FERS Years of Service Formula:
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The FERS (Federal Employees Retirement System) years of service calculation converts total months of federal service into years for retirement benefit calculations. This is a crucial factor in determining retirement eligibility and annuity amounts.
The calculator uses the simple formula:
Where:
Explanation: The calculation converts months of creditable service into years by simple division.
Details: Accurate years of service calculation is essential for determining retirement eligibility, calculating annuity benefits, and understanding retirement options under FERS.
Tips: Enter total months of federal service. The value must be a positive integer (1 month or more).
Q1: What counts as creditable service for FERS?
A: Most federal employment under FERS, including part-time service (converted to full-time equivalents), and certain military service if deposits are paid.
Q2: How are partial years handled in retirement calculations?
A: Each full month counts as 1/12 of a year. Days beyond complete months are generally not counted.
Q3: Where can I find my total service months?
A: Check your most recent SF-50 or request a retirement estimate from your HR office.
Q4: Does this include sick leave credit?
A: No, sick leave is calculated separately and added after determining basic years of service.
Q5: How does this affect my retirement annuity?
A: Your years of service is multiplied by your high-3 average salary and the appropriate percentage factor (1%, 1.1%, or 1.7% depending on age and service combination).