1. History Library Hybrid Conference Conference Guidelines/Processing Research, Research & More Research Custom Technology / Custom Approach Revised 6.6.2014 PowerPoint

2. Topics Covered Overview of Federal Retirement Systems. Eligibility Requirements. Creditability of civilian and military service. How annuity is calculated. Survivor Benefits. Health & Life Insurance in Retirement. References to Calculators and Web Sites. Revised 6.6.2014 PowerPoint

3. Retirement Systems Revised 6.6.2014 PowerPoint CSRS Hired prior to 1/1/84 Created in 1920 Stand alone – defined benefit plan Employee contributes 7% to CSRS Medicare Tax 1.45% FERS Hired after 1/1/1984 Effective 1/1/1987 Result of the Social Security Amendment Act of 1983. Employee Contributes anywhere from 0.8% - 4.4% depending on when hired. CSRS Offset Rehired after 1/1/1984 o With 5 or more years creditable civilian service under CSRS. o Break in service exceeded 1 year. Interim period 1/1/1984 to 12/31/1986 Employee contributes 0.8% to CSRS Social Security Tax 6.2% Medicare Tax 1.45% Annuity offset at age 62 o CSRS annuity reduced by amount of social security attributable to offset service.

4. Disability Retirement Criteria The employee is unable to perform useful and efficient service because of disease or injury: o In your current position. o Or in a vacant position in the same agency and same grade or pay level for which qualified for reassignment. Disability is expected to last at least 1 year. The employee is responsible for furnishing sufficient medical evidence to support his or her application for disability retirement. OPM’s disability division will issue a decision either allowing or disallowing the disability application. FERS and CSRS Offset employees –Required to file for Social Security Disability. Revised 6.6.2014 PowerPoint

5. CSRS General Formula Revised 6.6.2014 PowerPoint 1.50% X high-3 x 1 st 5 years of service. 1.75% x high-3 x 2 nd 5 years of service. 2.00% x high-3 x years/months over 10. Maximum 80% (41 years; 11 months) however sick leave can be used to exceed 80%. Shortcut: Years of service x 2 – 4 + ¼ Example: 30 years x 2 = 60 – 4 = 56 + ¼ = 56¼% CSRS with 30 years = 56¼% of high 3 average salary $50,000 high 3 x 56¼% = $28,125 annually ($2343 monthly)

6. Revised 6.6.2014 PowerPoint