Federal Employees Retirement System (FERS)
The Federal Employees Retirement System (FERS) aggregates a collection of employee and agency-matched contributions from three different sources: a Basic Benefit Plan, Social Security and the Thrift Savings Plan (TSP).
Both the TSP and Social Security components of the FERS can be carried over to another job, whether or not it is a federal position.
Thrift Savings Plan (TSP)
The Thrift Savings Plan (TSP) is a defined contribution plan that offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans. It is the most flexible component of the FERS, as it allows the employee to determine their contribution.
For more information about the Thrift Savings Plan, visit the TSP website.
Civil Service Retirement System (CSRS)
The Civil Service Retirement System (CSRS) is a defined benefit, contributory retirement system. The employing agency matches the employee's CSRS contributions.
For more information about the CSRS, visit the OPM CSRS information page.
If you’ve turned 65 and are eligible for Medicare, you may choose to enroll in Medicare as a supplement to your FEHB benefits. Your FEHB coverage will continue whether or not you enroll in Medicare. If you enroll in Medicare, benefits will be coordinated. If you don't enroll in Medicare, your FEHB plan will pay benefits in full. Your FEHB premiums will not reduce if you enroll in Medicare.
The Office of Personnel Management (OPM) provides answers to many common retirement questions. Visit the OPM Retirement FAQs page for more information.