STEP 1: Determine Your Retirement Eligibility
- What is your Current Age and how many Years of Creditable Federal Service? (Check your Service Computation Date or SCD on your Earnings & Leave Statement)
- Start at the top of “Requirements” and find your Retirement Scenario – This will apply if you separate from service voluntarily (DRP or VSIP) or involuntarily (RIF)
- Do you qualify for an immediate annuity? FERS Supplement?
STEP 2: Know Your Numbers
VOLUNTARY
- Are you taking an incentive to voluntarily separate – DRP or VSIP?
- Do you qualify for an Immediate Annuity? FERS Supplement?
Retirement Calculation:
High-3 Average x Years of Service x 1% = Annual Pension (divide by 12 to get monthly amount)
*REDUCED: If MRA + 10, reduced 5% for every year under the age of 62
*ENHANCED: If 62+ with more than 20 years of service, multiply by 1.1%
FERS Supplement Calculation (at Minimum Retirement Age until age 62):
Find your estimated monthly amount of Social Security benefit at age 62 (SSA.gov)
Take your years of service and divide by 40. Then multiply that number by your estimate from Social Security. This is your estimated monthly FERS supplement.
INVOLUNTARY
- If you do not take an incentive: Immediate Pension OR Severance Pay
- Use the calculation above to calculate pension
- Use this worksheet from OPM to estimate severance pay