Anonymous wrote:I paid into FERS for three years. Will I get anything or is there a vesting schedule? If not....do I just lose that money?

I *think* 10 years is the minimum you need to work to get anything back. If not you lose the money (401k plans are worse than pensions in a lot of ways, but not every way)

This is not correct. If you paid into the system for 5 years or less, you can get your contributions to the system paid out to you if you separate from service (ie, leave your government job). If you have paid into the system for 10 years or more, you get the pension (I'm not clear on when you start receiving the pension, I believe it is age-dependent). If you paid into the system for 5-10 years, it is your choice at separation. You can choose to have your contributions paid out or you can keep your contributions in the system. If you ever return to government service, you just pick up making contributions into the system. If you don't, you are eligible for a pension at retirement (I think age 65 but not 100% sure on age). Also, your spouse is entitled to the pension if you pass away first.

OP here. I see what I was calculating incorrectly now. Thanks all!

Anonymous wrote:I paid into FERS for three years. Will I get anything or is there a vesting schedule? If not....do I just lose that money?

I *think* 10 years is the minimum you need to work to get anything back. If not you lose the money (401k plans are worse than pensions in a lot of ways, but not every way)

I paid into FERS for three years. Will I get anything or is there a vesting schedule? If not....do I just lose that money?

OP, you must be doing something wrong. The number you should get it your annual annuity, which you will get every year until you die. The number should not be that big.

You are asking about the basic annuity of FERS? You get 1% of your high-three salary for every year you work. So if you work 10 years, and earn $100,000 a year, each year after you retire you will get 10 percent of your salary, i.e. $10,000.

OP here - thanks! I knew I was in the FERS system but I thought FERS was the name for the type of TSP, as opposed to the straight forward pension pre-1987 but now I see it's TSP+FERS.

I ran the numbers of what my FERS pension would be based on this (http://www.opm.gov/retirement-services/fers-information/computation/) - is this the total amount you'll receive for your whole retirement? Given how big the number is, it must be right?

How do they determine how much you get each month? Do you estimate that you'll live for at most 30 years post retirement and they just evenly divide it across those months? Sorry for the questions, it's just not clear when I read OPM.

It is your contribution to the FERS pension fund.

Pension.

I think you are talking about the FERS part of your retirement. Check out this link -

http://www.opm.gov/retirement-services/fers-information/

On my paystub, it lists TSP and "retirement" separately and it's a substantial chunk of change. Where is this money going and how does it get paid out when I actually retire? I have my TSP info and can keep tabs on that but this vaguely labeled "retirement" contribution is not very clear. I've looked at OPM's website and am not finding an explanation for what this "retirement" allotment is. Any links to more info or a simple explanation is much appreciated! Thanks