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  • 7401 S Bitterroot Pl Ste 100
  • Sioux Falls SD 57108
  • 605.271.1386

Frequently Asked Questions

What is the difference between CSRS and FERS?

There are two retirement systems covering federal employees. CSRS was created in 1920 and was phased out after December 31, 1983. The new system that was created is known as FERS. Both CSRS and FERS are defined benefit plans but calculations of the benefit are done differently.

What is CSRS offset?

Employees hired under CSRS prior to January 1, 1987, having a break in service of more than one year, rehired on or after January 1, 1987 and having five full years under CSRS are CSRS offset.

What amount is deducted from my paycheck for CSRS?

With CSRS, 7.00% is deducted each pay period and the government matches this. For Firefighters and Law Enforcement Officers, 7.50% is deducted as their mandatory retirement age is earlier and they have a higher calculation for their annuity.

How is my CSRS annuity calculated?

Your CSRS annuity is determined by two variables: 1)Length of credible service and 2)High-3 average pay.

What happens to my unused sick leave with CSRS?

With CSRS, you may use unlimited sick leave to compute your basic annuity.

What amount is deducted from my paycheck for FERS?

With FERS, 7.00% is paid into the retirement system, .80% to your annuity and 6.20% to social security.

What happens to my unused sick time with FERS?

As of October 28,2009, 50% of unused sick time can be used to increase the FERS annuity. After December 31,2013, 100% of unused sick time can be used.

How is my FERS annuity calculated?

If a FERS is under age 62 or age 62 with less than 20 years experience: 1% x Hi-3 average pay x years/months of service.

If FERS is age 62 or older with at least 20 years: 1.1% x Hi-3 average pay x years/months of service.

What is my limit on Thrift Savings Plan contributions?

For 2015 and 2016, the Internal Revenue Code limitation is $18,000. Participants age 50 or older can make additional "catch-up" contributions of $6,000 for a total of $24,000.

How does the Thrift Savings Plan match work?

FERS employees automatically recieve one percent of base pay. Additional matching contributions are made dollar-for-dollar for up to three percent of base pay and then at fifty percent of each additional percent up to five percent. Therefore if a FERS puts in 5%, the government matches 5%.

What is Basic Life Insurance through FEGLI?

Basic insurance is calculated based on the employee's basic pay, rounded to the nearest $1000, plus $2000. The cost of the Basic Insurance is shared between the employee and the Government. The Government pays 1/3 and the employee pays 2/3.

What is the difference between Option A, Option B and Option C with FEGLI?

Option A is offered at a flat rate of $10,000 of coverage on the employee. Option B is offered at 1,2,3,4,or 5 multiples of an employees's annual rate of basic pay. Option C is offered in multiples of 1,2,3, 4 or 5 times $5000 for the death of a spouse or $2500 for the death of an eligible child.