Voluntary Retirement – Immediate Unreduced Annuity
Requirement:
- 62 with at least 5 years of service
- 60 with at least 20 years of service
- Minimum Retirement Age (MRA) with at least 30 years of service
Eligible for the retiree annuity supplement if you’re under 62.
You can carry your insurance coverage into retirement if you meet continuity requirements.
Immediate Reduced Annuity
Requirement:
- MRA with at least 10 years of service
Annuity is reduced 5% for every year or 5/12 of a percent for every month you are under 62. Example – you retire at 57 – 5 years below age 62 – your annuity will be reduced by 25%.
Not eligible for the retiree annuity supplement.
You can carry your insurance coverage into retirement if you meet continuity requirements.
Deferred Retirement
If you leave civil service before you’re eligible for an immediate annuity, you can opt for a deferred retirement. This requires you to leave your FERS contributions in the retirement fund. Once you reach the eligibility requirements you can begin receiving your annuity.
- 62 with at least 5 years of service
- MRA with at least 10 years of service (reduced)
Not eligible for the retiree annuity supplement.
You can’t carry your insurance coverage into retirement.
Postponed Retirement
If you leave federal service and are eligible for an immediate unreduced or reduced annuity, you can opt for a postponed retirement.
As an example, if you left government service at age 57 with 15 years of service, but didn’t want a reduced annuity, you could leave your FERS contributions in the retirement fund and postpone your annuity payments until age 62 when you would qualify for an immediate unreduced annuity.
Not eligible for the retiree annuity supplement.
Your insurance coverage will be reinstated once you begin receiving your annuity if you meet continuity requirements.
Discontinued Service Retirement
Discontinued service is discussed in depth in this article. Given the current landscape for federal employees, it’s a good idea to educate yourself on this option.
Federal benefits are complex and often confusing. With consolidation and cutbacks, you might not be able to get the support you need from Human Resources. A free consultation with a Federal Retirement Consultant® can help you get the answers you need.
