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Calculating your high-3 for federal retirement depends on whether you worked under the Federal Employees Retirement System (FERS) or if you spent time under other retirement programs.
The basic retirement annuity under FERS is equal to the (Average High-3 Salary x .017 x Years of Service through 20 years)+(High-3 Salary x .01 x Years of Service over 20)= Annual Pension Members who began congressional service before 1984 and who elected to join FERS will receive credit under FERS from January 1, 1984, forward.
The FERS annuity is based on a specified percentage (either 1% or 1.1% for most employees, see below), multiplied by (a) the length of an employee's Federal service eligible for FERS retirement (referred to as "creditable Federal service", which may not be the actual duration of Federal employment) and (b) the average annual rate of basic pay ...
The locality pay adjustment is counted as part of the "high-3" salary in calculating Federal Employees Retirement System (FERS) and Civil Service Retirement System (CSRS) annuities, as well as the baseline for individuals having a percentage of salary deducted for deposit into the Thrift Savings Plan.
Find out how your $3 million nest egg could safely pay $120,000 a year. Financial planners use various models to project what you'll need in retirement. Find out how your $3 million nest egg could ...
If you plan on having $3 million in savings by the time you turn 55 and you're wondering if you can retire on that amount, then there are some things to consider. From understanding what your ...