FERS Firefighter Retirement Benefits– Get Estimate Figure from FERS Retirement Calculator
Author : My Federal Retirement Help | Published On : 04 Aug 2021
Federal employees such as firefighters are involved in performing specific duties as they are categorized as law enforcement officers (LEOs). That's the reason their classification is done accordingly to help them avail of federal retirement benefits. FYI, the firefighters are entitled to enhanced retirement benefits to get adequate retirement income after retirement at an early age compared to the service years of regular civilian federal employees.
The FERS firefighter retirement benefits can be availed once the personnel sign off from the services at the mandatory retirement age of 57 or once the 20 years of service get completed after the defined federal retirement age of LEOs. Under FERS, firefighters are eligible for enhanced benefits provided they meet the minimum requirement at 20 years of service aged 50. But the point is that how to calculate the estimate of benefits that you as a firefighter employee can avail upon retirement?
The answer is that simple as nothing can be best than the FERS retirement calculator. It gives an estimated figure of how much is dispersed by the federal government in favor of firefighters. But before that, it's essential to know the eligibility and benefit amount under FERS legal enforcement officer benefits.
Here are certain things to consider while you look for FERS firefighter retirement benefits
- Employee's age and Length of Federal Service
As per FERS firefighter retirement, an employee is eligible to sign-off from the service and entitled to attain the annuity as per their age and length of federal service. If you're 57 years of age and completed a minimum of 20 years of national services as a firefighter, then you're entitled to retire at an early age. In such a case, one needs the federal retirement calculator to know the estimated amount of annuity at the time of retirement and other benefits in the form of a monthly pension.
- Provision of Mandatory Service
As per the federal government's guidelines, a FERS firefighting employee must retire at the age of 57 years, provided their 20 years of service as a law enforcement officer is completed. Being a firefighter LEO, you need to start assessing the retirement benefits to be availed when signing off from the services once the stipulated date arrives. For this, the FERS retirement calculator plays a big part in giving an idea to the firefighter FERS employee about the estimated amount that can be expected at retirement.
- Required Contribution under FERS
Before 2013, Federal firefighting employees under FERS used to contribute 0.8% of the payment that automatically gets deducted from the monthly payments. From 2013 till now, low enforcement personnel needs to make a monthly contribution of 28% of pay every month that becomes a hefty amount during retirement and secures the retirement life as the employee gets the amount in the form of monthly pension annuity with social security benefits. FERS retirement calculator will help you estimate the amount of deduction that has happened since the joining month and what will be deducted upfront until the last month of the services.
- Pension Plan Benefits
Annuities under FERS are calculated according to the number of years accomplished in federal services per retirement plan, the average annual salary of a firefighter for the three consecutive years (highest pay only considered), and accrual rate benefits accumulated for each year of service. FERS retirement calculator helps to bring the whole amount up front that is a pension benefit for the employees retiring as a firefighter at the age of 57 completing 20 years of age.