FERS Is the program that has been in effect since 1987 and stands for the Federal Employees Retirement System. Most of the federal civilian employees that were hired since 1983 are going to be covered by this. For those who participate in it, it can make a lot of sense and helps anyone save for retirement faster than before. It is a great retirement program for these employees and will come with three main components. These include: 

# FERS Basic Benefit

# Thrift Savings Plan Benefit

# Social Security Benefit

Most of the employees who qualify for FERS are going to pay 0.8% of the basic pay for the basic benefits. Then the agency will contribute at least 10.7% or more to it as well. This basic benefit is going to be a good one for the employees because they will provide retirement, survivor benefits and disability. If needed, it can be reduced for the individual who would like to reach early retirement or to provide some survivor protection too. The basic benefit is going to be computed based on the length of time the employee worked there and their highest average basic pay during any three consecutive years of service.

It is also possible for the employees to contribute to the Thrift Savings Plan as well. These employees are able to contribute 11% to this of their basic pay and then the government contribution is going to be automatically added at 1% to the account. Depending on the amount that the employee would like to contribute to the plan, it is possible that the government can add another 4% to this amount as well.

Each employee will need to research the different plans and see which one will be the best for their needs. Some allow for more savings and others will need to meet certain requirements before they are able to participate at all. The added contribution from the government can be useful to a lot of employees because it allows them to build up the money that they earn in the retirement account faster than what they are able to don their own. Maintaining this amount based on the income of the employee can help them reach their retirement goals later than ever.

If you have. FERS retirement plan and are worried about how that money for retirement will be split up in a separation or a divorce, it is important to find the right legal team to work with you along the way. A good divorce or family law attorney will be able to take a look at the rules and laws in your state, ensuring that you get a fair settlement for your FERS account.