TSP Annuity Rates - How Low Will They Go? - TSP Investing Strategies Staffing to align with your agency's mission. Displays the annual amount paid by the employee for FEGLI Federal Employees' Group Life Insurance additional coverage for the prior year. Refer to the following link on the TSP website for the Historical Annuity Rate Index at: https://www.tsp.gov/whatsnew/rates/annuityRateIndex.shtml . For U.S. Customs employees covered by COPRA Customs Officer Pay Reform Act, this field is computed by dividing the adjusted salary as of PP 01 of the current year by 2087 (allowable overtime is not included). For employees eligible to retire within the next 3 years, the High-3 consists of prior year earnings, including allowable overtime (not to exceed $15,000 in a fiscal year) averaged over a 3-year period prior to the statement date. Determine monthly survivor annuity using total creditable service up to the date of the statement and applicable CSRS Special or CSRS-Offset Special retirement formulas displayed in. Displays the biweekly amount the Agency contributes to the employee's TSP Thrift Savings Plan account for the prior year. Displays the total biweekly non-tax-deferred Roth contributions to the employee's TSP Thrift Savings Plan account. Step 5. Step 6. Displays the employees carryover annual leave balance for the prior year as it appears on IRIS Information/Research Inquiry System Program IR136, as of the last pay period of the prior year. This field appears on FERS, FSPS Foreign Service Pension System, and CSRS-Offset statements only (Retirement Codes I, K, M, O, P, and E). Prior Year Annual Premium Cost to Employee for Family Coverage. FERS Federal Employees Retirement SystemLEO law enforcement officer/FF firefighter (Retirement Codes M and O): This amount is equal to 50% of the employee's estimated monthly annuity without survivor benefits. It was established by Congress in the Federal Employees' Retirement System Act of 1986 and offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans. A - Z Index; FAQs; Forms; Reports & Publications; Combined Federal Campaign; Official Time Displays the biweekly amount paid by the employee for flexible spending - dependent care as it appears on IRIS Information/Research Inquiry System Program, IR113. This field appears on LEO law enforcement officer/FF firefighter and enhanced CBPO Customs and Border Protection Officer statements only (Retirement Codes M, O, E, T, Q, 0, and 6). Here years of service is equal to years of creditable service as of the statement date. If the employee is at least 50 years of age with 20 or more years of special service. Total Prior Year Annual Premium Cost to Employee for Optional Coverage. INQUIRY 20-03, Personal Benefits Statement - National Finance Center Displays the total annual amount paid by the employee for FEGLI Federal Employees' Group Life Insurance optional coverage for the prior year. Note: If this date is invalid, incorrect, or missing the employee will not receive a statement. Table Of Contents TSP Calculator For Growth Current Year Bi-Weekly Premium Cost to Employee for Standard Coverage. Contact the appropriate office or individual as designated by your employing organization for details. Displays the Agency prior calendar year cost for the employee's Social Security benefits. If the plan code is LE, then the assumption is the employee is participating in LTC Long Term Care Insurance. The non-TSP savings amount that you entered may include savings from different sources such as your savings account(s), non-TSP mutual funds, and non-TSP retirement funds (private sector 401-Ks, Individual Retirement Accounts, etc.). The Personal Benefits Statement is produced annually (calendar year) and is available to the Agency through the Reporting Center (Personal Benefits Statement) and to the employee through the Employee Personal Page (EPP). Displays the employee's optional life insurance amount payable at death from any cause. Choose to pass half of the total to a spouse, or another . Enter 7 in the Years of CSRS Coverage block. Although the TSP annuity interest rate index changes monthly, for purposes of the Federal Ballpark E$timate, we are using the default factor of 3.5% for both the TSP and non-TSP savings calculations. Displays the employee's flexible spending plan code for dependent care as it appears on IRIS Information/Research Inquiry System Program, IR113. Step 8. Displays the amount payable under FDIC Federal Deposit Insurance Corporation Group life insurance for accidental death and dismemberment. 2023 FedSmith Inc. All rights reserved. Displays the employees FEHB Federal Employees Health Benefits enrollment code as it appears on IRIS Information/Research Inquiry System Program IR115, Health Benefits, as of PP Pay Period 01 of the current year. This amount equals FEGLI Federal Employees' Group Life Insurance basic life insurance coverage plus the basic amount payable if death is not accidental but with no extra benefit for age. The description is retrieved from TMGT Table Management System Table 025, Block Number 13. Determine monthly pension: Compute [Disability High-3 x 60%/12]. For all employees, the adjusted salary salary has been modified for the following conditions: Displays the summary of the employees annual salary plus all Government contributions toward: Adjusted salary is obtained from the employees personnel history as of the last pay period of the prior year. Step 3. This total is the sum of the employee and Agency costs. For U.S. This amount is limited to a maximum of [(Disability High-3 x 80%)/12]. Step 7. COVID Displays the amount payable under FEGLI Federal Employees' Group Life Insurance standard coverage if death is accidental. Annual Salary is computed as follows: If not PH (per hour) employee: Hourly Rate = Adjusted Salary/2087 Annual Salary = (Hourly Rate x Tour-of-Duty Hours x the number of pay periods in the year). Displays the employee's prior calendar year cost for Social Security benefits. Displays the amount payable under FDIC Federal Deposit Insurance Corporation life insurance Option 1. If the employee has elected Option A, Standard, the amount displayed is $10,000. IRA For all other employees, this will correspond to the earliest group of retirement annuities displayed in the If You Retire At Age under Regular Service field. Current Year Bi-Weekly Premium Cost to Employee for Additional Coverage. This date is generated from BEAR Bi-Weekly Examination Analysis and Reporting System as of PP Pay Period 01 of the current year. For more information on pay entitlement included in these calculations, see the CSRS Civil Service Retirement System and FERS Federal Employees Retirement System Handbook for Personnel and Payroll Offices or contact your personnel office. Hatch Act They can look forward to years of life beyond retirement. Determine monthly pension using creditable past service and future service at age 60 and the applicable CSRS and CSRS-Offset Special formulas displayed in, Step 4. If the employee has no basic life insurance, he/she is not eligible for accidental dismemberment coverage. Displays the Roth Catch-up Contribution Amount for TSP Thrift Savings Plan participants 50 and older as it appears on IRIS Information/Research Inquiry System Program IR118 for Plan Code 09 (Roth Catch-up). Subtract 3 years from the proposed retirement date and locate different rates of basic pay in effect over the 3-year period. It was established by Congress in the Federal Employees' Retirement System Act of 1986 and offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans. Add results of Step 4 to the employee's adjusted salary. Estimated Monthly Annuity Reduced For Survivor Benefit Under Special Service. Manual payments and adjustments are not included in this amount. 202-606-1800. Prior Year Annual Cost to Agency for Social Security (OASDI). All Rights Reserved. Read More. Contact appropriate office or individual as designated by your employing organization for details. Annual Salary = [Last PP of the prior year's Adjusted Salary + PP Pay Period 01 through the Last PP Pay Period of the prior year's AUO administratively uncontrollable overtime, Availability, Standby Pay]. Current Year Bi-Weekly TSP Regular Catch-up Contributions by Employee. Current Year Bi-Weekly Premium Cost to Employee for Family Coverage. This amount is displayed in the TS-CONTRIB-THRIFT-SAV field on PINQ Payroll/Personnel Inquiry System Program PQ056, PACS Thrift Savings, for Plan Code 01. Forms - U.S. Office of Personnel Management Ballpark E$timate is a registered trademark of the Employee Benefit Research Institute. Step 1. CSRS Civil Service Retirement System, CSRS Civil Service Retirement System-Offset, FSRDS Foreign Service Retirement and Disability System, FSRDS Foreign Service Retirement and Disability System-Offset, and corresponding LEO law enforcement officer/FF firefighter (Retirement Codes 0, 1, 3, 6, C, E, G, R, T, and Q): This amount is equal to 55% of the employee's estimated monthly annuity without survivor benefits. Postal Service Displays the total amount paid for the employees FEHB Federal Employees Health Benefits coverage for the prior calendar year. Follow Steps 3 and 4 again for subsequent changes of pay rates until the total time factor is 3 years. CSRS Civil Service Retirement System and CSRS Civil Service Retirement System-Offset (Retirement Codes E, T, Q, 0, and 6): The estimated monthly annuity is computed as follows: Estimated Monthly Annuity With Survivor Benefit Under Special Service. Displays the biweekly amount paid by the employee for vision coverage as it appears on IRIS Information/Research Inquiry System Program, IR115. Manual payments and adjustments are not included in this amount. Manual payments and adjustments are not included in this amount. Civil Service Retirement System (CSRS Civil Service Retirement System) Offset, CSRS Civil Service Retirement System Offset (Congressional) Federal Insurance Contribution Act (FICA), FICA Federal Insurance Contributions Act and CSRS Civil Service Retirement System - Special (Partial), FICA Federal Insurance Contributions Act and Foreign Service Retirement and Disability System (FSRDS) (Partial), FERS Federal Employees Retirement System (Congressional) FICA Federal Insurance Contributions Act, Foreign Service Pension System (FSPS) Further Revised Annuity Employees (FRAE) (Congressional), FERS Federal Employees Retirement System-RAE (Revised Annuity Employees) (Congressional), FERS Federal Employees Health Benefits and FICA Federal Insurance Contributions Act, FERS Federal Employees Retirement System (FRAE Further Revised Annuity Exmployees), FERS Federal Employees Retirement System-RAE Revised Annuity Employees and FICA Federal Insurance Contributions Act, FERS Federal Employees Retirement System and FICA Federal Insurance Contributions Act - Special, FERS Federal Employees Retirement System (FRAE Further Revised Annuity Exmployees) - Special, FERS Federal Employees Retirement System-RAE Revised Annuity Employees and FICA Federal Insurance Contributions Act - Special, Customs and Border Protection Officers (CBPO) FERS Federal Employees Retirement System Enhanced, FERS Federal Employees Retirement System (FRAE Further Revised Annuity Exmployees) CBPO Customs and Border Protection Officer, FERS Federal Employees Retirement System-RAE Revised Annuity Employees and FICA Federal Insurance Contributions Act - Special (CBPO Customs and Border Protection Officer), FSPS Foreign Service Pension Systemand FICA Federal Insurance Contributions Act, FSPS Foreign Service Pension System (FRAE Further Revised Annuity Exmployees), FSPS Foreign Service Pension System-RAE Revised Annuity Employees and FICA Federal Insurance Contributions Act, CBPO Customs and Border Protection Officer CSRS Civil Service Retirement System Offset, FICA Federal Insurance Contributions Act and CSRS Civil Service Retirement System (Full), FICA Federal Insurance Contributions Act and CSRS Civil Service Retirement System - Special (Full) - for law enforcement and firefighter personnel, CBPO Customs and Border Protection Officer Enhanced (CSRS Civil Service Retirement System), FSRDS Foreign Service Retirement and Disability System, CSRS Civil Service Retirement System - Special - for law enforcement and firefighter personnel, CSRS Civil Service Retirement System (Congressional). The fourth option of retirement with 25 years of service at any age applies to FERS Federal Employees Retirement System only. Displays the Agency's current year biweekly cost for the employee's Social Security benefits. Creditable service is computed using the employee's Retirement SCD service computation date. Budget Add the results of Step 1 to the employee's adjusted salary as of. The hourly rate of pay is obtained from RETM Retirement Processing System as of PP Pay Period 24 of the prior year. Calculate preliminary monthly annuity payment [Step 1 x Step 2]. Understanding the TSP Life Annuity Withdrawal Option - Part II Displays the amount payable for the death of the employee's spouse. Prior Year Annual Premium Cost to Employee for Additional Coverage. If the employee has not elected FEGLI Federal Employees' Group Life Insurance Basic Coverage, N/A is displayed. Current Year Bi-Weekly Retirement Coverage Costs to Agency. For employees with more than 18 months of creditable service, the monthly disability pension is computed as follows: In the above calculations, the Years of Service is not prorated for part-time employees (Work Schedules P, Q, S, and T) as is done for Retirement Annuity estimates. All others will show up to three options. Step 6. All rights reserved. There are many different combinations of an immediate annuity such as: Life only This amount is obtained from the employees personnel history as of PP Pay Period 01 of the current year. Option #1 - The TSP Annuity The TSP annuity is different than the FERS Annuitycompletely different, in fact. Total hours worked (for the tax year) are obtained from RETM Retirement Processing System as of PP 24 of the prior year. What is the Annuity Interest Rate? - U.S. Office of Personnel Management FLRA Compute monthly survivor annuity as [Step 3 amount x 55%]. That's down from 5.75 percent in 2007. And if a 65-year-old opts for a 3% rise every year, they will get 5,194. Your age when your annuity is purchased (and the age of your spouse or other joint annuitant), The balance in the TSP account used to purchase your annuity, The "interest rate index" when your annuity is purchased, you are fairly young and/or your prime earning years are ahead of you, you do not anticipate owning your home outright when you retire, you have a family history of very long life or medical problems, you would like a retirement lifestyle that is more than comfortable. . Displays the employees SCD service computation date for retirement as it appears on IRIS Information/Research Inquiry System Program IR102. Total FEGLI Basic, Standard, and Additional Coverage Amount, Not Accidental Death. Manual payments and adjustments are not included in this amount. Obtain interest adjustment factor (see table below). For part-time employees (Work Schedules P, Q, S, and T), the hourly rate of pay is obtained from the employee's personnel history as of the last pay period of the prior year.