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Federal Employees Retirement System (FERS)

The Federal Employees Retirement System (FERS) is a retirement plan that provides benefits from three different sources: a Basic Benefit Plan, Social Security and the Thrift Savings Plan (TSP). Two of the three parts of FERS (Social Security and the TSP) can go with you to your next job if you leave the federal government before retirement. The Basic Benefit and Social Security parts of FERS require you to pay your share each pay period. Your agency withholds the cost of the Basic Benefit and Social Security from your pay as payroll deductions. Your agency pays its part too. Then, after you retire, you receive annuity payments each month for the rest of your life.

Civil Service Retirement System (CSRS)

The Civil Service Retirement System (CSRS) is a defined benefit, contributory retirement system, which became effective on August 1, 1920. CSRS was replaced by the Federal Employees Retirement System (FERS) for federal employees who first entered covered service on and after January 1, 1987. Please note that if you entered the government after this date, you are not eligible for CSRS.

Phased Retirement

*CBP Employees are not eligible for Phased Retirement at this time.

Phased retirement is a human resources tool for federal agencies to retain employees who would have fully retired, but who are willing to continue in federal service for a period of time on a part-time schedule while engaging in mentoring. Employees participating in phased retirement will be paid for the part-time service they continue to provide to the government and will receive additional credit for that service toward their full retirement. These employees will also begin receiving partial annuity payments, pro-rated based on the portion of the workweek that they are not scheduled to work.

How Phased Retirement Works

An employee electing phased retirement continues to work as an employee of the federal government but under a part-time work schedule. At the same time, the employee receives annuity benefit equal to a fraction of the annuity that would have been paid had the employee fully retired. This means employees will be receiving half of their pay and approximately half of their annuity because currently the only working percentage allowable by regulation is 50 percent.

Employment as a Phased Retiree Frequently Asked Questions

Last Modified: Jun 13, 2024
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