{"id":594,"date":"2010-07-16T08:02:04","date_gmt":"2010-07-16T12:02:04","guid":{"rendered":"http:\/\/www.salaryfor.com\/blog\/?p=594"},"modified":"2010-09-23T21:52:09","modified_gmt":"2010-09-24T01:52:09","slug":"federal-employees-retirement-pension-calculation","status":"publish","type":"post","link":"https:\/\/salaryfor.com\/blog\/federal-employees-retirement-pension-calculation\/","title":{"rendered":"Federal Employees Retirement Pension Calculation"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/t1.gstatic.com\/images?q=tbn:Yc05JajXadiY5M:http:\/\/i.ehow.com\/images\/a02\/39\/ng\/federal-government-fund-retirement-account-200X200.jpg\" alt=\"\" \/><\/p>\n<p>The basic annual CSRS (<em>Civil Service Retirement System) <\/em>annuity is expressed as a percentage of your highest 3 years average salary.<\/p>\n<p>Your high 3\u00a0percentage is determined by a three-part formula based on your length of creditable service. You earn:<\/p>\n<ul>\n<li>1.5% x High-3 x first five years of service<\/li>\n<li>plus 1.75% x High-3 x next five years of service<\/li>\n<li>plus 2.0% x High-3 x all years of service over 10<\/li>\n<\/ul>\n<p>Thus, after 10 years of service you have earned 16.25% of your &#8220;high three&#8221; and after 30 years you have earned 56.25% (16.25% + 2% x 20 = 56.25%).<\/p>\n<p>By law, the percentage is limited to 80% (reached after 41 years and 11 months of service)however,\u00a0unused sick leave\u00a0can be used in the formula to produce a greater result.<\/p>\n<p>Your unused sick leave is converted\u00a0into months and days and added to your other service. Credit is given for whole months only, (30 days). However, the time representing days of unused sick leave is not counted toward your &#8220;high 3&#8221; years average salary or for establishing eligibility for retirement. \u00a0(<em>see the following examples)<\/em><\/p>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"3\" width=\"400\" align=\"center\">\n<tbody>\n<tr>\n<td><strong>Example 1:<\/strong><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Age<\/td>\n<td>55<\/td>\n<\/tr>\n<tr>\n<td>High-3<\/td>\n<td>$60,000<\/td>\n<\/tr>\n<tr>\n<td>Years of Service<\/td>\n<td>30 years<\/td>\n<\/tr>\n<tr>\n<td>.015 x 5 x $60,000<\/td>\n<td>= $4,500<\/td>\n<\/tr>\n<tr>\n<td>.0175 x 5 x $60,000<\/td>\n<td>= $5.250<\/td>\n<\/tr>\n<tr>\n<td>.02 x 20 x $60,000<\/td>\n<td>= $24,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><span style=\"text-decoration: underline;\">$33,750<\/span> (56.25% of High-3)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"3\" width=\"400\" align=\"center\">\n<tbody>\n<tr>\n<td><strong>Example 2:<\/strong><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Age<\/td>\n<td>60<\/td>\n<\/tr>\n<tr>\n<td>High-3<\/td>\n<td>$50,000<\/td>\n<\/tr>\n<tr>\n<td>Years of Service<\/td>\n<td>20\u00a0years<\/td>\n<\/tr>\n<tr>\n<td>.015 x 5 x $50,000<\/td>\n<td>= $3,750<\/td>\n<\/tr>\n<tr>\n<td>.0175 x 5 x $50,000<\/td>\n<td>= $4,375<\/td>\n<\/tr>\n<tr>\n<td>.02 x 10 x $50,000<\/td>\n<td>= $10,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><span style=\"text-decoration: underline;\">$18,125<\/span> (36.25% of High-3)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>source: <\/em><strong><a href=\"http:\/\/www.myfederalretirement.com\/public\/115.cfm\" target=\"_blank\" rel=\"noopener\">myfederalretirement<\/a><\/strong><\/p>\n<p style=\"text-align: left;\"><strong><a href=\"http:\/\/www.salaryfor.com\/\" target=\"_self\"><span style=\"color: #3399cc;\">click here for more salary information<\/span><\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The basic annual CSRS (Civil Service Retirement System) annuity is expressed as a percentage of your highest 3 years average salary. Your high 3\u00a0percentage is determined by a three-part formula based on your length of creditable service. You earn: 1.5% x High-3 x first five years of service plus 1.75% x High-3 x next five [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[650,646,87,635,636,640,649,637,647,644,645,638,642,648,639,39,634,643,641],"class_list":["post-594","post","type-post","status-publish","format-standard","hentry","category-careers","tag-10-years","tag-3-years","tag-average-salary","tag-civil-service-retirement","tag-civil-service-retirement-system","tag-creditable-service","tag-csrs-retirement","tag-federal-employees-retirement","tag-federal-retirement","tag-first-five-years","tag-next-five-years","tag-pension-calculation","tag-retirement-annuity","tag-retirement-calculation","tag-retirement-pension","tag-salary-information","tag-service-retirement-system","tag-sick-leave","tag-whole-months"],"_links":{"self":[{"href":"https:\/\/salaryfor.com\/blog\/wp-json\/wp\/v2\/posts\/594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/salaryfor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/salaryfor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/salaryfor.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/salaryfor.com\/blog\/wp-json\/wp\/v2\/comments?post=594"}],"version-history":[{"count":7,"href":"https:\/\/salaryfor.com\/blog\/wp-json\/wp\/v2\/posts\/594\/revisions"}],"predecessor-version":[{"id":899,"href":"https:\/\/salaryfor.com\/blog\/wp-json\/wp\/v2\/posts\/594\/revisions\/899"}],"wp:attachment":[{"href":"https:\/\/salaryfor.com\/blog\/wp-json\/wp\/v2\/media?parent=594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/salaryfor.com\/blog\/wp-json\/wp\/v2\/categories?post=594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/salaryfor.com\/blog\/wp-json\/wp\/v2\/tags?post=594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}