond 20 years of service.
Q3: Does this calculation include other retirement benefits?
A: This calculation shows only the basic annuity. Additional benefits may include Social Security, Thrift Savings Plan, and other retirement supplements.
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 State Department employees retire?
A: Retirement eligibility depends on age and years of service. Minimum retirement age is typically 55-57 with 30 years of service, or 60 with 20 years, or 62 with 5 years.