';resultHTML += 'Annual Net (after survivor reduction): $' + netAnnual.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}) + '';document.getElementById('summaryText').innerHTML = resultHTML;if(showSteps){var detailHTML = 'Step-by-Step Calculation:
';detailHTML += '1. Formula: High-3 Average × Years of Service × Multiplier
';detailHTML += '2. Gross Annuity: $' + high3.toLocaleString() + ' × ' + years + ' × ' + (multiplier*100).toFixed(1) + '% = $' + grossAnnual.toLocaleString(undefined, {minimumFractionDigits: 2}) + '
';detailHTML += '3. Monthly Gross: $' + monthlyGross.toLocaleString(undefined, {minimumFractionDigits: 2}) + '
';detailHTML += '4. Survivor Reduction (' + survRed + '%): -$' + reductionAmount.toLocaleString(undefined, {minimumFractionDigits: 2}) + ' annually
';detailHTML += '5. Final Monthly Net: $' + monthlyNet.toLocaleString(undefined, {minimumFractionDigits: 2});document.getElementById('resultsDetail').innerHTML = detailHTML;document.getElementById('resultsDetail').style.display = 'block';}else{document.getElementById('resultsDetail').style.display = 'none';}}function updateMultiplier(){var select = document.getElementById('given_data');if(select.value == '1.1'){alert('Note: The 1.1% multiplier only applies if you are age 62 or older at retirement with at least 20 years of service.');}}
Using the FERS Retirement Calculator
The fers retirement calculator is a specialized tool designed for U.S. federal employees covered under the Federal Employees Retirement System (FERS). Planning for retirement requires a precise understanding of your "High-3" average salary and your total creditable years of service. This calculator helps you estimate your basic annuity (pension) before and after accounting for common elections like survivor benefits.
To get the most accurate estimate, you should have your latest personnel statements ready to verify your service duration and pay history.
- High-3 Average Salary
- The highest average basic pay you earned during any three consecutive years of service. This usually occurs during your final three years before retirement.
- Years of Creditable Service
- The total number of years you have worked in a FERS-covered position, including any military buy-back time or unused sick leave converted to service time.
- Annuity Multiplier
- The percentage used in the formula. Most employees receive 1%, but those 62 or older with 20+ years of service receive 1.1%.
- Survivor Benefit Reduction
- A percentage reduction in your pension to provide a continuing income for a spouse after your death (standard is 10% for a 50% benefit).
How the FERS Pension is Calculated
The FERS basic annuity is determined by a simple but rigid mathematical formula. Understanding this formula is the first step in using the fers retirement calculator effectively. The basic formula is:
Annual Pension = High-3 Salary × Years of Service × Multiplier
- High-3: Calculated using basic pay only (no overtime, bonuses, or holiday pay).
- Years of Service: Only whole months are counted in the final calculation; any remaining days are dropped unless they add up to a full month of sick leave.
- Multiplier: 1.0% for most; 1.1% for "Age 62 and 20" rule; 1.7% for Law Enforcement, Firefighters, and Air Traffic Controllers (for the first 20 years).
FERS Retirement Example
Scenario: A federal employee is retiring at age 62 with 25 years of service. Their High-3 average salary is calculated to be $90,000. They choose to provide a full survivor benefit for their spouse.
Step-by-step solution:
- Identify Multiplier: Since the employee is 62 and has over 20 years of service, the multiplier is 1.1%.
- Calculate Gross Annual Pension: $90,000 × 25 × 0.011 = $24,750 per year.
- Apply Survivor Reduction: A full survivor benefit costs 10% of the gross pension. $24,750 × 0.10 = $2,475.
- Calculate Net Annual Pension: $24,750 – $2,475 = $22,275 per year.
- Calculate Monthly Payment: $22,275 ÷ 12 = $1,856.25 per month.
Common FERS Questions
What is the "High-3" average salary?
The High-3 is the highest average basic pay earned during any three consecutive years of service. It includes locality pay but excludes bonuses, overtime, and travel allowances. If you worked part-time, your High-3 is calculated based on the full-time rate you would have earned, but your years of service are prorated.
How does sick leave affect my pension?
Unused sick leave is added to your actual service time for the purpose of calculating the annuity. For example, if you have 2,087 hours of sick leave, that adds exactly one year to your service duration. Using the fers retirement calculator, you would enter "31 years" instead of "30 years" if you had one year's worth of sick leave accumulated.
What is the FERS Special Supplement?
The Special Retirement Supplement (SRS) is an additional payment for those who retire before age 62 but at or after their Minimum Retirement Age (MRA) with 30 years of service (or age 60 with 20 years). It mimics a portion of your Social Security benefit and stops once you turn 62. This calculator focuses on the basic annuity and does not include the SRS or TSP withdrawals.
Eligibility for FERS Retirement
To use this fers retirement calculator, you must meet one of the following criteria for immediate retirement:
- Age 62 with at least 5 years of service.
- Age 60 with at least 20 years of service.
- Minimum Retirement Age (MRA) with at least 30 years of service.
- MRA with at least 10 years of service (results in a permanent 5% reduction for every year under age 62).