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Thursday Trivia

By FederalDaily Staff

Blog archive

Under CSRS or FERS, at what age can you retire voluntarily with 20 years of service?

A. 62
B. 60
C. 57
D. 50

 

 

<< scroll down to see the answer >>

 

 

 

 

 

 

 

 

 

 

 

 

B. 60

As a federal employee, you must complete certain tasks as early as possible during your government career. This will help you avoid difficulties and disappointment when you want to retire from federal service.

Knowing When You'll Be Eligible to Retire
When you meet the age and service requirements for voluntary retirement, you can retire on an immediate, unreduced annuity.

Years of Service
Age (CSRS)
Age (FERS)
5
62
62
20
60
60
30
55
MRA

The letters MRA stand for Minimum Retirement Age, which varies according to the year in which you were born. If you are a FERS employee who has at least 10 years of service, you may retire under the MRA+10 provision. However, if you have fewer than 20 years of service, your annuity will be reduced by 5 percent for every year you are under age 62. If you have at least 20 but fewer than 30 years of service, your annuity will be reduced by 5 percent for every year you are under age 60.
Note: You can reduce or eliminate the age penalty by postponing the receipt of your annuity until a later date.

If you were born Your MRA is
Before 1948 55
in 1948 55 and 2 months
in 1949 55 and 4 months
in 1950 55 and 6 months
in 1960 56
in 1965 56 and 2 months
in 1970 and after 57

Note: The retirement eligibility rules for special category employees, such as law enforcement officers, firefighters, and air traffic controllers, are different. CSRS, CSRS Offset and FERS employees may retire as early as age 50 if they have at least 20 years of covered service. FERS employees with at least 25 years of covered service may retire at any age.

For more details and the complete MRA (FERS) table, order a copy of the Federal Employees Retirement Guide. The above information was take from Chapter 2, pp 3-4.

 

Posted by Jeff Rae on Nov 03, 2011 at 4:02 PM


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Thursday Trivia