FERS
FERS Pension Basics
A rough FERS basic annuity estimate starts with three inputs: your high-3 average salary, years of creditable service, and the applicable multiplier.
The basic formula
High-3 average salary × creditable service × multiplier = estimated annual basic annuity.
A 1% multiplier is common. A 1.1% multiplier may apply when an employee retires at age 62 or later with at least 20 years of service. Special-category employees can have different rules.
Why your payment can differ from the formula
The basic formula is not necessarily the amount deposited into your bank account. Survivor elections, taxes, health insurance, life insurance, court orders, service-credit issues, and retirement type can affect the final amount.
Inputs to verify
- Retirement service computation date
- Creditable civilian and military service
- Estimated high-3 average salary
- Retirement eligibility and start date
- Applicable multiplier and reductions
Official source: OPM FERS computation information.
Educational reminder: This article is general information, not individualized financial, tax, legal, or benefits advice. Confirm your records and eligibility with your agency and official sources.