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Reply to "Can someone explain FERS in detail please?"
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[quote=Anonymous]Newly fed worker, confused about FERS.....is it a pension? Noticed a small amount was deducted from my paycheck (~$30), and paid by government about ~$240 per paycheck. How do they calculate how much to deduct from my salary? I find the formula is that based on the calculations: average yearly salary out of high 3-year salary x 1.1% from: http://www.opm.gov/retirement-services/fers-information/computation/ But, if so, does it matter how much to deduct from my current salary? Should the future persion/FERS be calculated based on how much has been put into my account from now on?[/quote]
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