Ogden Air Logistics Complex Federal Employees Retirement System

Ogden Air Logistics Complex Federal Employees Retirement System (FERS) OO-ALC Retirements/Benefits “Breaking Barriers… Since 1947”

Agenda O G D E N A I R L O G I S T I C S COMPLEX n Discuss the basics of: n FERS – Federal Employees Retirement System n Creditable Service for Retirement n Military Deposit n Thrift Savings Plan (TSP) n Important Program Links “Breaking Barriers… Since 1947”

Retirement O G D E N A I R L O G I S T I C S COMPLEX n FERS – Federal Employees Retirement System n Three tiered retirement system • Federal Employment Retirement System (FERS) (monthly annuity for life) • Social Security • Thrift Savings Plan n Annuity or Pension = Retirement Pay “Breaking Barriers… Since 1947”

Example of Retirement Pay O G D E N A I R L O G I S T I C S COMPLEX n FERS = 1% per year n (Exception) At age 62 with 20 or more years of service; retirement is calculated using 1. 1% n (% x High 3 x Years and Months of Service) n Example (Gross for $75 k): n FERS Annuity = $1700 at retirement n Social Security = $1300 at age 62 = $3000 n After Insurance and taxes = $2100 n TSP = It’s up to you! The more the better! “Breaking Barriers… Since 1947”

CREDITABLE SERVICE O G D E N A I R L O G I S T I C S COMPLEX n Non-deduction Service (usually Temporary service) n Federal civilian service where no retirement deductions were withheld. This is also known as FICA service. n If Service was prior to January 1, 1989 n Deposit required for both eligibility and annuity computation n If Service was on or after January 1, 1989 n Not creditable for retirement eligibility or annuity computation n Deposit cannot be made. “Breaking Barriers… Since 1947”

CIVILIAN REDEPOSIT SERVICE O G D E N A I R L O G I S T I C S COMPLEX n Refunded Service n If you were paying into CSRS or FERS, QUIT and pulled your retirement contributions n Redeposit service if NOT paid n The n Time is used for retirement eligibility Redeposit service if redeposit IS paid n Creditable for Time and Annuity purposes “Breaking Barriers… Since 1947”

Military Deposit O G D E N A I R L O G I S T I C S COMPLEX n The benefit to paying a few years of Active Duty service is to have that time count towards your Civil Service Retirement Annuity (Title 10 only) n The pay back amount gets more expensive over time due to compounding interest (interest is at variable rate) n Each year you pay back gives you “on average” about $70 to $100 a month more in your annuity check n Example: 4 years of Active Duty could be up to $400 a month more in your FERS Annuity “Breaking Barriers… Since 1947”

Military Deposit O G D E N A I R L O G I S T I C S COMPLEX n Log into My. Pers: https: //mypers. af. mil and type “Military Deposit” in the search engine, follow instructions n The process will take 6 months to a year to find out how much you owe “Breaking Barriers… Since 1947”

Thrift Savings Plan - TSP O G D E N A I R L O G I S T I C S COMPLEX n TSP Contribution Funds: n. G = Government Securities n F = Government Corp and Mortgage-backed Bonds n C = Common Stock (Large/Med Sized Companies) n S = Small Capitalization Stock (Small/Med Sized) n I = International Stock (20 Developed Countries) n. L = Life Cycle Funds (Invested in G, F, C, S, and I) You elect your Contribution amount in: EBIS n You elect your Funds in: TSP. Gov n “Breaking Barriers… Since 1947”

Thrift Savings Plan - TSP O G D E N A I R L O G I S T I C S COMPLEX n TSP Contribution Funds: “Breaking Barriers… Since 1947”

Important Program Links O G D E N A I R L O G I S T I C S COMPLEX n My. Pers: https: //mypers. af. mil (Guidance for everything) n EBIS (Changing FEHB, TSP, FEGLI) n https: //ww 4. afpc. randolph. af. mil/ebisii/login. aspx? poeid=1189711 20 n My. Biz (Your record past and present) n https: //compo. dcpds. cpms. osd. mil/ “Breaking Barriers… Since 1947”

O G D E N A I R L O G I S T I C S COMPLEX Questions? Breaking Barriers …Since 1947