A: No, it won’t be the same as working for the federal government. The two forms of employment aren’t interchangeable. You’ll have to check with your state to find out if any of your military service would be creditable and what the requirements are to retire…

Can you lose your federal pension?

The short answer is no. Unfortunately, the misconception that you can lose your federal retirement if fired persists even among federal employees. However, the truth is that federal employees whose retirement benefits have vested are all but guaranteed to receive those benefits, subject to a few exceptions.

How do I access my FERS account?

How can I find out the balance of my retirement account? If you are a current employee, you should contact your human resources office. If you have separated from federal service or are currently a retiree, you should contact OPM’s Retirement Office at 1-888-767-6738 or [email protected]

Is fers a good retirement system?

This is one of the many reasons the Federal Employees Retirement System is seen as one of the best retirement packages out there. And on top of the sweet pension plan comes the additional benefits of being able to collect Social Security and payments from the thrift savings plan.

When do you become eligible for federal retirement benefits?

If you leave Federal service before you meet the age and service requirements for an immediate retirement benefit, you may be eligible for deferred retirement benefits. To be eligible, you must have completed at least 5 years of creditable civilian service.

Are there any retirement benefits for federal employees?

Federal employees benefit from the a generous benefits package; however, you may not know the right questions to ask or the convoluted explanations typically offered do little to help with your retirement planning.

What kind of retirement plan can you contribute to in PA?

PA does not allow for pre-tax employee contributions to any type of retirement plan. Employee contributions to Traditional 401(k), 403(b), 457 governmental, Thrift Savings Plan, Traditional IRA, SEP IRA, and Simple IRA accounts are always after-tax for PA state tax purposes.

How to prepare for retirement as a federal employee?

Contact us today to start planning for your future. You may engage with an experienced retirement benefits expert at Retire Federal to receive one-on-one retirement counseling to help prepare for a smooth transition from employee to retiree.